US submits to IMF humiliation like a groveling Third World slave state

July 11, 2010
By

The Washington Post reports that, for the first time ever, the United States has opened itself up to a full-scale review of its financial sector by the International Monetary Fund, something that is routine for other G20 members, but which the US has always refused in the past. The results are what the paper describes as “a bitter pill”, as the IMF strongly criticized the government’s debt-to-income ratio, recommending that the latter be sharply increased while dramatically decreasing the former. Specific steps suggested by the organization included decreasing social security payments, increasing fuel taxes, and eliminating income tax deductions for home buyers.

The report comes as President Obama has recently promised the G20 group, at their meeting in Toronto, that he was committed to cutting the budget deficit in half by just 2013, something the IMF doubts will be possible, according to their report. Officials from the Obama administration downplayed the accuracy of the report, claiming that it was overly bearish on the future of the US economy. Speaking off the record, one official told the Washington Post that the IMF’s figures were “overly pessimistic” compared with those of independent analysts hired by the administration. One of the reasons for the divergence in opinion stems from the fact that the IMF is assuming for their purposes that the US will have to borrow money at a higher interest rate in the future because of a lowered credit rating, which the President’s projections do not include.

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