G7 (also known as the G-7 or Group of Seven) is the meeting of the finance ministers from a group of seven industrialized nations. The finance ministers of these countries meet several times a year to discuss economic policies.
Now here is some data as of 2006
1. France – Public Debt: 64.7% of GDP
2. Italy – Public Debt: 107.8% of GDP
3. Germany – Public Debt: 66.8% of GDP
4. United Kingdom – Public Debt: 42.2% of GDP
5. United States – Public Debt: 64.7% of GDP (Change that to 71%)
6. Japan – Public Debt: 176.2% of GDP
7. Canada – Public Debt: 65.4% of GDP
If high debt is considered a bad indicator of economy , then how come these countries are part of G7 that meet “several times a year to discuss economic policies.” Maybe an economist can help me understand that.
Countries which are not part of G7
India – Public Debt 52.7 % of GDP
Brazil – Public Debt: 50% of GDP
China – Public Debt: 22.1% of GDP
Vassundra Raje (Rajasthan Chief Minister) today announced that if re-elected she will provide free education for all in government schools till class 12th. Congress on the other hand implemented the reservation system in India (which i personally believe is against growth).
The DMK promised a free television set to every family (state population of more than 62 million) . They also promised “quality rice” at two rupees (less than a cent) a KG. Things became even more crazier when they promised free gas stoves, computer training and electricity (to farmers and weavers). The landless are being promised two acres of land.
On the other hand Chandra Babu Naidu (a politician from Andhra Pradesh)promised 13-hour-free electricity supply to farmers, against the supply of seven hours now. He promised free Mangal Sutra for prospective brides , free LPG cylinders and for unemployed youth Rs 1000. For boys and girls studying in high school, he promised to revive the free cycle scheme.
Will all this be sufficiant to get people out of poverty? Rather than promising TV they should promise electricity.
Where do we draw the line between pragmatism and populism? In the next elections , our politicians might promise free house , car or even GOLD.
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