US: an excessively lax fiscal policy

For fiscal year 2023, the federal deficit is on course to exceed 6% of GDP. Such a figure would be understandable if the US economy were in recession, but in reality it is at full employment. The latest CBO forecasts showed no signs of budget improvement over the coming decade, and that's before factoring in the risk of a spiralling of the subsidies paid out to encourage infrastructure spending in clean energy. Republicans have an avowed aversion to taxes hikes, Democrats to spen...