Yet, in a year of elections around the world, politicians are largely ignoring the problem, unwilling to level with voters about the tax increases and spending cuts needed to tackle the deluge of borrowing. In France, political turmoil has exacerbated concerns about the country’s debt, sending bond yields, or returns demanded by investors, soaring. “Many (politicians) are not willing to talk about the hard choices that are going to need to be made. Despite growing alarm over the federal government’s debt pile, neither Joe Biden nor Donald Trump, the main 2024 presidential candidates, are promising fiscal discipline ahead of the election. Former Prime Minister Liz Truss triggered a collapse in the pound in 2022 when she tried to force through big tax cuts funded by increased borrowing.

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Persons: ” Roger Hallam, Karen Dynan, ” Kenneth Rogoff, ”, don’t, Joe Biden, Donald Trump, Biden, Paul Johnson, William Ruto, Liz Truss, hasn’t, Emmanuel Macron, Dynan, it’s Organizations: London CNN, Monetary Fund, Investors, Vanguard, CNN, US Treasury, Harvard Kennedy School, Harvard University, “, Congressional, CBO, Trump, Fiscal Studies, United Kingdom, Former Locations: United States, France, Germany, Kenya