The good news about President Trump’s proposed 2020 budget is that it vividly illustrates the basic causes of large, chronic deficits — a mismatch between the government’s commitments and the taxes needed to pay for them. The bad news is that the budget does virtually nothing to close the gap. “We must protect future generations from Washington’s habitual deficit spending,” ...

Duterte just did a Modi. He may be as lucky, too. Philippines President Rodrigo Duterte bucked procedural niceties when selecting the man who will control the supply of money in his country. He bypassed three deputy governors of the central bank and installed a former budget minister and fan of stimulus to run Bangko Sentral ng Pilipinas. The new governor, ...

The swell of talk about China implementing a property tax has resurfaced – again. But unlike past years, there’s growing certainty that it’s actually coming. Just not anytime soon. Late last week, shares of Chinese real-estate developers tanked after Li Zhanshu, chairman of the National People’s Congress standing committee, said delegates will “focus energy” on drafting a property-tax law, among ...