Why Germany must not make the same fiscal mistakes as the US

Donald Trump cut taxes for rich Americans, but Berlin should invest in modernisationAs long as Germany’s economy was recovering well from the 2008 global financial crisis, policymakers had a coherent rationale for fiscal austerity. Rejecting other eurozone countries’ constant urging that it undertake stimulus, Germany enshrined the national commitment to budget discipline in the 2009 “debt brake”, which limits the federal structural deficit to 0.35% of GDP, and in the sub