Guest
08-24-2011, 12:28 PM
Has our "super committee" even met to discuss spending cuts? Surely we all know that some recommendations from them is sorely needed...and quickly!
Here's an article on what France is doing to control it's deficits when faced with weaker-then-expected economic conditions--cut spending, close tax loopholes, selectively increase taxes. Sound like a formula that might work?
But then maybe the French democratic republic works a whole lot better than ours.
Hmm, is it the system of government or the commitment of the elected members of the French parliament being a whole lot better than the bunch this country has sent to Washington?
France Cuts GDP Forecast, Unveils Austerity Measures
Aug 24, 2011 12:49PM EDT
PARIS (Dow Jones)-France cut its gross domestic product growth forecasts for 2011 and 2012 Wednesday and unveiled a raft of austerity measures as it seeks to rein in its budget deficit against a backdrop of slowing growth.
Prime Minister Francois Fillon said the slowing economic situation in the U.S. and the European sovereign debt crisis are weighing on the economy, prompting the government to seek additional measures to boost revenue.
The cost-cutting measures are a combination of an additional freeze on government spending, the closing down or capping of several tax loopholes, as well as an exceptional levy on France's richest taxpayers.
Fillon said the French economy will grow only 1.75% this year, instead of the 2% previously anticipated, and that gross domestic product will expand by the same amount next year, compared with a forecast of 2.25% previously.
The downward revision comes after French growth stalled in the second quarter as households sharply cut their spending, complicating the government's deficit- reduction plans. Weaker-than-expected growth could result in lower tax collection and higher spending on unemployment benefits.
Here's an article on what France is doing to control it's deficits when faced with weaker-then-expected economic conditions--cut spending, close tax loopholes, selectively increase taxes. Sound like a formula that might work?
But then maybe the French democratic republic works a whole lot better than ours.
Hmm, is it the system of government or the commitment of the elected members of the French parliament being a whole lot better than the bunch this country has sent to Washington?
France Cuts GDP Forecast, Unveils Austerity Measures
Aug 24, 2011 12:49PM EDT
PARIS (Dow Jones)-France cut its gross domestic product growth forecasts for 2011 and 2012 Wednesday and unveiled a raft of austerity measures as it seeks to rein in its budget deficit against a backdrop of slowing growth.
Prime Minister Francois Fillon said the slowing economic situation in the U.S. and the European sovereign debt crisis are weighing on the economy, prompting the government to seek additional measures to boost revenue.
The cost-cutting measures are a combination of an additional freeze on government spending, the closing down or capping of several tax loopholes, as well as an exceptional levy on France's richest taxpayers.
Fillon said the French economy will grow only 1.75% this year, instead of the 2% previously anticipated, and that gross domestic product will expand by the same amount next year, compared with a forecast of 2.25% previously.
The downward revision comes after French growth stalled in the second quarter as households sharply cut their spending, complicating the government's deficit- reduction plans. Weaker-than-expected growth could result in lower tax collection and higher spending on unemployment benefits.