ECONOMICS REPORT - IMF Report on American Financial Policy
ECONOMICS REPORT - IMF Report on American Financial Policy
By Caty Weaver 1
Broadcast: Friday, January 16, 2004
This is Bob Doughty 2 with the VOA Special English Economics Report.
A new report warns that the rising United States budget deficit 3 and trade imbalance threaten world economic security and growth. The International Monetary 4 Fund released the report last week. The Bush administration says tax cuts have helped economic recovery, and deficit cuts are planned.
Charles Collyns was among several I-M-F officials who researched and wrote the report. Mister Collyns notes that the federal financial balance has changed in the last few years. He says the two-thousand budget year had a surplus of two-and-one-half percent of the gross domestic product. That is the total value of goods and services produced in the country. But in fiscal 5 year two-thousand-three the budget had a deficit of almost four percent of the gross domestic product.
Mister Collyns says additional spending gave immediate 6 and much needed support to the American economy. But he says there are long-term problems if large federal deficits 7 continue. The I-M-F team says budget estimates show large deficits for the next ten fiscal years.
The report says these deficits would lead the United States to borrow more money. It says foreign debt could equal forty percent of the economy in a few years. This would be a record level for a large industrial nation.
The I-M-F says growing debt and increased borrowing may force international loan rates to rise. It says this would restrain private investment, especially in the purchase of government bonds. Mister Collyns says this process is already happening. He says it is partly to blame for the fall in the value of the American dollar during the last year.
The I-M-F experts say the result in the end is lower worldwide productivity and earnings 8 growth. The report says the American government must raise taxes and limit spending to avoid this.
Administration officials noted 9 that President Bush has already said he will work to reduce the deficit by half during the next five years.
Mister Bush spoke 10 about the economy in his weekly radio message last Saturday. He said business investment has increased and the unemployment rate is falling. He said American stock market wealth increased in the past year. And he again called on Congress to make his tax cuts for Americans permanent.
This VOA Special English Economics Report was written by Caty Weaver. This is Bob Doughty.
- She was a fast weaver and the cloth was very good.她织布织得很快，而且布的质量很好。
- The eager weaver did not notice my confusion.热心的纺织工人没有注意到我的狼狈相。
- Most of successful men have the characteristics of contumacy and doughty.绝大多数成功人士都有共同的特质：脾气倔强，性格刚强。
- The doughty old man battled his illness with fierce determination.坚强的老人用巨大毅力与疾病作斗争。
- The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
- We have a great deficit this year.我们今年有很大亏损。
- The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
- Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。
- The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
- The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。
- His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
- We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。
- The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
- Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句
- That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
- Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。