What it did comprise, in summary, was fiscal and monetary discipline, opening up to foreign trade and investment, and large-scale privatisation and deregulation.To the critics, the prime exhibit in the case against the "Washington consensus" is Argentina's dreadful slump.
A brief refresher: a summary measure of fiscal impulse (the extent to which fiscal policy is boosting or reducing GDP growth from one year to the next) is the difference between the deficit (or surplus) one year and the next.
This brings me to the seventh word of my summary of the real fiscal issues: if you're serious about the deficit, you should be willing to consider closing at least part of this gap with higher taxes.
This summary of the research said: "Based on a historical analysis of fiscal consolidation in advanced economies,... it finds that fiscal consolidation typically reduces output and raises unemployment in the short term," which causes the taxes that are coming into the government to go down, which causes the government's deficits and debt to rise in the long term (thus failing at everything).
Defense Sense: Options for National Defense Savings in Fiscal Year 2013 Full report (10 pages, with charts & tables): http://www.comw.org/pda/fulltext/120515DefSense.pdf Summary of recommendations: http://www.comw.org/pda/fulltext/120515DefSenseSum.pdf.
For companies with a calendar fiscal year-end filing under new disclosure rules, stock and option award values are as disclosed in the Summary Compensation table.
8.58am BST Summary Here is a summary of today's key events: Treasury released its independent pre-election economic and fiscal outlook or PEFO, which backed up the economic forecasts released by Labor 11 days ago – except it said the 2016-17 budget surplus would be bigger than expected, moving from $4bn to $4.2bn.
Updated at 8.05pm GMT 8.00pm GMT Summary: Obama ready to push for tax and debt deal Here's a summary of the start of the "fiscal cliff" negotiations today: President Obama demanded a "balanced approach" to any tax and debt deal being worked out with Republicans in Congress to solve the so-called "fiscal cliff".
Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 6.15pm ET23:15 Summary: Obama ready to push for tax and debt deal Here's a summary of the start of the "fiscal cliff" negotiations today: President Obama demanded a "balanced approach" to any tax and debt deal being worked out with Republicans in Congress to solve the so-called "fiscal cliff".
