Europeans attack US tax cut plan

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1045511063945&p=1012571727088 ^ | 2/23/2003 | Alan Beattie and Christopher Swann

[sbhitchc]

Europeans attack US tax cut plan at G7 forum By Alan Beattie and Christopher Swann in Paris Published: February 23 2003 20:58 | Last Updated: February 23 2003 20:58

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.

Mr Christodoulakis said the re-emergence of "twin deficits" - fiscal and balance of payments - "may create sustainability risks, which in case they materialise would have significant ramifications well beyond the US itself". The tax proposal "in terms of size, composition and timing" did not dissipate these concerns.

Gordon Brown and John Manley, the UK and Canadian finance ministers, said deficits were appropriate during weak growth. Hans Eichel and Francis Mer, their German and French counterparts, were less committal.

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.

He said the move, criticised in the US for pushing up deficits, would benefit global growth, especially in view of the uncertainties over Iraq.

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

[the_doc]

The EU doesn't like our plan? Then it must be a good plan.

(I am from the Contrarian School of Economics.)

[RightWhale]

international support for the Bush administration's tax plan

Economic advice from Brazil, Argentina, Zimbabwe, N Kor, and the former USSR is hard to ignore. Also Germany and France have a lot of insight on the difficulty of balancing the socialist budget.

[dvan]

Europeans attack US tax cut plan

Then Bush better give it up!

[UncleSamUSA]

Regarding "Wim Duisenberg, ECB president"

His wife is a notorious pro-Palestinian hack who has traveled to Ramallah to hobnob with the bearded killer (in the days right before the IDF surrounded him) and has made overtly anti-Semitic statements to the Euro press and has tried to organize an economic boycott of Israel. She has even gone as far as to praise Palestinian suicide bombers, "excusing" them because they had no choice.

She is the second coming of Vanessa Redgrave, and has also sharply critisized the US for its support of Israel.

So that is where this group of weasel Euro economists is coming from.

[anoldafvet]

I guess Bush will have to submit his tax cuts to the UN Security Council for approval and France will probably veto.

[alwaysconservative]

And just what would be the reason we should care what Europe thinks? I liked Ben Stein's comment: "the French are just a bunch of jealous pukes" (delivered in his inimitable style!). That pretty well sums it up for me!

Hint to Europe: Socialism DOESN'T work. Get over it.

[Bubba_Leroy]

Previously posted HERE.

The search engine is your friend.

[Waco]

Horsehockey!

[Digger]

Again, get the hell out of the UN. Get our troops out of parts of Europe. Get out of NAFTA, GATT, IMF, etc. Tell the Chi-Coms that were gonna put a tariff on them until the trade balance equates - this will be the money to fund the coming Crusades. Secure the borders & oust the illegals & bring back our manufacturing, cut taxes & SPENDING, oust the Federal Reserve, take those Klintoons & make them stand up to the law - and when this is done let's celebrate the 4th of July the way it should be - FREE!. ( WHEW! and it's only Monday)

[DJ Frisat]

Well, precisely whose bleepin' business is it, anyway? Go pound salt, Europe.

[Edison]

"...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...."

why are we asking the Euros for their thoughts on our financial plans. Tinfoil in place...Is this part of the "New World Order"? Something about this seems out of the scope of relations with these countries. Unless they are afraid their own citizenry will start to ask why they carry such a high tax burden and the US does not.

Edison

[kaylar]

Here's an old article on this s**t dated 10/2000 :Will Foreign Governments deny US tax cuts? One of the biggest threats is The OECD