A Quote by Gordon Brown
We've got to be explicit that the road to greater economic success does not lie in this cosy assumption that you can move from a single market through a single currency to harmonising all your taxes and then having a federal fiscal policy and then effectively having a federal state.
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At the federal level, the fiscal stimulus of 2008 and 2009 supported economic output, but the effects of that stimulus faded; by 2011, federal fiscal policy actions became a drag on output growth when the recovery was still weak.
How can you raise the level of consciousness on this? How can you get the federal government to take the responsibility? Florida does not have a foreign policy. This is a federal policy or absence of federal policy. It's so clear that we're not being treated fairly. We have to come up with a solution. It hurts your head trying to figure out what to do.
This nation is on a course where if we don't do something about it, get federal situation, the fiscal policy [under control], we're Greece. We're a banana republic. Our status as a nation is threatened by what we’ve got coming at us in the area of deficit and debt. And it’s only a few more years, at the most, that we have to work with here before the market says, ‘Sorry, your currency is something we can not continue to defend.’
I took office as president in January 2003, and in April 2003, I sent to Congress my first proposal for tax reform. Some parts were voted on, with respect to federal taxes, and then it came to a standstill. Why? Because each state is interested in its own tax reform, has its own tax policy, and each state has its federal deputies and senators.
Under a cold turkey strategy, at each policy meeting the Federal Open Market Committee would make its best guess about where it ultimately wants the funds rate to be and would move to that rate in a single step.
It is very difficult to enter a single currency zone having fairly weak economic parameters and maintain a favourable state of the economy, not to mention positive growth rates. We have witnessed it not only in Europe, but for example in Argentina (nearly 10 years ago or more), when they tied the national currency to the dollar and later they did not know what to do about it.
The federal government has made explicit and implicit promises to millions of people, but has put no money aside in order to keep those promises. Some of you may wonder where Bernie Madoff got the idea for his Ponzi scheme. Clearly he was studying federal entitlement policy.
But ambitious encroachments of the federal government, on the authority of the State governments, would not excite the opposition of a single State, or of a few States only. They would be signals of general alarm . . . But what degree of madness could ever drive the federal government to such an extremity.
I am proud of our diversity, and when you attack the federal workforce, you are having significant impact on women - many of whom are single moms working to support their family - and you're having a significant impact on communities of color.
We all pay federal taxes that we send to Washington and it is not unusual that as Americans we would expect some federal investment in the cities and metro areas because we're the ones that are generating the economic activity.
It is one of the happy incidents of the federal system that a single courageous State may, if its citizens choose, serve as a laboratory; and try novel social and economic experiments without risk to the rest of the country.
It may seem strange, but Congress has never developed a set of goals for guiding Federal Reserve policy. In founding the System, Congress spoke about the country's need for "an elastic currency." Since then, Congress has passed the Full Employment Act, declaring its general intention to promote "maximum employment, production, and purchasing power." But it has never directly counseled the Federal Reserve.
We've got to demonstrate why European unity and integration, our vast single market, our single currency, equip us with the strength to embrace globalization.
The federal government gets a lot press, and that's what the media talks about, but your state and local governments, in many ways, have more impact on your life than the federal government does.
A single currency means a single government, and that single government would be the government whose policies determined every aspect of economic life.
It is federal, because it is the government of States united in a political union, in contradistinction to a government of individuals, that is, by what is usually called, a social compact. To express it more concisely, it is federal and not national because it is the government of a community of States, and not the government of a single State or Nation.
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