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(回答先: ドルが対円で下落、118円前半−米大幅利下げ観測後退でユーロ安(2) (ブルームバーグ) 投稿者 小耳 日時 2003 年 6 月 09 日 11:42:42)
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FRONT PAGE - FIRST SECTION: Bush shelved report on $42,200bn deficit fears
By Peronet Despeignes in Washington
Financial Times; May 29, 2003
The Bush administration has shelved a report commissioned by the US Treasury that shows America faces a future of chronic federal budget deficits totalling at least $44,200bn (ポンド?27,000bn) in current US dollars.
The study, the most comprehensive assessment of how the US government is threatened with being overwhelmed by the future healthcare and retirement costs of the "baby boomer" generation, was commissioned by Paul O'Neill, then Treasury secretary.
But the Bush administration chose to keep the findings out of the annual budget report for the 2004 fiscal year, published in February, as the White House campaigned for a tax-cut package that critics claim sets the US on course for bigger deficits.
The study's chief conclusion is that sharp and permanent tax increases or massive spending cuts - or a combination of both - are unavoidable if the US is to meet the healthcare and retirement benefits promised to future generations.
The analysis was spearheaded by Kent Smetters, then Treasury deputy assistant secretary for economic policy, and Jagdessh Gokhale, then a consultant to the US Treasury. The report was being circulated as an independent working paper among think-tanks in Washington, as President George W. Bush yesterday signed a 10-year, $350bn tax-cut package into law, welcoming it as a victory for hard-working Americans and the economy.
He has said it will help generate jobs and fuel sputtering economic growth. But his tax-cutting agenda has been criticised for inflating future budget deficits, which could act as a choke on US economic growth and constrain the government's ability to meet social security, retirement and healthcare obligations.
Alan Greenspan, Federal Reserve chairman, last week criticised what he called Washington's "deafening" silence about the coming challenge to federal finances. The Smetters-Gokhale study's sum dwarfs previous estimates of the problem facing Washington as baby boomers retire.
An Bush administration official said the study was designed as a thought-piece to stimulate discussion and was one among many left every year on the cutting-room floor.
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