Elections Results Pour in, US Budget Cuts Still Likely to Come up Short
Perhaps the ax is an exaggerated metaphor for how large UK budget cuts actually are, but, on a similar note, the US should probably have something smaller, maybe more akin to tweezers. As Bill Bonner expressed in a recent Daily Reckoning missive…
“In both England and France, the spending cuts on the table so far are too little, too late. A three percent deficit was regarded as such a serious threat to the financial integrity of the European Union that member states who surpassed that level were supposed to lose their right to vote. France runs a budget deficit of nearly 8% of GDP…
“…But at least give them credit for pretending. Over in the USA, the Obama government shows no interest in jettisoning any of the accumulated ballast of the last half a century of boondoggles, bailouts and bunkum.”
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