What We Owe: Truths, Myths, And Lies About Public Debt
by Carlo Cottarelli /
2017 / English / EPUB
2.3 MB Download
The euro crisis, Japan's sluggish economy, and partisan
disagreements in the United States about the role of government
all have at least one thing in common: worries about high
levels of public debt. Nearly everyone agrees that public debt
in many advanced economies is too high to be sustainable and
must be addressed. There is little agreement, however, about
when and how that addressing should be done—or even, in many
cases, just how serious the debt problem is.
The euro crisis, Japan's sluggish economy, and partisan
disagreements in the United States about the role of government
all have at least one thing in common: worries about high
levels of public debt. Nearly everyone agrees that public debt
in many advanced economies is too high to be sustainable and
must be addressed. There is little agreement, however, about
when and how that addressing should be done—or even, in many
cases, just how serious the debt problem is.
As the former director of the International Monetary Fund's
Fiscal Affairs Department, Carlo Cottarelli has helped
countries across the globe confront their public finance woes.
He also had direct experience in advising his own country,
Italy, about its chronic fiscal ailments. In this
straightforward, plain-language book, Cottarelli explains how
and why excessive public debt can harm economic growth and can
lead to crises such as those experienced recently in Italy and
several other European countries.
As the former director of the International Monetary Fund's
Fiscal Affairs Department, Carlo Cottarelli has helped
countries across the globe confront their public finance woes.
He also had direct experience in advising his own country,
Italy, about its chronic fiscal ailments. In this
straightforward, plain-language book, Cottarelli explains how
and why excessive public debt can harm economic growth and can
lead to crises such as those experienced recently in Italy and
several other European countries.
But Cottarelli also has some good news: reducing public debt
often can be done without trauma and through moderate changes
in spending habits that contribute to economic growth. His book
focuses on positive remedies that countries can adopt to deal
with their public debt, analyzing both the benefits and
potential downsides to each approach, as well as suggesting
which remedies might be preferable in particular situations.
But Cottarelli also has some good news: reducing public debt
often can be done without trauma and through moderate changes
in spending habits that contribute to economic growth. His book
focuses on positive remedies that countries can adopt to deal
with their public debt, analyzing both the benefits and
potential downsides to each approach, as well as suggesting
which remedies might be preferable in particular situations.
Too often, public debate about public debt is burdened by lies
and myths. This book not only explains the basic facts about
public debt but also aims to bring truth and reasoned
nonpartisan analysis to the debate.
Too often, public debate about public debt is burdened by lies
and myths. This book not only explains the basic facts about
public debt but also aims to bring truth and reasoned
nonpartisan analysis to the debate.