Adam Tooze: It’s Time to End the Trillion-Dollar Taboo
To solve the world’s biggest problems, governments need to take spending to the next level.
Over the past decade, the world has gotten accustomed to hearing about public spending at the level of hundreds of billions of dollars. But trillions of dollars, as a unit of measure in the economy, still represents a threshold that governments seem reluctant to cross—even as underlying political events call for just that. It’s a political constraint that may ultimately have a psychological foundation—which is not to suggest that it’s one that’s easily overcome.
Cameron Abadi is a deputy editor at Foreign Policy. Twitter: @CameronAbadi
More from Foreign Policy
A New Multilateralism
How the United States can rejuvenate the global institutions it created.
America Prepares for a Pacific War With China It Doesn’t Want
Embedded with U.S. forces in the Pacific, I saw the dilemmas of deterrence firsthand.
The Endless Frustration of Chinese Diplomacy
Beijing’s representatives are always scared they could be the next to vanish.
The End of America’s Middle East
The region’s four major countries have all forfeited Washington’s trust.