Several times in the past two decades this long run actuarial budget constraint for Social Security has been responsible for cuts in future benefits to bring the forward-looking Social Security budget into long term actuarial balance. Many have argued for strengthening this separation by removing Social Security altogether from the federal government’s budget.
The economies of the United States and Mexico not only have in common independent central banks, they are also closely tied by geography and history. The United States is by far Mexico’s largest trading partner, accounting for about two-thirds of Mexican merchandise trade.