Free trade: Free trade, a policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports). a
Deficit Reduction Act 2005 Law and Legal Definition. The Deficit Reduction Act of 2005 is a United States Act of Congress concerning the budget. It addresses deficit reductions ranging from education to housing and Medicare to Medicaid. It was signed into law by President Bush on February 8, 2006 after a closely divided Congress approved the legislation.
In the name of long term structural change, governments are deflating the economy at a time when they should be doing the opposite. The UK and US, should be setting out plans to reduce the long term deficit, but this should not be involving short term cuts in spending on important capital investment.