America's European Moment  

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[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 406 no. 8817 (Jan. 2013), page 7.
Topik: Fiscal Policy; Problems; Politicians; Sovereign Debt; Political Parties; Policy Making

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.75 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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America's economy may not be in as bad a state as Europe's, but the failures of its politicians--epitomised by this week's 11th-hour deal to avoid the calamity of the "fiscal cliff"--suggest that Washington's pattern of dysfunction is disturbingly similar to the euro zone's in three depressing ways. The first is an inability to get beyond patching up. The euro crisis deepened because Europe's politicians serially failed to solve the single currency's structural weaknesses, resorting instead to a succession of temporary fixes. The automatic spending cuts in America have merely been postponed for two months, by which time Congress must also vote to increase the country's debt ceiling if the Treasury is to be able to go on paying its bills. So more budgetary brinkmanship will be on display in the coming weeks. And the temporary fix ignored America's underlying fiscal problems. Viewed through anything other than a two-month prism, it was an abject failure. The reason behind this lamentable outcome is the outsize influence of narrow interest groups--which marks a second, unhappy parallel with Europe.

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