Two major fiscal policy tools are government spending and taxation. Government, through its fiscal policy changes the composition of taxation in order to maintain sustainable growth of the economy. Taxation system is the main source of earning of any government. As a result it is very important to control the system in accordance to the requirement of the economy. Governments control the taxation system through its fiscal policy. Another tool is government spending. It is also important in the context of the economy of the country. Importance and applicability of government spending has become clearer during the period of current global financial meltdown when governments have spent millions of dollars to save their respective economies and important organizations who were in trouble.
It is found that the budget deficit of United Kingdom in the period of 2008-09 was around 90 billion Euro. It is also found that the difference between the tax receipts and government spending was almost 12 billion euro (Seager, A. 22 April 2009). According to EU Business, budget deficit of Germany will be more than 4% of total GDP in 2010 (EU Business, 14 January 2009).
According to European Union’s growth and stability pact, each and every EU members must maintain its public deficits lower than 3% of GDP. Member countries must also keep their public debt below 60% of total GDP.
US fiscal policy is found to be very much aggressive as compared to the fiscal policies adopted by the EU members. According Timothy Geithner who is the Treasury Secretary of U.S., the country will see more aggressive fiscal policy in future (Reuters, Feb 3, ...
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Finally, the paper attempts to establish what theological truth is expressed in this passage of Paul’s epistle to Philippians. Overview of the Passage “If then there is any encouragement in Christ, any consolation from love, any sharing in the Spirit, any compassion and sympathy, (2) make my joy complete: be of the same mind, having the same love, being in full accord and of one mind. (3) Do nothing from selfish ambition or conceit, but in humility regard others as better than yourselves. (4) Let each of you look not to your own interests, but to the interests of others”2.
He authored the book A Plaine Discovery of the Whole Revelation of St John in 1593 which became the first important Scottish interpretation of the bible. John Napier's invention of the system of logarithms, described in Canonis Descriptio in 1614 made him a name to be reckoned with until today.
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