Across the rich world, governments are splashing the cash. What could go wrong?

Jun 29th 2025|ZURICH|4 min read

LAST YEAR America ran a budget deficit of 7% of GDP. It may soon be even bigger. President Donald Trump’s One Big Beautiful Bill Act, now working its way through Congress, permanently extends tax cuts introduced in 2017, offers more to hospitality workers and old folk, and boosts payments to poor children. The proposed legislation amounts to trillions of dollars of extra borrowing over the next decade.

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