Brief A New Fiscal Year's Resolution
C. Eugene Steuerle
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Happy New Fiscal Year! Since the federal government's fiscal year ends on Sept. 30, fiscal 2010 has come to an end. Looking ahead here's what you can expect: annual federal spending of about $30,000 per household and taxes of about $20,000. The hard part is filling the gap - about $10,000 per household, largely covered these days by borrowing from China and others. We can't blame it solely on the recession. We've tied ourselves into a fiscal straightjacket and something has to give. Everyone, from the moderates to the crazies in each political party, knows that simple fact.
Research Areas Economic mobility and inequality
Tags Fiscal policy