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If the new Congress wants to address the country's fiscal health, it will need to restructure the budget process before it attempts to balance the budget itself. That would offer the best hope of reducing long-term debt and safeguarding government programs.
Hubbard and Kane take readers on a rapid romp through imperial history, covering the Roman, Chinese, Spanish, Ottoman, Japanese, and British empires and finding the seeds of their failures in fiscal incontinence and the rise of loss-averse special interest groups.
Gideon Rose and R. Glenn Hubbard discuss Citizens United and campaign finance reform.
Hardly the blow to democracy that many painted it as, the U.S. Supreme Court's decision in Citizens United will make American politics more competitive, less beholden to party bosses, and more responsive to the public at large. It may even help break the fiscal stalemate strangling the U.S. economy.