Tuesday, May 26, 2009

Budget

Receipts are down, expenditures are not, and the resulting increased budget deficit is more a consequence of policy and its execution than of the crisis. Such is the conclusion of the Cour des Comptes report on the state budget. Sarkozy's experience thus reproduces the failure of other tax-cutting, state-paring reformers before him: it is easier to cut taxes (and thus gain votes) than to cut state services.

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