Taxation Fiscal Responsibility Public Debt Public Services Debt Management Tax Policy Budgeting Budget Deficits Public Finance Fiscal Policy Budget Cuts Budget Planning Debt Levels Social Welfare Fiscal Measures Cost Reduction Fiscal Deficits Deficit Spending Infrastructure Investment Chancellor's Budget Social Welfare Programs Public Sector Welfare Cuts Debt Policy Public Expenditure Debt Accumulation Taxation Policy Biden Administration Fiscal Space Inflation Public Sector Debt Budget Constraints Deficit Targets Housing Initiatives Public Sector Wages Business Investment Reform UK Budget Statements State Financial Health Labor Party Deficit Financing Welfare State Energy Sector Debt and Deficits Debt Reduction Strategies Monetary Policy Fiscal Compliance Budget Deficit Social Programs Expenditures Tax Revenue Public Sector Management Political Agendas European Union Policies Nationalisation Social Spending Fiscal Year Deficit Management Treasury Operations Deficit Reduction Public Administration US Government Welfare Reform Deficit Taxpayer Impact Social Support Defense Spending Legislation Reform Proposals Public Deficit GDP Debate Tax Reforms Fiscal Health Defence Spending Social Safety Nets Immigration Capital Expenditure Chancellor's Plans Public Sector Economics
He contends its existence pressures U.S. policymakers to avoid inflationary or deficit‑heavy choices.