Why western governments should increase budget spending instead of cutting them.
Nouriel Roubini, Turkish economist, professor of economics at the Stern School of Business, New York University. From the Confederation of Norwegian Enterprise conference, 2009. Norsk (bokmål)â¬: Nouriel Roubini, tyrkisk økonom, professor ved Stern School of Business ved New York University. Fra NHOs Årskonferanse 2009. (Photo credit: Wikipedia)
Public budget spending cuts induce a lowering of consumption that is inevitably followed by a slowdown of the economy’s pace and ultimately unemployment which also results in the lowering of consumption of goods; but moreover governments spending cuts reduce the efficiency or research by hampering the integrity of the scientist’s behaviour as we will see below.
Public budgets should instead be invested in enhancing the level of infrastructure, research and education in the aim to create the jobs and opportunities of tomorrow. High ranked economists and financial law scholars of the University of Cornwell and of the University of New-York describe what should be the way forward for western governments to follow in the present worse economic crisis since 1930 crossed by the developed countries.
Research is one of the sector in which governments should spent more money as written by Dr Ferric C Fang editor in chief of the journal Infection and Immunity in an editorial that quoted the here above economists report. The editorial of Dr Fang pointed the fact that he observes more and more misconducts in science articles because researchers are desperately lacking of financial supports and grants from the government.
1) The Way Forward
Moving From the Post-Bubble, Post-Bust Economy to Renewed Growth and Competitiveness
- By Daniel Alpert, Westwood Capital; Robert Hockett, Professor of Law, Cornell University; and Nouriel Roubini, Professor of Economics, New York University
October 10, 2011 |
2) Reforming Science: Structural Reforms
DSK former Chief Executive Officer of International Monetary Fund said in his earlier interview on Sunday that if nothing is done rapidly and with sufficient intensity Europe in a few years will become a land of unemployed with social schemes unable to deal with it. It seems when reading the news reported above that not only Europeans will risk to be unemployed but also untreated.
(thanks to this cartoon by Andy Davey from The Sun relates to the U.S. debt crisis)
A trillion is a million million, or one followed by 12 zeroes
The actual amount of the US debt is equal to $14.3 trillion.
The responsibles are the wars that were undertaken by America, the tax cuts offered by Obama’s predecessor and the costs of health care.
If the rising of the debt ceiling is not allowed by congress, America should have to cut in financing Medicaid and Medicare.
Health care providers depend heavily on Medicare and Medicaid programs. The federal government participates on average as high as 56 percent in Medicaid costs.
Already government and health policy stake-holders talk about rising the age of admission to Medicare from 65 to 67 years in order to save public spendings.