Bloated state pension systems need to be re-worked and state governments need to balance budgets.
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Nonetheless he admits he cannot tackle big problems, like a bloated state payroll and woeful schools.
Other big Japanese shareholders may yet come to Mitsubishi's rescue, but given the bloated state of the global auto industry, that would be a mistake.
So if the currently rude health of the Indonesian economy were to deteriorate because of policy mistakes or an external shock, the response might be more, not less, liberalisation a swifter dismantling of monopolies, privatisation of the still bloated state sector, and a freer trade regime.
The U.S. will have some big challenges up ahead, and they are mostly conservative challenges: getting the budget back in line, tax reform, getting the economy going, monetary reform, entitlement and welfare reform, and shrinking government overall from the bloated state it has been in since World War II.
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But BA's Continental rivals are no longer the bloated, state-owned giants, they used to be.
Mr Nichols said the Conservative Party had not tackled the national debt, major issues in health and education or limited the size of the "bloated" state.
Then in September he insisted that Germany make significant cuts in its bloated welfare state, hinting that the savings might make possible future tax cuts, which are desperately needed.
The other problem is a state bloated by pork-barrel spending and hampered by a creaky tax system.
Yet what failed in Venezuela was not market economics, but a bloated, inefficient state and corrupt political leadership.
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The immediate reason is that in many countries the state is now so bloated that, even without changing the basic structure of government, it could be made much more efficient.
The middle class expanded fast thanks to jobs in state-owned companies, the public education system and the bloated civil service.
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