The budget process in the United States is very painful, says Kees de Kort, macroeconomist and BNR economic commentator. “In Zimbabwe, politicians would be deeply ashamed if they handled this the same way they did in America.”
According to the economist, the US budget process is an unlikely disgrace. “Since 2006, a budget is no longer presented and approved in the usual way. Normally this means that the government presents the plans for the coming year, the parliament agrees and you can move on. The laws come out of nowhere and only a few plans are made. In Zimbabwe, they would be ashamed of themselves.
It’s “a big mess,” according to De Kort. “On top of that, there is the recurring discussion about the debt ceiling. US Treasury Secretary Janet Yellen has already said the cap must be raised or else there will be a blackout and no more money can be spent.
About Kees de Kort
Economist Kees de Kort gives his (own) take on the financial and economic world just after 12:00 p.m. each day. Listen live in BNR Business or whenever you want via bnr.nl/keesdekort, Apple Podcast and Spotify.
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