Stone Garden Economics

The present fiscal policy process does not serve the public well. Used as a tool for short-run macroeconomic management, fiscal policy has become a plaything of politicians to curry favor with special interest groups. Poor fiscal policy has been offset only by the ability of the monetary authority—the Federal Reserve—to adeptly conjure monetary policy solutions to fiscal policy mistakes. It is time to give the monetary authority a fiscal authority counterpart. . . . → Read More: We Need an Independent Council of Fiscal Authority (CFA)