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...industry by surprise and left the global economy vulnerable. Is there an easy fix? Obviously, building new refineries is one answer. French Finance Minister Thierry Breton last week told oil companies to come up with structural plans (including new refining initiatives) to lower oil prices or risk a windfall tax. With oil at $63 per bbl. and oil-company profits at record highs, a new era of refinery construction seems imminent. Last week, serial entrepreneur Richard Branson floated the idea of building a refinery just to provide his Virgin Airways and other airlines with jet fuel. U.S. politicians have been...
...head and shake them!" shouts Andrzej Kuzmicki, 40, owner of an underwear company in the northeastern city of Bialystok. "We need real change." Tusk and his Civic Platform say they're offering just that. He's been campaigning hard on promises to bring in a 15% flat tax on corporate and personal income, ease the rules for hiring and firing, and radically streamline government bureaucracy - though he's stopped short of suggesting specific spending cuts. Policies like these would suit Kuzmicki just fine. He saw his exports of lingerie rise 700% last year, but says "economic policy still favors...
...parliament as senior partner in a coalition with the Kaczynskis' party. That alliance could be fraught with tensions. Fractious coalitions are hardly unusual in Polish politics, but Civic Platform leaders may find the Law and Justice Party an especially restless bedfellow. In addition to the rift over the flat tax, Kaczynski says he'll push for a more "social" economic policy, and limit privatization in sectors deemed vital to the "security of the state." There could be personal, as well as policy, differences, too. There was some early friction last week when Kaczynski said that if the Civic Platform took...
...desolate Jackson Square in New Orleans' soon-to-reopen French Quarter. The man who said during his re-election campaign that "government is limited in its capacity to heal and help" spoke in bold terms about "one of the largest reconstruction efforts the world has ever seen," proposing a tax-advantaged Gulf Opportunity Zone to create jobs, worker-recovery accounts to help evacuees pay for job training and child care, and even an Urban Homesteading Act to let some low-income victims of Katrina build homes on cheap federal land. Think of it as George W. Bush's New Deal...
Beyond saying that "unnecessary spending" must be targeted, the President has suggested few specific cuts of his own so far. During a news conference with Russian President Vladimir Putin the day after his televised speech, however, Bush stressed that more tax cuts remained a top priority. Neither side of the aisle has seemed capable of demonstrating fiscal prudence and compassion simultaneously, while the President, hobbled by a $331 billion budget deficit, an unpopular and expensive war in Iraq, and an official admission that he mishandled the initial crisis, could neither afford his Gulf Coast largesse--nor afford not to extend...