State and local governments more or less finance their current spending and do not have much outstanding debt apart from that backed by capital formation; and federal capital investment is very small. 7  These statements are based on estimates of the Congressional Budget Office, The Budget and Economic Outlook, Fiscal Years 2005 to 2014 (January 2004).
15 See S. S. Poloz, “Toward 2021: The Power—and Limitations—of Policy” (remarks to The Chamber of  Commerce of Metropolitan Montreal, Montréal, Quebec, February 21, 2019). 16 For more detail, see the FSB’s Policy Recommendations to Address Structural Vulnerabilities from Asset  Management Activities (January 2017).