New York Times (July 26)
“While the eurozone may have temporarily avoided a Greek exit, it is hard to see how a deal that requires more spending cuts, higher taxes and only vague promises of debt relief can restore the crippled economy enough to keep Greece in the currency union.”
Tags: Currency union, Debt relief, Economy, eurozone, Exit, Greece, Spending cuts, Taxes
Wall Street Journal (October 12)
Japan’s dilemma over whether to proceed with the sales tax increase to 10% “mirrors the dynamics in Europe, where France and Italy recently delayed deficit-reduction plans, fearing that spending cuts could tip their fragile economies back into recession.” With much of the developed world facing aging demographics and similar quandaries, all eyes are on Japan. “In a world haunted by stubbornly slow growth and low inflation, Japan’s clinical trial—whether it ends up cure or toxin—will inform other countries when they reach Japan’s state.”
Tags: Deficit reduction, Demographics, Dilemma, Economies, Europe, France, Growth, Inflation, Italy, Japan, Recession, Sales tax, Spending cuts
Chicago Tribune (December 25)
This Christmas is also “Cliffmas, the day none of us wanted to reach with our elected officials in Washington not through heaving lumps of coal at one another. Remember, all of us are a week from a rush of federal tax increases and needlessly abrupt spending cuts because they wrote this showdown into law last year.” One can only hope that in the coming days, the politicians may “decide they’d rather not toss all of us into the chasm.”
Tags: Christmas, Cliffmas, Fiscal cliff, Politicians, Spending cuts, Tax increases, U.S.
