It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
...Everyone in Britain will feel the strain, he said, from shoppers paying higher sales tax, wealthy people hit for higher capital gains taxes, banks targeted by a new levy and even Queen Elizabeth II — who accepted a freeze in her support from taxpayers....
...George Osborne presented the U.K. government’s emergency budget yesterday, with spending cuts and consumption-tax hikes intended to shrink public borrowing to 1.1% of GDP by 2016, down from 10.1% of GDP this year. Nearly 80% of that retrenchment comes as spending cuts rather than tax increases. The Chancellor of the Exchequer’s cuts are, on balance, good news for the British economy. Even more welcome, though, is that Mr. Osborne’s budget is the latest to depart from the short-lived Keynesian consensus that government can spend its way back to prosperity.
…Over the past year, politicians around the world claimed they couldn’t cut spending without killing the economy, even as fiscal deficits soared to record highs in the developed world. Call it the spendthrift’s paradox.Now the tide may be turning. U.S. President Barack Obama could find himself in a lonely spot at this weekend’s G-20 summit, when he’s expected to urge his counterparts not to tighten fiscal policy too quickly lest they thwart their economic recoveries....
Originally posted by jibeho
Please share the austerity philosophy with the current administration. While others are tightening Obama wants $50 billion more to throw around.
Now that the homebuyer credits have expired we are seeing the truth behind a market that was falsely propped up by useless spending. New home starts are in the dumps and existing home sales are slipping along with home values.
The cash for clunkers program gave false hope to dying car brands and failing business models.
What's next? None of these programs have helped me or others in my realm of the Middle Class. We work too hard and make too much money for any relief. We pay the nation's tax burden and keep the local economy alive.
Originally posted by Dbriefed
The other 50% will come from the Taxpayer, plus more to take care of 'overhead'. That's why Dollars are backed by the full faith of the U.S. Taxpayer. Taxpayers always have more money in their paychecks. What, is the family going to make angry calls to the I.R.S. that the take-home their Dad worked for keeps shrinking?