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Jeffrey Alexander Frankel the 60 year old American Professor of Capital Formation and Growth at Harvard University's Kennedy School of Government, and former member of the Council of Economic Advisors under President Bill Clinton has published an article on Project Syndicate titled ‘Will Europe’s Fiscal Compact Work?’. Frankel states “At the start of 2013, the eurozone’s “fiscal compact” entered into force... The compact – technically called the Treaty on Stability, Coordination, and Governance in the Economic and Monetary Union – requires member countries to introduce laws limiting their structural government budget deficits to less than 0.5 % of GDP (or less than 1% of GDP if their debt/GDP ratio is “significantly below 60%”). So, will this new approach work? A limit on the “structural deficit” means that a country can run a deficit above the limit to the extent – and only to the extent – that the gap between revenue and spending is cyclical (that is, its economy is operating below potential due to temporary negative shocks). In other words, the target is cyclically adjusted. …The aim is to fix Europe’s long-term fiscal problem, which has been exacerbated by three factors: the failure, since the euro’s inception, of the eurozone-wide Stability and Growth Pact (SGP) to enforce deficit and debt limits; the crisis that erupted in Greece and other countries on the eurozone periphery in 2010; and the various bailouts that have followed. …Ever since the eurozone was established, its members have issued official fiscal forecasts that are systematically biased in the optimistic direction. Other countries do this, too, but the bias among eurozone countries is, if anything, even worse than it is elsewhere. …if forecasts are biased, fiscal rules will not constrain budget deficits. In any given year, governments can forecast that their growth rates, tax revenues, and budget balances will improve in subsequent years, and then argue the following year that the shortfalls were unexpected.”  Inspired by Jeffrey Frankel, Project Syndicate ow.ly/hnJJp Image source Harvard ow.ly/hnJIm Will Europe’s Fiscal Compact Work? (February 14 2013)

Jeffrey Alexander Frankel the 60 year old American Professor of Capital Formation and Growth at Harvard University’s Kennedy School of Government, and former member of the Council of Economic Advisors under President Bill Clinton has published an article on Project Syndicate titled ‘Will Europe’s Fiscal Compact Work?’. Frankel states “At the start of 2013, the eurozone’s “fiscal compact” entered into force… The compact – technically called the Treaty on Stability, Coordination, and Governance in the Economic and Monetary Union – requires member countries to introduce laws limiting their structural government budget deficits to less than 0.5 % of GDP (or less than 1% of GDP if their debt/GDP ratio is “significantly below 60%”). So, will this new approach work? A limit on the “structural deficit” means that a country can run a deficit above the limit to the extent – and only to the extent – that the gap between revenue and spending is cyclical (that is, its economy is operating below potential due to temporary negative shocks). In other words, the target is cyclically adjusted. …The aim is to fix Europe’s long-term fiscal problem, which has been exacerbated by three factors: the failure, since the euro’s inception, of the eurozone-wide Stability and Growth Pact (SGP) to enforce deficit and debt limits; the crisis that erupted in Greece and other countries on the eurozone periphery in 2010; and the various bailouts that have followed. …Ever since the eurozone was established, its members have issued official fiscal forecasts that are systematically biased in the optimistic direction. Other countries do this, too, but the bias among eurozone countries is, if anything, even worse than it is elsewhere. …if forecasts are biased, fiscal rules will not constrain budget deficits. In any given year, governments can forecast that their growth rates, tax revenues, and budget balances will improve in subsequent years, and then argue the following year that the shortfalls were unexpected.”

 

Inspired by Jeffrey Frankel, Project Syndicate ow.ly/hnJJp Image source Harvard ow.ly/hnJIm

William Michael Daley the 52 year old American lawyer and business executive has been announced by President Barack Obama that he would become White House Chief of Staff Close ties to big banks and big business (January 8 2011)

William Michael Daley the 52 year old American lawyer and business executive has been announced by President Barack Obama that he would become White House Chief of Staff to succeed Rahm Emanuel. Daley previously had served as Secretary of Commerce in the second administration of President Bill Clinton, and named to the advisory board of the Obama-Biden Transition Project. Regarded as a Democratic centrist, Daley is perceived to bring a business acumen to the White House, providing Obama with advice on economic matters for which he has faced strong criticisms as being anti business. His appointment is bringing criticism from progressives who are skeptical of Daley’s finance business background, and his urgings for the administration to move toward the political center.

 

Inspired by Ben Feller ow.ly/3EANg Image source ow.ly/3EAN2

My work digital art is essentially political art, or rather politics and art. It’s about iconic people, places and events of our day.  Recorded visually through daily compilations of manipulated digital images, posted online and disseminated via online media and social networks. The works are diaristic in nature that metaphorically record a spectator’s experience of the contemporary digital age.  The resulting work intentionally has a painterly aesthetic acknowledging my historical painting practice.
www.ianbunn.com

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