Same crisis wearing different clothes
America has a spending problem. It also has a health care problem. These are not two separate crises but rather the same crisis wearing different clothes. The Cato Institute’s new “Handbook on Affordability” is a great resource to understand the root problem and how to fix it. Start with a recap of the fiscal picture. The federal government runs large deficits so persistently that they’ve become a structural threat to price stability. As Romina Boccia and Dominik Lett argue in the handbook’s second chapter, when debt expands faster than the economy, investors begin pricing in ...