I.M.F. Report Says U.S. Deficits Threaten World Economy
With its rising budget deficit and ballooning trade imbalance, the United States is running up a foreign debt of such record-breaking proportions that it threatens the financial stability of the global economy, according to a report released Wednesday by the International Monetary Fund. Prepared by a team of I.M.F. economists, the report sounded a loud alarm about the shaky fiscal foundation of the United States, questioning the wisdom of the Bush administration's tax cuts and warning that large budget deficits pose "significant risks" not just for the United States but for the rest of the world. The report warns that the United States' net financial obligations to the rest of the world could be equal to 40 percent of its total economy within a few years--"an unprecedented level of external debt for a large industrial country," according to the fund, that could play havoc with the value of the dollar and international exchange rates.
From The Brookings Institute: Sustained Budget Deficits: Longer-Run U.S. Economic Performance and the Risk of Financial and Fiscal Disarray
(Full Report PDF
posted by y2karl
on Jan 8, 2004 -
writes that the Bush administration will fight a "khaki election" next year, taking advantage of the general good feeling after the Iraq war. The original khaki election was the British election of 1900, contested during the Boer War. Our armed forces don't really wear khaki so much anymore and I think we need a new term. I suggest calling 2004 the "Camo Election." Any better suggestions?
posted by Mekon
on Jun 3, 2003 -
The Battle Over Bush's Gov. Papers.
What are they hiding? Executive order blocking Presidential papers, refusing to turn over Energy Taskforce member list, and now this! There must be something to hide. But what?!?!?
posted by bas67
on Feb 11, 2002 -