President Noynoy said that in his first three weeks of serving the Filipino people he was able to unearth anomalies committed during the previous administration. To mention a few:
The first six months of the current year, Arroyo’s administration spent more than what it has collected in terms of revenue resulting to an increased deficit to P196.7B. Of the targeted revenue collection, the shortage was P23.8 B. The expenditure exceeded by P45.1B.
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A lot of discussion has arisen lately over the potential expiration of the tax cuts pushed out during George W Bush’s presidency. These cuts gave extensive tax incentives for the upper class, allowing them to save millions of dollars. As the tax cuts are set to expire at the end of 2010, Congress is in heavy debate over whether to let them expire or to extend the cuts. Unfortunately, extending these cuts can be very dangerous.
The notion of the Bush tax cuts was the idea of trickle down economics. By giving the wealthy bigger chunks of their income, the government believed they would give them more capital to launch businesses. These investments would then spur the creation of new jobs, helping the economy grow. In a country that prides the small businesses, this is a big benefit as more wealthy means more business creation.
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Japan, one of the few developed nations in Asia and the world’s second largest economy is considered a liberal democracy with a constitutional monarchy type of government and citizens maintain all their civil rights.
It is run under a one-party rule, the Liberal Democratic Party (LDP). No real challenge to the LDP was able to sustain itself despite the decrease in its popularity since the economic inactivity in l990s and corruption scandals.
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