Aging populations in advanced economies are placing ever-increasing demands on government spending in the form of old-age benefits. Economies that have promised substantially more benefits than they have made provision to finance are heading into a prolonged era of fiscal stress. Unresolved...

As described in Chura and Winegarden, 2012, the U.S. government's fiscal policy response to the 2008 financial crisis contributed to the current Policy Value Gap (“PVG”). Over-expansionary monetary policy has also added to the PVG in three separate but reinforcing ways. First, as the...