Author Topic: Bush's tax cuts may hurt world economy (Read 1136 times)

Kanth · « **on:** February 23, 2003, 11:10:55 PM »

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1045511063945&p=1012571727088

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The heads of the European Central Bank and eurozone finance ministers have expressed deep scepticism about the US administration's $690bn tax cut plan.

Wim Duisenberg, ECB president, and Nikos Christodoulakis, the Greek minister who chairs the "eurogroup" of eurozone finance ministers, attacked the plan at the meeting of the Group of Seven leading industrialised nations in Paris at the weekend, saying it endangered the world economy.

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John Snow, US Treasury secretary, pushed hard for international support for the Bush administration's tax plan during Saturday's meeting of finance ministers and central bankers.

once again we have failed to please everybody...

Toad · « **Reply #1 on:** February 23, 2003, 11:14:56 PM »

Well, you can't please everyone.

Might not be the best time for a tax cut but remember both political sides proposed a tax cut. One was just larger that the other.

Both sides feel a need to "do something" about the economy but neither side really has a clue just what to do. So, they're doing something to be doing something. IMO.

Beyond that, somebody is going to spend that money. Either the government takes it from you and spends it and you go into debt for stuff you need or you keep it and spend it and the government goes into debt for stuff it needs.

Kanth · « **Reply #2 on:** February 23, 2003, 11:18:43 PM »

I do believe I account for my money alot better than the government does.

and I certainly don't feel like listening to non-americans telling me how I should spend it.

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Originally posted by Toad
Either the government takes it from you and spends it and you go into debt for stuff you need or you keep it and spend it and the government goes into debt for stuff it needs.

Toad · « **Reply #3 on:** February 23, 2003, 11:24:45 PM »

I agree.

I'm thinking I'm a better judge of whether I wish to contribute to "pork barrel" projects than my Representatives.

StSanta · « **Reply #4 on:** February 24, 2003, 04:32:40 AM »

Kanth and Toad, I understand yer positions. Europeans shouldn't have political say in how the US taxes its citizens or runs its economy.

That is not to say that they shouldn't be interested. We're talking about the largest economy in the world, and the most powerful nation on earth. If their training and experience make them think it's a bad idea, due to the positions of power they have, they have an obligation to voice their concerns.

They might indirectly affect US politics by giving opponents of Bush's suggestion some ammo. This could be part of the objective, but I doubt these chaps would say what they say without being genuinely worried.

And I think it should be seen as a word of caution, not as meddling in the internal affairs of the US. So there's no need to be angry at Europeans over this; the US comments on other nations and rarely intervene themselves. Everyone does it - it's just how the world is today.

Sixpence · « **Reply #5 on:** February 24, 2003, 04:56:51 AM »

I am spartacus

Siaf__csf · « **Reply #6 on:** February 24, 2003, 05:26:46 AM »

Well, at least it's a novel approach in cutting the huge budget deficit already present before the change..

I bet they're hoping the debt will just go away.

X2Lee · « **Reply #7 on:** February 24, 2003, 06:05:35 AM »

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Originally posted by StSanta

And I think it should be seen as a word of caution, not as meddling in the internal affairs of the US. So there's no need to be angry at Europeans over this; the US comments on other nations and rarely intervene themselves. Everyone does it - it's just how the world is today.

We are no angry, we know that Euro's wont effect our tax cut

That moneys going to hep pay fer new truck with a coon dog and a gun rack...

Sixpence · « **Reply #8 on:** February 24, 2003, 08:17:03 AM »

BTW, wtf does our tax cut got to do with euro? They should tend to their own worries.

lazs2 · « **Reply #9 on:** February 24, 2003, 08:29:59 AM »

I don't care if the euros throw all their firearms into the ocean or increase their taxes to 110%. Please do it quietly and without large wars.
lazs

Toad · « **Reply #10 on:** February 24, 2003, 09:34:00 AM »

Sixpence, in short, eventually European imports would be "more expensive" here which usually means they won't sell as much here.

SLO · « **Reply #11 on:** February 24, 2003, 09:42:18 AM »

well put this way......

US sneezes......

Canada says 'bless you"

whatever the American economy decides to do......always affects Canada....no running from the biggest trade partners in de world.

lord dolf vader · « **Reply #12 on:** February 24, 2003, 11:47:25 AM »

hehe or the whole idea of huge tax cut in the face of a war and plummeting economy is insane. stimulate the economy with tax cuts to the rich shure it will work. just like in reagans era. such total bullcrap.

Toad · « **Reply #13 on:** February 24, 2003, 12:12:41 PM »

Skimming over the part where BOTH the Democrats and the Republicans were in favor of tax cuts, just different amounts?

If you're against it, you have to blast both sides about equally on this one LDV.

Beyond that..... if you give a tax cut, stands to reason that the folks who actually pay taxes will get a bigger cut than those that don't, eh?

LePaul · « **Reply #14 on:** February 24, 2003, 12:18:12 PM »

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Originally posted by Toad
Skimming over the part where BOTH the Democrats and the Republicans were in favor of tax cuts, just different amounts?

If you're against it, you have to blast both sides about equally on this one LDV.

Beyond that..... if you give a tax cut, stands to reason that the folks who actually pay taxes will get a bigger cut than those that don't, eh?

Well damn, very rarely do I see someone calling it like it is...nicely said!