"The French-designed Charles de Gaulle Nuclear Aircraft Carrier will be the cornerstone of the European Union Navy as we battle the U.S. for supremacy of the seas. You have my word on it."
Edward John Smith . . . 
Posted on 11/14/2004 11:13:30 AM PST by NCjim
The German deputy finance minister, Caio Koch-Weser, sharply criticised the US administration in an interview made available yesterday for showering tax breaks on the wealthy and letting deficits get out of control while failing to improve the economy.
He said it had “handsomely reduced taxes for those who earn the most money. Economically speaking, that was not good, since it hardly succeeded in reviving the economy and has accumulated huge budget deficits.”
In the interview, to appear in Der Spiegel magazine on Monday, Koch-Weser said it would have been wiser if President George W Bush had spread tax cuts more equitably.
The burgeoning budget and balance of payments deficits were a cause of concern to money markets that the recent presidential election had done nothing to allay, Koch Weser said.
He added that the US badly needs to restore budget discipline as deficits soar to record levels.
The current account deficit, reflecting international trade, reached more than $166bn in the second quarter of this year, and some experts predict the total for the year could be as high as $600bn.
Europeans suspect that the US government has deliberately allowed the dollar to slide in order to finance its deficits and sustain exports.
They have no problem criticizing us. I wonder how they'd like if we started broadcasting explanations as to their high unemployment rate and chronic decline? Actually, we should do it whether they like it or not.
Part of the "axis of drivel".
What they (the Europeans) want to do is to influence the political dialog here by lending a (false) credibility to the liberal/socialist/Democrat arguments. Why? Because an oppressive tax code in the United States puts Germany at a better competetive advantage economically. The glaring success of the US economy relative to Europe make the pols there look like failures. The noise about the Kyoto treatry fits into the same category. They can't catch up, so instead they want to tear us down.
I appreciate his imput....more evidence that the Euroleft and the Democrats are in alignment on many issues. I wish this guy had campaigned with John Kerry, Bush would have had 55%!
Not to mention Germany's economy is growing at annualized rate of what, .1%? Or is that -.1%? Whatever.
I suggest that in response to euro socialist criticisms of our tax structure, Bush ask the INS to expedite immigration requests of any German entreprenuer who has the wherewithal and drive to come here and start his/her own business.
The German unemployment is almost twice US, German growth is less than half US, their TB is in the toilet...no wonder, their finance minister is all worried about us instead of what he is supposed to paying attention to.
"The French-designed Charles de Gaulle Nuclear Aircraft Carrier will be the cornerstone of the European Union Navy as we battle the U.S. for supremacy of the seas. You have my word on it."
Edward John Smith . . .
Germany will be for sale on eBay within 15 years.
Ill buy it, I could use a country vacation home.
officially it is well over 10%, unofficially much higher.
It is getting worse. They should wish they had their economy growing at our rate.
I saw that.
Having spent some time in Italy, in particular, I can also tell you that in the US at least things work.
Typical fabianist bafflegab.
They undoubtedly will, they are the morally and intellectually superior race. Sarcasm off
Those Germans have always been anal about deficits ever since their economic collapse in the 20's.
On the other hand, they seem to ignore their 10% plus unemployment - even much higher in the former East Germany areas and their decreasing rate of growth.
As th late, great Hank Williams once sang "Why don't you mind your own business then you won't be mindin' mine"!
Make sure you bring this report with you and read it verbatim to them, then ask if there are any questions. That should perk up their ears a bit.
I noticed that too. What could DC possible add to the GDP
We should proposed tax breaks for wealthy German employers to relocate here.
DEFICITS AND SURPLUSES AS A PERCENTGE OF GDP
During World War Two, the U.S. budget deficit as a percentage of gross domestic product (GDP) reached as high as 30.3 percent. The post-1946 record high of 6.0 percent was reached in 1983. The largest surplus in the post-war period was 4.6 percent in 1948. From 1993 to the 2005 proposals, the path is:
Deficit/Surplus
Fiscal year as percent of GDP
1993 -3.9
1994 -2.9
1995 -2.2
1996 -1.4
1997 -0.3
1998 0.8
1999 1.4
2000 2.4
2001 1.3
2002 -1.5
2003 -3.5
2004 (estimate) -4.5
2005 (estimate) -3.0
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