The 2020s have brought a degree of chaos not seen in decades. A pandemic was followed by a full-scale war in Europe; both sent food and fuel prices surging. Extreme weather events have shown that climate change is beginning to bite. The phrase “unprecedented times” soon sounded too common.

This all affected the global standards of living. One measure of this, the United Nations’ Human Development Index (HDI), fell in 2020 for the first time since its launch. It fell again in 2021. The HDI is one of the most widely used measures of countries’ development, after the Gross Domestic Product (GDP). It is not complete, though. It does not account for economic inequality, for example, or disparities between ethnicities and genders.

The latest figures show that the global HDI is rising again, but progress has been slow and uneven. It seems the long-term trend appears to have suffered a permanent setback since the pandemic. This setback will deeply affect the world’s poorest.

Yet there are reasons for hope. The chaos of the 2020s has also shown that governments can collaborate on some big issues. During the pandemic, vaccines were developed, produced and distributed at remarkable speed, saving an estimated 20 million lives in their first year alone. At the 28th United Nations Climate Change Conference (COP28) in 2023 the world proved that it could agree on a deal to tackle climate change (even if fulfilling it is another matter). More of that will be needed to overcome the setbacks from the start of the decade.

(www.economist.com, 13.03.2024. Adaptado.)

The 2020s have brought a degree of chaos not seen in decades. A pandemic was followed by a full-scale war in Europe; both sent food and fuel prices surging. Extreme weather events have shown that climate change is beginning to bite. The phrase “unprecedented times” soon sounded too common.

This all affected the global standards of living. One measure of this, the United Nations’ Human Development Index (HDI), fell in 2020 for the first time since its launch. It fell again in 2021. The HDI is one of the most widely used measures of countries’ development, after the Gross Domestic Product (GDP). It is not complete, though. It does not account for economic inequality, for example, or disparities between ethnicities and genders.

The latest figures show that the global HDI is rising again, but progress has been slow and uneven. It seems the long-term trend appears to have suffered a permanent setback since the pandemic. This setback will deeply affect the world’s poorest.

Yet there are reasons for hope. The chaos of the 2020s has also shown that governments can collaborate on some big issues. During the pandemic, vaccines were developed, produced and distributed at remarkable speed, saving an estimated 20 million lives in their first year alone. At the 28th United Nations Climate Change Conference (COP28) in 2023 the world proved that it could agree on a deal to tackle climate change (even if fulfilling it is another matter). More of that will be needed to overcome the setbacks from the start of the decade.

(www.economist.com, 13.03.2024. Adaptado.)

The 2020s have brought a degree of chaos not seen in decades. A pandemic was followed by a full-scale war in Europe; both sent food and fuel prices surging. Extreme weather events have shown that climate change is beginning to bite. The phrase “unprecedented times” soon sounded too common.

This all affected the global standards of living. One measure of this, the United Nations’ Human Development Index (HDI), fell in 2020 for the first time since its launch. It fell again in 2021. The HDI is one of the most widely used measures of countries’ development, after the Gross Domestic Product (GDP). It is not complete, though. It does not account for economic inequality, for example, or disparities between ethnicities and genders.

The latest figures show that the global HDI is rising again, but progress has been slow and uneven. It seems the long-term trend appears to have suffered a permanent setback since the pandemic. This setback will deeply affect the world’s poorest.

Yet there are reasons for hope. The chaos of the 2020s has also shown that governments can collaborate on some big issues. During the pandemic, vaccines were developed, produced and distributed at remarkable speed, saving an estimated 20 million lives in their first year alone. At the 28th United Nations Climate Change Conference (COP28) in 2023 the world proved that it could agree on a deal to tackle climate change (even if fulfilling it is another matter). More of that will be needed to overcome the setbacks from the start of the decade.

(www.economist.com, 13.03.2024. Adaptado.)

The 2020s have brought a degree of chaos not seen in decades. A pandemic was followed by a full-scale war in Europe^a; both sent food and fuel prices surging. Extreme weather events have shown that climate change is beginning to bite. The phrase “unprecedented times” soon sounded too common.

This all affected the global standards of living. One measure of this, the United Nations’ Human Development Index (HDI), fell in 2020 for the first time since its launch. It fell again in 2021^b. The HDI is one of the most widely used measures of countries’ development^c, after the Gross Domestic Product (GDP). It is not complete, though. It does not account for economic inequality, for example, or disparities between ethnicities and genders.

The latest figures show that the global HDI is rising again, but progress has been slow and uneven. It seems the long-term trend appears to have suffered a permanent setback since the pandemic. This setback will deeply affect the world’s poorest^d.

Yet there are reasons for hope^e. The chaos of the 2020s has also shown that governments can collaborate on some big issues. During the pandemic, vaccines were developed, produced and distributed at remarkable speed, saving an estimated 20 million lives in their first year alone. At the 28th United Nations Climate Change Conference (COP28) in 2023 the world proved that it could agree on a deal to tackle climate change (even if fulfilling it is another matter). More of that will be needed to overcome the setbacks from the start of the decade.

