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1371. Europe and the United States: On the Fiscal Brink?

Author:
Jagadeesh Gokhale and Erin Partin
Publication Date:
04-2013
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
What are the implications of Europe's economic troubles for America? Several EU economies now face deep private and sovereign debt overhangs-a situation not unlike that in the United States, which also faces its own challenges with fiscal policy. How do the economic conditions in America and the EU compare in the short and longer terms? This article provides an overview of key indicators that summarize and help to project the two regions' economic prospects. It should be noted at the outset, however, that economic conditions and policies in the two regions differ in substantive ways. As in the United States, most European economies-members of the European Monetary Union (EMU)-now participate in a single currency (euro) system operated by the European Central Bank-the counterpart of the U.S. Federal Reserve System. However, the EU lacks a single central fiscal authority that operates a significant cross-nation transfer system. Having surrendered authority over monetary policy and, by the definition of a single currency, exchange rate policy, EMU member nations must depend on national fiscal policies to exert stewardship over their economies.
Political Geography:
United States, America, and Europe

1372. Is America Becoming Greece?

Author:
Michael Tanner
Publication Date:
04-2013
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
It does not take more than a glance at the headlines to see that European countries are in trouble. From Greece to Britain, from France to Portugal, it is becoming clear that the modern welfare state is unsustainable, facing fiscal catastrophe, stagnant economic growth, punishing taxes, and prolonged joblessness. European countries are being forced, kicking and screaming, to rethink their approach to social welfare. But how much better off is the United States?
Political Geography:
Britain, United States, America, Europe, Greece, France, and Portugal

1373. American and European Welfare States: Similar Causes, Similar Effects

Author:
Pierre Lemieux
Publication Date:
04-2013
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
The American welfare state is not as different from the European welfare state as conventional wisdom would have it. If we define the welfare state as that part of the state (the whole apparatus of government at all levels) devoted to taking charge of the welfare of the public, welfare-state functions cover social protection (which includes public pensions), health, and education. These functions make up 57 percent of total U.S. government expenditures compared to 63 percent for the typical euro zone country. In this sense, the American welfare state is only about 10 percent smaller than the European welfare state.
Political Geography:
United States, America, and Europe

1374. Lessons from Europe's Debt Crisis for the United States

Author:
Desmond Lachman
Publication Date:
04-2013
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
The European sovereign debt crisis offers a cautionary tale for the United States. This is the case since all too sadly the U.S. public finances appear to be on the same sort of unsustainable path that lies at the heart of the present European crisis. Whereas Europe, taken as a whole, currently has a budget deficit of around 3 percent of GDP And a gross public debt ratio of around 90 percent of GDP, the United States has a budget deficit of around 8 percent of GDP and a gross public debt ratio in excess of 105 percent of GDP.
Political Geography:
United States and Europe

1375. Canada's Fiscal Reforms

Author:
Chris Edwards
Publication Date:
04-2013
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Two decades ago Canada suffered a deep recession and teetered on the brink of a debt crisis caused by rising government spending. The Wall Street Journal said that growing debt was making Canada an "honorary member of the third world" with the "northern peso" as its currency. However, Canada reversed course and cut government spending, balanced its budget, and enacted pro-market reforms. It reduced trade barriers, privatized businesses, and slashed its corporate tax rate. The economy boomed, unemployment plunged, and the formerly weak Canadian dollar soared to reach parity with the U.S. dollar. The Canadian reforms were hugely successful. Today, the United States is in as bad or worse fiscal shape than Canada was in. U.S. leaders need to make major fiscal and economic reforms, and they can learn many lessons from Canadian efforts to restrain government and create a more competitive economy.
Topic:
Reform
Political Geography:
United States and Canada

1376. The Point Four Program and U.S. International Development Policy

Author:
Stephen Macekura
Publication Date:
04-2013
Content Type:
Journal Article
Journal:
Political Science Quarterly
Institution:
Academy of Political Science
Abstract:
STEPHEN MACEKURA explores the intellectual roots and policy precedents of President Harry Truman's Point Four program. He argues that many of the ideas and policies encapsulated in Point Four helped to shape the extensive foreign aid, economic development, and modernization policies of the Dwight D. Eisenhower and John F. Kennedy administrations.
Topic:
International Relations
Political Geography:
United States

1377. The global economy: Healing or still hurting?

Author:
Leo Abruzzese
Publication Date:
06-2013
Content Type:
Working Paper
Abstract:
After a series of setbacks, the global economy is slowly mending US economy is strengthening; star performer Jobs market is on a modest upswing Housing is bouncing back China is recovering from a slowdown Boom years are over, but so is the slump European debt crisis is stabilizing but austerity is killing the economy Euro zone remains big drag on global growth Japan is showing signs of recovery under a new government Central banks are supporting the bounce - back in a big way Don't expect a brisk recovery, though; many risks remains Debt levels still high; asset prices are volatile; tensions in Middle East, China, Kore and has stabilised in Europe, but at a low level. In Germany, manufacturing output is rising again.
Topic:
Economics, International Trade and Finance, Markets, Monetary Policy, and Infrastructure
Political Geography:
United States and China

1379. The End of Central Banking, Part II

Author:
Richard M. Salsman
Publication Date:
06-2013
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Explains why central banking should be terminated and how it can be, focusing primarily on the U.S. Federal Reserve System.
Political Geography:
United States

1380. After the Welfare State, edited by Tom G. Palmer

Author:
Ari Armstrong
Publication Date:
06-2013
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
The modern welfare state began to take shape in the 1880s in Otto von Bismarck's Germany, and it took off in the United States in the 1930s under Franklin Delano Roosevelt's "New Deal." Now that the welfare state is thoroughly entrenched throughout most of the world, is there any reason to question its existence or any way to eliminate it? There is a reason and a way, and these are the subjects of the essays in After the Welfare State.
Political Geography:
United States and Germany