Finance ministers and central bankers, gathering in Washington for the annual meetings of the International Monetary Fund, face a global trading system in disarray, uncertainty over the dollar’s standing and the likely course of interest rates, and financial markets that are (for now) unnervingly complacent.

Amid all these challenges, policymakers must pay particular attention to one more: Following years of neglect, public debt has emerged as an increasingly serious risk.

Five years ago, budget deficits soared worldwide because of the pandemic. Lockdowns throttled economic activity and squeezed tax revenue, while public spending surged as governments tried to protect the most vulnerable. Deficits increased from 3.5% of global output in the year before the emergency to 9.5% in 2020. No question, a strong fiscal response was necessary — but, as many argued at the time, it should’ve been reversed in due course. It wasn’t. Even now, deficits are higher than they were in 2019.

Before the pandemic, government debt was 84% of global gross domestic product. It currently stands at 95%. In country after country — including the U.S., the UK and most of the European Union — it’s on track to keep growing faster than output. By 2030, even if all goes well, the global debt ratio might surpass the level it surged to in 2020, when the fiscal emergency was at its worst.

Public debt, to be clear, isn’t bad in itself, and there’s no fixed ceiling on how high it can safely go. But as it rises, so-called fiscal capacity shrinks, leaving governments less room to maneuver when the next crisis comes around. Eventually, a combination of protracted indiscipline, bad economic news and souring financial markets can dig countries into a hole so deep that the only way out is some form of debt default, either explicit or disguised by high inflation.

Attitudes shifted after the global recession of 2008, and they will need to shift back again. Because the post-crash recovery was so sluggish, “austerity” — the effort to roll back the earlier stimulus — got a bad name. There was talk of “secular stagnation” as interest rates fell to historic lows, which were then thought to be permanent. Cheap money for years to come made bigger deficits affordable. Balance the budget? From now on, public borrowing would pay for itself.

The facts have changed, but this mind-set persists. Most U.S. policymakers have simply stopped caring about ever-rising debt. Elsewhere, governments might pay lip service to the need for discipline — in some cases adopting budget rules or creating “fiscal councils” to address the problem — but their actions have fallen short. If long-term inflation-adjusted interest rates outpace economic growth and drift even higher, debt will keep trending upward and deficits will be ever harder to cut.

That’s all too likely. In the U.S. and Europe, aging populations are raising dependency ratios, pushing revenue down and social spending up. Governments are acknowledging the need for bigger defense outlays. New and better infrastructure is urgently required, including for the clean-energy transition. And coping with the next recession, to say nothing of the next pandemic, is a matter of when, not whether.

The only alternative to an eventual fiscal breakdown is to combine spending restraint with new revenue. First, though, policymakers must understand just how vulnerable their economies have become. It’s way past time for them to rediscover budget discipline — and actually plan to do something about it.

— The Bloomberg Opinion Editorial Board

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Famous for its outdoor sculpture garden, Walker Art Center will draw attention indoors with its new exhibit, “Sculpture Court,” featuring works from the center’s archive in a take on the centuries-old tradition of observation.

Curated by Henriette Huldisch, chief curator and director of curatorial affairs, “Sculpture Court” includes 20 pieces interpreting the human form from the early 1900s through 2024.

“Stretching back to the Renaissance, sculpture courts stood as symbols of power and prestige,” according to the exhibition’s description. “Their contents conveyed religious and mythological narratives, demonstrated political authority and consolidated cultural ideals about beauty and style.”

The yearlong exhibition features traditional studies of the human body, like Polish-American sculptor Elie Nadelman’s “Figure,” circa 1925, that greets visitors at the beginning of the space. Its marble female form is flowing and naturalistic in its posing, welcoming its audience into the room.

Made out of marble, the statue stands apart from Nadelman’s traditional sculpture work. Drawing back to the traditional sculpture work of 19th and 20th centuries, Nadelman’s “Figure” resembles the traditional studies of the Venus figurine and its later interpretations by artists such as Alexandros of Antioch and his work “Venus de Milo.”

Nadelman came to New York City in 1914, after working in Paris in his youth. He became a celebrated sculptor for his works that focused on classical forms with folk art influenced before falling into obscurity in the years preceding his death, according to the Smithsonian American Art Museum and Renwick Gallery.

The piece was gifted to the Walker in 1955 by the T. B. Walker Foundation.