(www.economist.com, 13.03.2024. Adaptado.)

The 2020s have brought a degree of chaos not seen in decades. A pandemic was followed by a full-scale war in Europe; both sent food and fuel prices surging. Extreme weather events have shown that climate change is beginning to bite. The phrase “unprecedented times” soon sounded too common.

This all affected the global standards of living. One measure of this, the United Nations’ Human Development Index (HDI), fell in 2020 for the first time since its launch. It fell again in 2021. The HDI is one of the most widely used measures of countries’ development, after the Gross Domestic Product (GDP). It is not complete, though. It does not account for economic inequality, for example, or disparities between ethnicities and genders.

The latest figures show that the global HDI is rising again, but progress has been slow and uneven. It seems the long-term trend appears to have suffered a permanent setback since the pandemic. This setback will deeply affect the world’s poorest.

Yet there are reasons for hope. The chaos of the 2020s has also shown that governments can collaborate on some big issues. During the pandemic, vaccines were developed, produced and distributed at remarkable speed, saving an estimated 20 million lives in their first year alone. At the 28th United Nations Climate Change Conference (COP28) in 2023 the world proved that it could agree on a deal to tackle climate change (even if fulfilling it is another matter). More of that will be needed to overcome the setbacks from the start of the decade.

(www.economist.com, 13.03.2024. Adaptado.)

The 2020s have brought a degree of chaos not seen in decades. A pandemic was followed by a full-scale war in Europe; both sent food and fuel prices surging. Extreme weather events have shown that climate change is beginning to bite. The phrase “unprecedented times” soon sounded too common.

This all affected the global standards of living. One measure of this, the United Nations’ Human Development Index (HDI), fell in 2020 for the first time since its launch. It fell again in 2021. The HDI is one of the most widely used measures of countries’ development, after the Gross Domestic Product (GDP). It is not complete, though. It does not account for economic inequality, for example, or disparities between ethnicities and genders.

The latest figures show that the global HDI is rising again, but progress has been slow and uneven. It seems the long-term trend appears to have suffered a permanent setback since the pandemic. This setback will deeply affect the world’s poorest.

Yet there are reasons for hope. The chaos of the 2020s has also shown that governments can collaborate on some big issues. During the pandemic, vaccines were developed, produced and distributed at remarkable speed, saving an estimated 20 million lives in their first year alone. At the 28th United Nations Climate Change Conference (COP28) in 2023 the world proved that it could agree on a deal to tackle climate change (even if fulfilling it is another matter). More of that will be needed to overcome the setbacks from the start of the decade.

(www.economist.com, 13.03.2024. Adaptado.)

Responsible state fiscal policy requires more than just balancing the current year’s budget. It must also include ensuring that the budget is on a sustainable path. Otherwise, policymakers cannot have the lasting impact they hope for. This risk is especially high in the aftermath of the COVID-19 pandemic. Record budget surpluses, driven largely by federal pandemic aid, empowered states to adopt historically large tax cuts and spending increases from 2021 to 2023.

State leaders must be able to assess whether their decisions will be affordable over the long term or will jeopardize their ability to solve state problems or even sustain programs and services in the future. Unfortunately, the nature of state budget processes discourages such long-term thinking. State policymakers devote much of their time to developing, enacting, and implementing annual or biennial budgets, a prime opportunity to achieve immediate policy goals.

One key strategy for changing this short-term focus is for states to use long-term budget assessments and budget stress tests to regularly measure risks, anticipate potential shortfalls, and identify ways to address impending challenges. Long-term budget assessments project revenue and spending several years into the future, and stress tests estimate the size of temporary budget shortfalls that would result from recessions or other economic events and gauge whether states are prepared for these events.

Internet:https://www.pewtrusts.org/en/ (adapted).

Considering the ideas conveyed in the previous text, as well as its linguistic aspects, judge the following items.

Iowa, a small midwestern state, finds itself in the national economic spotlight. For conservative commentators, Iowa has emerged as America’s tax-cutting champion, a paragon of fiscal responsibility. To critics it looks more like an example of economic recklessness.

Either way, Iowa is playing an outsized role in a bigger debate about how American states ought to manage their revenues and spending. Until a few years ago it had one of the highest income-tax rates in America. By 2026 it will be down to a flat tax of 3.9%. Iowa is far from alone. Some 25 states have cut individual income taxes over the past years. A handful, including Georgia and Idaho, are shifting to a flat tax. And a few others want to eliminate their income taxes altogether.

Virtually all states, regardless of political make-up, have lowered their citizens’ tax bills since 2021. Overall, this has been a rough decline in states’ tax revenues during this time, the steepest such reduction in at least four decades. But the most aggressive moves have been cuts to income taxes, and Iowa has been at the forefront of these efforts.

The Economist. A tax-cutting wave is sweeping over America’s states. Internet: <https://www.economist.com>. (adapted).

Based on the ideas of the preceding text and on its linguistic aspects, judge the following items.