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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Square_Dealings who wrote (16013)	11/17/2004 9:13:57 AM
From: mishedlo	Read Replies (3) of 116555

U.S. Treasury Secretary John Snow said on Wednesday that cutting a record budget deficit was a top priority for the second-term Bush administration and challenged Europe to play its part in helping trim the U.S. trade gap by boosting its own economic growth. "The current account deficit is a shared responsibility," [with Europe] [...] Snow wants to shift the spotlight onto European tardiness in adopting labor, pension and other reforms and cutting taxes to spur their growth instead of being under the glare of charges that the United States had no real plan for cutting deficits and was letting its dollar drift down to remedy them at Europe's and Japan's exporting expense. Snow described himself as "a life-long deficit hawk" and insisted the U.S. budget deficit will cut in half over the next four years to less than 2 percent of national output. [...] story.news.yahoo.com

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