Reengineering Government
The risk governments face nowadays is clear enough: absent a profound reengineering, inertial spending – owing to entitlements and civil-service wages – is bound to crowd out spending on new priorities and new policies. Fortunately, there are a few things governments can do to mitigate the effects.
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PARIS – Since the financial crisis erupted in 2008, governments in advanced countries have been under significant pressure. In many countries, tax receipts abruptly collapsed when the economy contracted, income dwindled, and real-estate transactions came to a halt. The fall in tax revenues was in most cases sudden, deep, and lasting. Governments had no choice but to raise taxes or to adjust to leaner times.