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How Brazil Got the Worst Austerity Program in the World

Brazil’s new president, Michel Temer, has introduced austerity via constitutional amendment, freezing Brazil’s state spending at 2016 levels for 20 years, allowing it to increase only at the rate of inflation. This is really dumb–if Brazil’s population grows, or Brazil has an economic crisis, or Brazil has to go to war, it will be trapped within 2016 fiscal parameters. So …