It is contrasted by the bronze sculpture placed behind it, “Femme debout (Standing Woman),” by Spanish artist Joan Miró. The landscape of the form’s body parts morphs, emphasizing different aspects while reducing others, like arms and legs.

Miró was a prolific artist, recognized as a painter, sculptor, printmaker and ceramicist. The Walker’s piece was one of a series of bronze sculptures he made prior to his death in 1983.

Incorporating elements of the female figure in abstraction, Miró originally envisioned this piece as a small, table top sized figurine and not the massive bronze sculpture it would be come, according to an article by Christie’s.

The sculptures somewhat hulking figure contrasts the surrounding pieces, as it exaggerates but does not mock the human figure, inviting further study.

The piece was a gift of the Pierre Matisse gallery and the T. B. Walker Acquisition Fund in 1973.

“It’s, in a way, like a very somewhat quirky and selected survey of 20th century sculpture as represented in our collection,” Huldisch said.

The exhibit is held in Gallery D, a high-ceilinged room that evokes the traditional layout of a sculpture court. It was designed as a twist on the Edinburgh College of Arts at the University of Edinburgh, which invites artists to sit and sketch the figures present.

“It has cathedral-like proportions or much like the proportions of many sculpture courts,” Huldisch said. “So this is, you know, somewhat of a twist on that. Maybe somewhat of a humorous twist.”

All of the pieces featured are from the Walker’s collection, many of which have not been on display in some time.

“A lot of of them, many of us have seen for years, just sitting in storage. So it was really nice to bring some of these up,” Huldisch said.

The assorted figures range in medium, from traditional bronze and marble statues to those made of fiberglass and resin. One sculpture is entirely made out of human hair.

“Hair Necklace,” by Palestinian artist Mona Hatoum, was carefully crafted out of her own hair, with each piece shaped into delicate beads for the necklace. This piece was a favorite of curatorial fellow Laurel Rand-Lewis, who helped organize the exhibit.

“It’s figurative; it’s also a rendering of herself by materials from the body,” Rand-Lewis said. “So this is a bit more abstracted version of that.”

The necklace itself is made out of hair collected from the artist by the artist, as a twist on the self-portrait. While somewhat off-putting in concept, the delicate beads of hair reflect the time and care that was poured into the piece by Hatoum.

Now living in London, the 73-year-old artist communicates her beliefs and struggles through her artwork, like her 1993-99 piece “Keffieh,” which shows her hair woven into the recognizable pattern. This piece is on display at the Museum of Modern Art in New York.

Both pieces incorporate a sense of Hatoum’s personal history, on display for visitors to observe and absorb.

“Hair Necklace” was gifted to the Walker by Donna MacMillan in 2015.

While featuring sculpture, the exhibit will also have drawing pads and materials for the public to encourage visitors to sit and sketch what they see.

“I hope people will just take an opportunity to wander and spend time and reflect, and maybe sit down to sketch,” Huldisch said.

‘Sculpture Court’

Where: Walker Art Center, 725 Vineland Pl, Mpls.
When: Through Sep. 6, 2026
Tickets: $18, available at walkerart.org

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While the Trump administration has effectively declared war on wind and solar energy — blocking all permitting of projects on federal lands and pushing through a rollback of federal subsidies and tax credits — other nations are embracing renewable energy as a strategy for building economic and political strength.

China remains the world’s largest emitter of greenhouse gases; however, it has also become the global leader in the manufacturing and deployment of renewable energy, electric vehicles and batteries, achieved through sustained industrial policy support that began a mere two decades ago.

The motivations were not primarily environmental. Chinese leaders saw these technologies as strategic industries of the future, and believed the country that dominated these technologies would gain economic and political advantage in the long run. Thus, clean technologies were included within China’s 2010 “Strategic Emerging Industries” policy and its “Made in China 2025” strategy.

Chinese thought leaders conceived of the strategy in epochal terms. The superpower had missed out on each of the four major waves of technological change that had allowed European powers and the U.S. to become global hegemons, and China’s elites and top academics were determined not to make the same mistake again. China’s Communist Party leadership saw clean technologies as part of a set of innovations, including artificial intelligence and advanced manufacturing, that were critical to Chinese modernization and global competition.

That dominance in clean technologies would enable China to position itself as a leader in global climate talks; build stronger ties with Global South countries in need of cheaper, cleaner energy; and reduce choking pollution within China was only further reason to go all in on clean technologies.

