Topic: Sovereign Debt – The Only Solution?

Severe spending cuts and increased taxes – that’s the only solution to the global debt problems, according to director of Columbia University‘s Earth Institute, Jeffrey Sachs.

In an article in TIME Magazine last month he makes an in-depth analysis of the core problem of our global economy.

“Countless countries have gone through fiscal adjustments involving politically painful tax increases and spending cuts. Ireland and the U.K. are now raising taxes to reduce gaping budget deficits. Canada adopted a VAT-type tax in the 1990s. The U.S. has often pushed the International Monetary Fund to tell countries much poorer and more fragile than our own that painful fiscal adjustments are needed. Now the U.S. is acting with the same irresponsibility we’ve so often bemoaned elsewhere.”

“So here are the key questions. Will we kill our economic future by shortchanging the public on investments needed to modernize the economy and train the workforce? Will we borrow heavily from China and other countries to cover today’s spending while racking up massive bills for our children? Or might we just decide to protect the future of our country through a judicious mix of tax increases and spending cuts that will bring honor to this generation and prosperity to the next?”

Here’s the full article.

Related posts:

Sovereign Debt – Too Hot To Handle?

What do you think?

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14 thoughts on “Topic: Sovereign Debt – The Only Solution?

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  10. Pingback: Force The Rich! « Econotwist's Blog

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