It is easy and tempting for politicians to let deficits soar and to dig more deeply into public debt. No country can escape this. In France, the proposed government deficit for 2010 is equal to more than one-third of gross tax revenues. The Moody’s rating agency says world sovereign debt is likely to go from 63% of world GDP in 2008 to 80% in 2010. It is essential to think twice before yielding to this easy “game.” This game is dangerous. Unless public debt is brought under control, governments run the risk of leading their countries into bankruptcy.
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