September 16, 2011

Practical Lessons in Budget Reform

Matthew D. Mitchell

Senior Research Fellow

The United States is not the first nation to accumulate unsustainable levels of debt, nor is it the first to face devastating economic and fiscal consequences because of it.

The good news is we're not flying blind. Economists' exhaustive research of other nations' experiences provides a wealth of insight on the most effective way to deal with unsustainable debt. There is also much to be learned from our own past attempts—successful or not—to meaningfully reform the budget.