High taxes, low public goods: How political cycles impact society
The article presents a theory about how governments make decisions on spending, taxes, and debt. It suggests that politicians alternate between focusing on local projects and working for the overall good, depending on the situation. The study shows that tax rates are often too high and unstable, public services are not well-funded enough, and debt levels are too high in the long run. In some cases, requiring a balanced budget could benefit citizens.