Donald L Kohn: The aging workforce Testimony by Mr Donald L Kohn, Vice Chairman of the Board of Governors of the US Federal Reserve System, before the Special Committee on Aging, US Senate, Washington DC, 28 February 2007.
The lacklustre economic climate obviously plays a part in explaining this fiscal slippage. Equally obviously, several countries failed to make sufficient consolidation efforts during the earlier period of robust economic growth. Instead, they took advantage of the growth years to lower taxes and raise spending in the mistaken belief that the good years would never end.