Will UK Budget Cut Wind Blow Across Atlantic?

Britain's Conservative government announced earlier this week its recommendation to cut nearly a half-million public service jobs from the current total. This 20% haircut has been characterized by Prime Minister David Cameron (seen at right) as necessary in order to address the UK's grim budget scenario.

The United Kingdom's American cousins will emulate this socially drastic script after the election bloodbath is over. The Republicans will want it, Democrats will not resist too strongly, and Obama already has his eyes on re-election. Likely targets will be postal workers, teachers, and municipal employees. The British, at least, will have brains enough to tax banks. The Americans will try the unique approach of giving the banks more money, especially once the foreclosure scandal reveals the tawdry state of major money center banks' balance sheets.

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