This strategy has been wildly successful. Today, China makes more than 70% of solar PV modules, 80% of the cells that compose those modules and 90% of the wafers used to make cells. It manufactures more than 60% of electric vehicles globally and accounts for roughly three-quarters of global battery cell production, with even greater dominance in cathode and anode production and critical mineral processing.

China has rapidly expanded offshore wind capacity and now accounts for more than half of global capacity (41.8 gigawatts), up from just 1 gigawatt in 2015. China’s surge in renewables and electrification is starting to shrink its greenhouse gas emissions while creating the conditions for other countries to move away from fossil fuel use, according to a recent analysis by the think tank Ember. The surge is putting China so far out in front on clean energy that it’s now in a league of its own.

Meanwhile, President Donald Trump’s team is severely hampering the development of clean energy projects in the U.S. and is even threatening existing manufacturing investments. The regulatory assault on renewable energy is broad and plainly at odds with Trump’s declaration of an energy emergency. The attacks on clean energy include the August stop-work order on the Revolution Wind offshore project, which was 80% complete, and the removal of a panoply of support for clean energy in the so-called “One Big Beautiful Bill.” The recent ICE raid on a multibillion-dollar Hyundai-LG battery plant project in Ellabell, Ga., was an own goal for an administration that claims to be bringing manufacturing back to the U.S.

It doesn’t have to be this way. While Democrats and Republicans have deep disagreements over the risks of climate change and the role of fossil fuels in the future American energy mix, there is a political consensus that Americans can benefit from maximizing the availability of cheaper, more abundant energy. Even Saudi Arabia, the ultimate petrostate, is embracing renewable energy and seeking to acquire half of all its electricity from clean sources by 2030. Several Saudi companies announced a combined investment of $8.3 billion this year to stand up massive new solar and wind projects, the Wall Street Journal recently reported. The desert kingdom is also investing in becoming a major supplier of critical minerals, like lithium, copper and rare earths.

It might sound funny that oil-rich Saudi Arabia is racing to go green. But more electricity from sunshine means more barrels of oil they can save for export to willing buyers. And the truth is that Chinese-made solar panels are now the cheapest and easiest ways to become energy rich.

The rise of China as the clean energy superpower and the ambitions of a country like Saudi Arabia show that the U.S. is thinking small. The Trump administration seems to be thinking about the next three years while rival nations are thinking about the next three decades.

Alex Wang is faculty co-director of the Emmett Institute on Climate Change and the Environment, a professor of law at the UCLA School of Law and author of “Chinese Global Environmentalism” (forthcoming Cambridge 2025). He wrote this column for the Los Angeles Times.

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Nine candidates are running for four open seats on the South Washington County school board in the Nov. 4 election.

The four seats up for election are currently held by members Louise Hinz, Kathleen (Katie) Schwartz, Eric Tessmer and Sharon H. Van Leer. Hinz, Schwartz and Van Leer are running for reelection. They are being challenged by Elizabeth Bockman Eckberg, Travis Dahle, Bryn Forstner, Juan Huerta, Chad Borseth and Lori Pecchia Michalski.

The top four candidates elected will serve terms that begin in January and expire at the end of December 2029.

The South Washington County school district covers all or parts of Cottage Grove, Newport, St. Paul Park, Woodbury, Afton, Denmark and Grey Cloud Island Townships.

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Also in Washington County, two cities will hold municipal elections in November: Mahtomedi and St. Paul Park. Most other cities hold elections in even years.

In Mahtomedi, Lilly Melander and Luke Schlegel, both incumbents, are running for reelection. Neither is facing a challenger.

St. Paul Park City Council members Jeff Haggerty and Jeff Swenson are also running for reelection. Both are uncontested.

There are many ways to vote in the Nov. 4 general election: voting early by mail, voting early in person, or voting in person on Election Day.

Information on registering to vote and voters’ rights can be found at WashingtonCountyMN.gov/Elections.

Here are the candidates running for South Washington County school board, ISD 833:

Elizabeth Bockman Eckberg

Elizabeth Bockman Eckberg (Courtesy of the candidate)

Bockman Eckberg, 43, spent close to 14 years teaching in public school, 11 of which were at South Washington County Schools, where she helped launch Project Lead the Way, a biomedical science elective at East Ridge High School.

“As a former classroom teacher, I believe public schools should help students feel they not only belong but should help students love to be at school exploring relationships with caring adults and their peers, learning about the world,” she said.

