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Europe in Step? Michael Elliott's article "The Next Step" misunderstands the major issues that concern Britain, the Lisbon Treaty and membership of the European Union as a whole: the principles of sovereignty, democracy, transparency and accountability [Oct. 19]. Elliott refers to how convenient it would be for America, France and Germany if Britain, Poland and the Czech Republic "fall into line soon." That phrase should fill the people of Europe with dread. Democratic nations are a collection of people who are governed by those chosen to serve them. The majority of the people of Britain have no confidence...
...double-dip recession and the desire to keep Japan's budget deficit from spinning out of control. The recession is knocking tax revenues so far below expectations that the deficit will rise to $548 billion this year, an enormous 10% of GDP. Yet, despite Hatoyama's instructions to keep next year's spending no higher than this year's initial budget of $970 billion, the country's ministries have submitted 2010 spending requests totaling $1.04 trillion. (See pictures of how Japan has changed in 20 years...
...clinging to pledges of fiscal austerity. Major spending cuts have been rendered unrealistic by the current economic climate. Falling real wages and low business investment mean Japan's recovery is fragile. A recent Nikkei newspaper survey showed that 38% of top Japanese executives rated the likelihood of another downturn next year as high or somewhat high. The biggest risk, cited by 69% of respondents, was "the effect of fiscal stimulus measures wearing off." Hatoyama appears to be willing to continue stimulus spending under the circumstances even if that means more red ink. He has learned a lesson from 1997, when...
...stick to fiscal austerity to mollify voters' fear of ever-larger deficits - a public concern that could hurt the DPJ's chances of winning a majority in crucial July 2010 elections for the Diet's Upper House to accompany its newly won majority in the Lower House. But come next July, the DPJ would be hurt a lot worse at the polls by higher unemployment than a higher deficit. What Japan needs today is fiscal stimulus that stresses the DPJ program to shift Japan to consumer-led growth. Once the economy truly recovers, that will be time to focus...
...Europe in Step? Michael Elliott's article "The Next Step" misunderstands the major issues that concern Britain, the Lisbon Treaty and membership of the European Union as a whole: the principles of sovereignty, democracy, transparency and accountability [Oct. 19]. Elliott refers to how convenient it would be if Britain, Poland and the Czech Republic "fall into line soon." That phrase should fill the people of Europe with dread. Democratic nations are a collection of people who are governed by those chosen to serve them. The majority of the people of Britain have no confidence in an expensive, faceless bureaucracy like...