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The Benefits Of Government Cost Cutting
October 25. 2010
British Prime Minister David Cameron (left) and U.S. President Barack Obama (right)
For years, the Judiciary Report, has expounded the benefits of cost cutting, stating it would be the best course of action, for the U.S. and British governments to undertake. This summer, with the installation of Prime Minister, David Cameron, at 10 Downing Street in London, Britain has embarked on sensible cost cutting measures. On October 20, 2010, the Wall Street Journal, published an article entitled "U.K. Cuts Invite Comparisons With Thatcher." The article drew comparisons between Cameron's cost cutting measures and that of his Conservative predecessor, former British Prime Minister, Margaret Thatcher.
Former British Prime Minister, Baroness Margaret Thatcher
The article reminded readers of the financial distress Britain was in at the time Thatcher entered office in the 1980s, the austere budget cuts she made and the financial boom it lead to years later, while she was still Prime Minister. Oh, that President Obama would have listened when the site begged him to do the same, upon entering office (the White House, FBI, DOJ, CIA, DOD, Homeland Security and a number of other components of the government, have been reading this site for years and continue to do so, as attested by site statistics).
British Prime Minister David Cameron
Rather than cutting costs in the U.S. Government, Obama spent the American economy into oblivion, adding $5 trillion to the national deficit, in under two years. The U.S. Fed continues to sit on standby, waiting to inject $100 billion dollars per month into the U.S. economy, after already spending massive sums of money to no avail.
It has been two years of unprecedented spending by the Obama Administration and the economy is in worse shape than it was before. All that precious time has been lost, which could have been spent saving. The Judiciary Report was in favor of helping AIG, GM, Ford And Chrysler, as attested by past articles. The aforementioned companies have been getting back on track and have made repayments to the government in the billions, which will earn the U.S. taxpayer a profit, if collected correctly.
U.S. President Barack Obama
However, the site denounced many massive spending initiatives Obama undertook, such as his healthcare plan, throwing billions at hundreds of banks, chucking cash at many companies and organizations all over the nation and unwisely trusting they would use the money to stimulate the economy. Instead, they've hoarded some funds, while misusing others.
When will Washington wake up and realize they cannot buy their way out of the massive problems facing the nation, due to the corporate sector's greed and the government's negligence in allowing it. Do remember, one plus one still makes two.
U.K. Cuts Invite Comparison With Thatcher
OCTOBER 20, 2010 - LONDON— ...Like Mr. Cameron, a fellow Conservative, Lady Thatcher began her first term by announcing sweeping cuts to public spending against the backdrop of a deep economic downturn that had increased joblessness and inflated the government deficit.
And like Mr. Cameron, who told his party earlier this month that there was "no other responsible way" than to reduce public spending, Lady Thatcher frequently said there was "no alternative" to the painful economic change she put in place.
The Thatcher plan sparked social unrest and, initially, higher unemployment. Her pivotal 1981 budget, which combined cuts in spending and income taxes with indirect tax increases, drew an outcry from the opposition Labour Party and trade unions, as well as some Conservatives. In an open letter in The Times of London, 364 economists said the government's economic program would "deepen the depression."
Policy makers now generally say her decision to curb spending in an economic slump didn't dig the U.K. into a deeper hole. Instead, they say, by spurring private-sector gains, the 1981 budget likely contributed to an economic rebound. The market-driven template she established remains mostly in force in the U.K. today.
"This was a remarkably successful program," said Andrew Lilico, chief economist at the independent London think tank Policy Exchange, who wrote a study of the 1981 budget. "In the short term, very considerable fiscal tightening was achieved. Over the longer term...the 1980s were characterized by a consistently falling share of public spending, allowing for rapid economic growth."
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