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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (16019)	11/17/2004 9:30:53 AM
From: KyrosL	Respond to of 116555

The main reason why Europe consumes less than the US is the heavy VAT (around 15%) levied on almost all goods sold in Europe. It's a great way to discourage consumption and encourage savings. No amount of structural reform in Europe will change that.

To: mishedlo who wrote (16019)	11/17/2004 9:58:19 AM
From: Kenneth E. Phillipps	Respond to of 116555

the U.S. budget deficit will cut in half over the next four years to less than 2 percent of national output. [...] Notice Snow said less than 2% of GDP in 4 years - Not cut in half the deficit in absolute numbers. Sliding away from their promise.