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Britain's deficit third worst in the world, table

Posted on February 21, 2010 by Kendall Harmon

The Table is of the worst deficits as a percentage of GDP in the world, according to OECD figures.

Guess where the United States is before you look.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, Credit Markets, Economy, England / UK, Globalization, Politics in General, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The National Deficit, The U.S. Government

2 comments on “Britain's deficit third worst in the world, table”

  1. DeeBee says:
    February 21, 2010 at 4:10 am

    I guessed #6 – close, but no cigar. Nonetheless, A DEFICIT GREATER THAN 1/10th OF GDP??? How can our country possibly deal with this?

  2. john m says:
    February 21, 2010 at 4:29 am

    Note the recommendation to increase taxes. As one who for a period was a practicing economist and controller of a several billion dollar organization the only long term solution is to reduce spending. Raising taxes will never stimulate growth except growth in government employment and spending. Whilst we must reach reasonable accommodations for the safety net in unemployment insurance payments, food stamps, and other programs originally designed to carry people through tough times, when you are running a deficit you essentially only have three choices: raise taxes (which kills growth); print money (which is sort of what the U.S. is doing in part and which will ultimately lead to undesirable inflation rates if not hyper-inflation); or reduce spending. Come to think of it, there is a fourth solution: bankruptcy. Hello Greece, hello California.