This is what austerity gets us: anemic state and local budgets that slash spending and cut off support just as needs rise.

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U.K. gross domestic product fell 0.2% in the first quarter of this year after a 0.3% contraction in the final three months of 2011, raising fresh questions about the wisdom of the government's plan to slash spending and cut hundreds of thousands of public sector jobs to reduce its debts.

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But when you cut taxes, and slash spending on public universities, what do you expect is going to happen?

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Dubai's rapid-transit authority says it could cut traffic by 17%, and slash losses due to delays.

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They plan to cut local taxes by 10%, slash salaries for elected officials, and shed overlapping public services.

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Mr Bush's trade negotiator, Robert Zoellick, argues nevertheless that America is ready to slash subsidies if those countries with higher levels of support cut back proportionately more, to produce a level playing field.

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Don't expect sudden cash windfalls (from high commodity prices, for instance) to last, plan your spending cuts strategically, cut back on low priorities, but do not slash across the board.

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On Monday, he outlined plans to slash another 53, 000 jobs by the end of the first quarter and cut 2009 expenses by 20%.

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Undeterred, in Magdalena Mr Cavallo said that he could slash Argentina's 14.5% unemployment rate through tax and labour reforms, and cut the cost of public services by competition in their provision.

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That means doing things it has been loath to do: cut wages and benefits for unionized workers, eliminate marginal brands like Pontiac, Saturn and Saab and slash its dealer network.

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