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There is also disagreement on the prevalence of populism in Japan and its contribution to democratic backsliding. Journalist Takeshi Niinami noted that populism persists in Japanese society in the form of unsustainable government spending that caused mounting government debt and the Lost Decades from the 1990s. [134]
Democratic backsliding [a] is a process of regime change toward autocracy in which the exercise of political power becomes more arbitrary and repressive. [7] [8] [9] The process typically restricts the space for public contest and political participation in the process of government selection.
Democracy is associated with higher human capital accumulation, lower inflation, lower political instability, and higher economic freedom. [11] Democracy is closely tied with economic sources of growth, like education levels and lifespan through improvement of educative institutions as well as healthcare.
The federal government ran deficits under Presidents George W. Bush and Barack Obama, and during Trump's first term, and yet inflation remained under control until 2021.
In the long term, getting strong economic growth without high inflation is going to require some changes, including getting the federal government’s fiscal house in order. We have too much debt ...
The United States debt ceiling is a legislative limit that determines how much debt the Treasury Department may incur. [23] It was introduced in 1917, when Congress voted to give Treasury the right to issue bonds for financing America participating in World War I, [24] rather than issuing them for individual projects, as had been the case in the past.
Daily Journal Chairman and Berkshire Hathaway Vice Chairman Charlie Munger weighs in on inflation and the dangers that it poses to democracy.
A budget crisis is an informal name for a situation in which the legislative and the executive in a presidential system deadlock and are unable to pass a budget. In presidential systems, the legislature has the power to pass a budget, but the executive often has a veto in which there are insufficient votes in the legislature to override.