Search This Blog

Thursday, October 01, 2009

Poland’s Answer to Budget Woes

As the U.S. federal budget careens out of control, a former communist country offers a solution – privatization.

According to the September 29 Wall Street Journal, Poland President Lech Kasczynski is against both tax increases (that’s good) and spending cuts (that’s not so good). An updated plan from the Polish Treasury calls for accelerating privatization this year and next, thereby “bringing Poland’s privatization process to a close 20 years after the end of communism.”

Poland’s government is shedding stakes in a copper mine, a refiner, the Warsaw Stock Exchange, power companies, a chemical plant, a bank, and a telecommunications firm.

Compare that to what’s been going on with taxpayer bailouts and buyouts by the Bush and Obama administrations over the past year. Hmmm.

Raymond J. Keating
Chief Economist
Small Business & Entrepreneurship Council

No comments: