“But, there is no shortage of reforms (health spending and social securities, public investment programmes, redistribution policies, corporate tax reforms, student debt, to name a few areas) that could change the medium-term outlook for the US economy. As an example, a business friendly corporate tax reform and an increase in business investment would reduce the risk that the US could be in a ‘secular stagnation’ and would support higher long-term real rates. Nominal rates would likely increase by less if a social security reform were enacted at the same time, helping to keep any future increase in US debt under control.”
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