Restoring a ‘Great Moderation’ in Fiscal Policy
One of the most important gifts that we can pass along to the next generation is a balanced budget. During the Great Moderation of the 1990s, it appeared that we had achieved this goal. The statutory rules enacted by Congress in those years required Congress to bring expenditure into balance with revenues in the near term. With these statutory fiscal rules in place, the country experienced rapid economic growth. After decades of deficit spending and debt accumulation, federal expenditures were brought into balance with federal revenues, and the debt was stabilized.
Source: https://redstate.com/heartlandinstitute/2024/10/23/restoring-a-great-moderation-in-fiscal-policy-n2180942
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