Αντιγράφω επιστολή αναγνώστη με τίτλο “Contrasting deficit debate: America and India”, η οποία δημοσιεύθηκε στην Φαϊνάνσιαλ Τάιμς της 28 Ιουλίου 2024. Δεν κομίζει γλαύκα εις Αθήνας, μα ούτε και η εξήγηση της σχέσης μεταξύ χρεωστριών κυβερνήσεων και αγορών ομολόγων είναι τόσο απλή – σχεδόν απλοϊκή στην επιστολή τούτη.
“Apropos the article ‘Jay Powell says US needs to cut deficit ‘sooner rather than later’ ‘ (Report, FT.com, July 2)
it is confounding that America’s astronomical federal deficit, projected to hit 7 per cent of gross domestic product this year, is being casually ignored by politicians. By contrast, India’s fiscal deficit, which is projected at 5.1 per cent of GDP for the current year, is considered unacceptably high.
Nirmala Sitharaman, India’s finance minister, has laid out a road map for reducing it by at least half a percentage point by the next fiscal year. Her optimism will be bolstered by a fortuitous dividend booster from the Reserve Bank of India and expectedly higher direct tax collections this year.
If India were to stack up a deficit of American proportions, newspaper columns would run stories lamenting the country’s slide into a ‘vicious fiscal trap from which it will not emerge’ while opposition parties would constantly berate the government for fiscal negligence.
It is perhaps America’s ability to raise dollar-denominated debt in international markets by issuing Treasury bonds which keeps its politicians smug and in a false sense of security. India does not have that luxury.”
Tianlei Huang Yeling Tan China’s leaders have long sought to lift their people out of poverty and drive overall economic growth by encouraging migration from rural
Adam Posen Those warning that the US Federal Reserve is dragging the economy down are deeply mistaken. Far from being too restrictive, US monetary policy
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Αντιγράφω επιστολή αναγνώστη με τίτλο “Contrasting deficit debate: America and India”, η οποία δημοσιεύθηκε στην Φαϊνάνσιαλ Τάιμς της 28 Ιουλίου 2024. Δεν κομίζει γλαύκα εις Αθήνας, μα ούτε και η εξήγηση της σχέσης μεταξύ χρεωστριών κυβερνήσεων και αγορών ομολόγων είναι τόσο απλή – σχεδόν απλοϊκή στην επιστολή τούτη.
“Apropos the article ‘Jay Powell says US needs to cut deficit ‘sooner rather than later’ ‘ (Report, FT.com, July 2)
it is confounding that America’s astronomical federal deficit, projected to hit 7 per cent of gross domestic product this year, is being casually ignored by politicians. By contrast, India’s fiscal deficit, which is projected at 5.1 per cent of GDP for the current year, is considered unacceptably high.
Nirmala Sitharaman, India’s finance minister, has laid out a road map for reducing it by at least half a percentage point by the next fiscal year. Her optimism will be bolstered by a fortuitous dividend booster from the Reserve Bank of India and expectedly higher direct tax collections this year.
If India were to stack up a deficit of American proportions, newspaper columns would run stories lamenting the country’s slide into a ‘vicious fiscal trap from which it will not emerge’ while opposition parties would constantly berate the government for fiscal negligence.
It is perhaps America’s ability to raise dollar-denominated debt in international markets by issuing Treasury bonds which keeps its politicians smug and in a false sense of security. India does not have that luxury.”
Chander Shekhar Dogra
Jalandhar, Punjab, India
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