The budget process in the US is very painful, says BNR macroeconomist and economic commentator, Case de Corte. “In Zimbabwe, politicians would be very ashamed if they approached it the same way they did in America.”
According to the economist, the US budget process is not a potential disgrace. Since 2006, the budget is no longer presented and approved in the normal way. This usually means that the government presents the plans for the next year, Parliament approves and you can move on. Laws come out of nowhere and only a few plans are made. They will be ashamed of themselves in Zimbabwe.
According to de Cort, it’s a “big mess”. Furthermore, there is frequent discussion about the debt ceiling. US Treasury Secretary Janet Yellen has already said the ceiling must be raised, or there will be a blackout and no more money will be spent.
About Kiss de Corte
Economist Case de Corte presents his (own) view of the financial and economic world after 12:00 every day. Listen live on BNR Business or whenever you like at bnr.nl/keesdekort, Apple Podcast and Spotify.
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