Final Word from Tuesday, January 27, 2009



David Rath of ČSSD told LN that Finance Minister Miroslav Kalousek is a fraudster and prestidigitator because of the way he juggles budget figures. Kalousek changed the methodology for calculating government debt, Rath said, allowing him to cut the budget deficit in half. ČSSD is upset with Kalousek because he objects to sharply increasing government borrowing as a way to overcome the economic crisis. Kalousek told Czech TV that the borrowing bubble could come back to bite the CR and other countries, because there might not be willing lenders. He's right, of course, but he's drawing attention away from a related issue. The CR has doubled its government spending in the past decade, without much protest from anyone. A reasonable crisis plan would call for bracing for the "lost decade" that might stand before us by deflating this spending bubble just as methodically as it was created.[Czech Republic Lidove noviny aktualne.cz Television]

Glossary of difficult words

fraudster - someone who commits fraud; a crook;

prestidigitator - a person who performs magic tricks as a form of entertainment;

to brace for something - to prepare for something, such as a shock or jolt;

lost decade - a decade of low growth.

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