Bockman lives in Woodbury with her husband, 10-year-old son and cat. She is a director of curriculum for the University of Minnesota Medical School and a member of the local Moms Demand Action chapter and SoWashCo Special Education Advisory Committee.

“We moved into the community because we were excited for our son to experience his education in these excellent school communities,” she said. “Since my son started school, we’ve navigated and learned a lot about services for students with special needs.”

If elected, Bockman said she would focus on reducing academic achievement gaps for at-risk students and students of color, work to improve teacher retention by strongly advocating for fair wages and working conditions, encourage investing in diverse hiring practices and focus on sustainable, transparent and innovative uses of public dollars on behalf of students.

“I am committed to doing the work: listening to students, district administration, teachers and the community,” she said. “I attend board meetings in person. I have met with the district superintendent to learn more about district administrative priorities. I’ve met with the teacher union leadership to learn more about their priorities. I look forward to serving our district’s students and upholding all the responsibilities of the role in service to our community.”

Chad Borseth

Chad Borseth (Courtesy of the candidate)

Borseth, of Woodbury, is in his eighth year of teaching at St. Paul Central High School. He and his wife chose to live in the South Washington County district 10 years ago in part due to the excellent public, charter and private school options for their children. This is Borseth’s second time running for a school board position.

“I’m committed to being a true nonpartisan, independent candidate free from special interest endorsements,” Borseth said. “My goal is simple: to keep the focus on students, bring a classroom perspective to the board, and represent families directly without outside partisan political influence.”

“My work at Central has been deeply rewarding, sharpening my ability to develop practical strategies that address systemic barriers to achievement, strengthen family engagement, and ensure equitable opportunities for every learner. I am ready to bring these experiences and insights to the South Washington County School Board.”

Borseth said he is actively involved in several school and community activities, has coached multiple youth sports programs and advised student council and prom committees. He is a former member of United Teachers of South Washington County and a current member of the St. Paul Federation of Educators. In the last two years, he’s served as a union delegate to the state Representative Convention, he said.

“If elected, I would be the only active classroom teacher on our school board. This is important because everyday classroom experiences with students matter, everyday conversations with parents matter, and everyday collaborations with teachers matter. Our district deserves leadership shaped by the everyday realities of students, families and teachers,” he said.

Some of Borseth’s priorities if elected will include ensuring school security and safety, addressing chronic absenteeism and ending off-cycle, odd-year school board elections.

Travis Dahle

Travis Dahle (Courtesy of the candidate)

Dahle, 44, lives in Woodbury with his family. This is his first time running for a school board position. Dahle is a certified public accountant for the state of Minnesota in the Department of Management and Budget. He serves as the treasurer for the Red Rock Elementary parent-teacher organization and is a member of King of Kings Lutheran Church in Woodbury.

“I bring a professional background in finance and accountability, which I believe will help strengthen fiscal decision-making and promote transparency,” he said. “I also value collaboration and believe in working constructively with parents, educators and community members to ensure our schools remain strong and welcoming.”

If elected, Dahle said his main priority is to ensure responsible stewardship of taxpayer resources while supporting the district’s mission of providing high-quality education for all students.

“I am running because I believe our community benefits when everyday parents and professionals step forward to serve,” he said. “I want to contribute my skills and experience to help our schools thrive and to support both students and staff in achieving success.”

Bryn Forstner

Bryn Forstner (Courtesy of the candidate)

Forstner, 36, is a Marine Corps veteran, serving from 2009 to 2013. He is currently employed by a Twin Cities-based specialty construction contractor. This is his first time running for a school board position.

Forstner lives in Cottage Grove with his wife, Stephanie, two daughters and youngest son, who each attend schools in the South Washington County district.

“Myself, as well as my wife, both are volunteer coaches within Cottage Grove’s baseball and soccer associations. We feel it’s extremely important to give back to our community as well as partake in our children’s activities,” Forstner said. “I feel running for school board is an extension of that giving-back mentality.”

If elected, Forstner said one of his priorities would be to remove political bias from the classroom.

“I do believe today’s kids are being pushed a narrative that is not conducive, and distracting to educational development,” Forstner said. “More so, I believe some of these agendas are not rooted in traditional family and core values. I am not one to judge anyone’s gender or sexual identity, and those individuals are free to do as they wish publicly, but I do firmly believe that those topics need to stay out of the classroom, especially when it comes to minors.”

Louise Hinz

Louise Hinz (Courtesy of the candidate)

Hinz, 68, of Woodbury, has spent 22 years as an educator in the South Washington County school district, according to her campaign website, and has 30 years of experience as a professional educator. She is currently a math instructor at the University of Wisconsin-River Falls. She is running for reelection.

“I have held the job of parent, educator, taxpayer, community member and school board director. I understand their different roles,” Hinz stated in a Pioneer Press candidate survey. “As a parent, my job was to advocate for my child. As a teacher, my job was to advocate for my students. As a school board director, my job is to advocate for every student, every teacher, every staff member, every taxpayer and every community member in our district.”

If elected, Hinz’s top priorities will include creating a high-quality educational experience for all students, as well as advocating for student safety, according to the survey.

Juan Huerta

Juan Huerta (Courtesy of the candidate)

Huerta, of Cottage Grove, is a former Leavenworth, Kan., police officer. This is Huerta’s first time running for a school board position.

Huerta is “happily married” to his wife of over 22 years, and together they have “six wonderful children,” five daughters and one son, who each attend school in the district. If elected, Huerta said his main priority would be to raise the academic curriculum: reading, writing, math, science and critical thinking. He said he will also prioritize empowering parents, advocating for school safety and holding the district financially accountable.

“I am doing this for the children, so that they can be better prepared and ready for the real world,” he said.

Lori Pecchia Michalski

Lori Pecchia Michalski (Courtesy of the candidate)

Pecchia Michalski, of Woodbury, did not respond to an interview request. She is a registered nurse at St. Joseph’s Hospital of 45 years, and is active in jail ministry through a community outreach organization, according to her campaign website.

“Education has always been my passion. When my children attended Royal Oaks School, I volunteered often — from classroom assistance to leading Junior Great Books discussions,” she stated on the campaign site. “Today, I’m committed to ensuring every child in District 833 receives an exceptional K-12 education that prepares them for success.”

If elected, she will prioritize increasing transparency and parental rights, strengthening teacher-parent relationships, restoring a focus on core education subjects such as math, science, literature, history and art, as well as ensuring safe and fair policies for all, as stated on her website.

Katie Schwartz

Katie Schwartz (Courtesy of candidate)

Schwartz, 47, of St. Paul Park, was born and raised in South Washington County. She has served as a South Washington County school board member for 12 years and is running for reelection.

“My 12 years of dedicated board service have given me deep institutional knowledge and proven leadership experience,” she said. “Throughout my tenure, I’ve consistently championed both students and teachers, understanding that their success is interconnected and essential to our district’s excellence.”

Schwartz is a team leader at insurance company the Hartford and has worked with the organization for seven years. She said she is an active member in her community, coaches kids’ sports and serves on various community and school board committees.

“My track record includes successfully balancing budgets during challenging economic times while maintaining educational quality and programs,” she said. “I’m committed to evidence-based education practices grounded in research and data, ensuring decisions lead to measurable student outcomes. This combination of experience, fiscal responsibility and dedication to sound educational practices makes me qualified to continue serving effectively.”

Sharon H. Van Leer

Sharon Van Leer (Courtesy of the candidate)

Van Leer, of Woodbury, is the director of culture and inclusion at Mitchell Hamline School of Law and is running for reelection in her fourth term as a school board member.

“My journey began in St. Paul’s Rondo Community, an experience that shaped my perspective and commitment to equity,” she said. “Twelve years ago, I ran for school board because of the lack of diversity on the board, and I wanted to represent those who felt unheard and marginalized.”

Van Leer is a founding member of the Law School Diversity Professionals Board, an advisory board member for the Woodbury YMCA Racial Justice Committee, a board representative for the South Washington CARES Board, a board representative for the Achievement and Integration Committee, a community representative for the Tenth Judicial Selection Committee and a board member for the Lawyers Board of Professional Responsibility.

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“I am running for reelection because I believe, I trust and I support our public school system. My campaign is not driven by a political agenda; it is rooted in my experience as a professional and an advocate for children,” she said. “I support unique, dynamic academic programs that are student-centered, so that every child has access to resources, preparing them for a successful future in a global society. Let’s ensure our educational system remains a positive force in our community’s future.”

If reelected, Van Leer said she will prioritize strengthening the district’s financial standing, advocate for an increased focus on mental health and wellness and for programs that foster more than just academic achievement, but “provide resources that generate awareness between health, education and social services.”