Black People Politics : IMF's Lagarde says U.S. budget cuts 'inappropriate'

[Clyde C Coger Jr]

IMF's Lagarde says U.S. budget cuts 'inappropriate'

International Monetary Fund Managing Director Christine Lagarde speaks during a news conference at IMF headquarters in Washington June 14, 2013. REUTERS/Jose Luis Magana


AIX-EN-PROVENCE, France (Reuters) - The U.S. federal budget cuts are an inappropriate measure that will weigh on potential growth, IMF chief Christine Lagarde said on Sunday, urging Washington to present "credible" fiscal plans.
Washington enacted across-the-board federal government spending cuts, known as sequestration, in March because Congress could not agree on an alternative.
It has meant everything from furloughs for air traffic controllers to fewer planes for the U.S. Navy to smaller subsidies for farmers.
"The budgetary procedure that is in place in the United States, which leads to a budgetary adjustment, seems to us absolutely inappropriate ... because it blindly affects certain expenditures that are essential to support medium and long term growth," Lagarde told an economists' conference in Aix-en-Provence, southern France.
http://finance.yahoo.com/news/imfs-lagarde-says-u-sequester-074156967.html

In its annual check of the health of the U.S. economy, the IMF forecast economic growth would be a sluggish 1.9 percent this year. The IMF reckons growth would be as much as 1.75 percentage points higher if not for the rush to cut the government's budget deficit.
While the budget cuts that took hold on March 1 do not appear to be hitting government payrolls directly so far, some economists said they were weighing on private employers and helped explained a sharp slowdown in hiring in the health care and social assistance sector.
Lagarde urged Washington - as well as Tokyo - to come up with fresh plans to cut their debt.

At this point its clear, Congress is suffering from a myopic world vision, we are living in a global economy with global markets; politics of ole can no longer survive.


Peace In,

 

[jamesfrmphilly]

i could have told them that…….

 

[Clyde C Coger Jr]

i could have told them that…….

Yup, the sequester is crippling the return of a collapsed economy. Before, they lowered our credit rating, worldwide, smh.

 

[jamesfrmphilly]

Yup, the sequester is crippling the return of a collapsed economy.
Before, they lowered our credit rating, worldwide, smh.

it is all a plan to make things bad under obama.
they will happily sacrifice the country as long as they can make bad conditions.
'scorched earth' gambit.

 

[Clyde C Coger Jr]

it is all a plan to make things bad under obama.
they will happily sacrifice the country as long as they can make bad conditions.
'scorched earth' gambit.

Absolutely, and its undeniable truth.