Monday, August 30, 2010

At the Company Store annual picnic

Eric Leeper, a professor at Indiana University, warned of a "coming era of fiscal stress" caused by the healthcare and pension costs of an ageing population that will make monetary policy harder to manage. He called for a new "fiscal science" compared to today's "alchemy" to take some politics out of tax and spending and make it work more like monetary policy.
(From CNN)

...and make it work more like monetary policy.

I can visualize the improvements already.