Guest
08-05-2011, 01:46 PM
Here's an article from todays' Wall Street Journal regarding Italy's plan for addressing it's fiscal crisis.
http://online.wsj.com/article/SB10001424053111903366504576489793090784296.html?m od=WSJ_hp_LEFTTopStories
This leaves me with a question of how much of this is nothing more than a press release by Italy's prime minister and how much will actually get done. I don't know the answer to that but the prime minister is certainly making all the right noises.
I wonder how much of the laundry list of fixes that the prime minister says will get done are possible in their form of government? They are a parliamentary republic, unlike the U.S. So there isn't a separation of powers between the legislative and executive branches. But to actually pull off some of the things their prime minister says will be accomplished would be most impressive. A balanced budget amendment to their constitution, cutting spending sufficiently to balance their federal budget by 2013, other reforms put on a fast-track process for approval including liberalizing regulations which slows economic growth, cutting red tape, and loosening labor laws--all planned to be approved by September of this year--45 days from now.
Heck, while the Italian parliament is foregoing their normal August vacation, our Congress wouldn't think of giving up that fringe benefit just to do the work of governing. As far as getting anything substantive done to address our fiscal crisis--I'd be willing to bet that our Congress won't have even appointed the "super committee" to suggest spending cut recommendations by the end of September, let alone making any bi-partisan agreements for the good of the country.
http://online.wsj.com/article/SB10001424053111903366504576489793090784296.html?m od=WSJ_hp_LEFTTopStories
This leaves me with a question of how much of this is nothing more than a press release by Italy's prime minister and how much will actually get done. I don't know the answer to that but the prime minister is certainly making all the right noises.
I wonder how much of the laundry list of fixes that the prime minister says will get done are possible in their form of government? They are a parliamentary republic, unlike the U.S. So there isn't a separation of powers between the legislative and executive branches. But to actually pull off some of the things their prime minister says will be accomplished would be most impressive. A balanced budget amendment to their constitution, cutting spending sufficiently to balance their federal budget by 2013, other reforms put on a fast-track process for approval including liberalizing regulations which slows economic growth, cutting red tape, and loosening labor laws--all planned to be approved by September of this year--45 days from now.
Heck, while the Italian parliament is foregoing their normal August vacation, our Congress wouldn't think of giving up that fringe benefit just to do the work of governing. As far as getting anything substantive done to address our fiscal crisis--I'd be willing to bet that our Congress won't have even appointed the "super committee" to suggest spending cut recommendations by the end of September, let alone making any bi-partisan agreements for the good of the country.