June 27, 2010

Seeing the light

Another article on how the US is spending its way into massive debt while other nations are pulling back from the brink -- realizing that large debt is not a healthy state and that lower taxes and smaller government actually stimulate the overall economy and the resultant rising tide floats all boats. From The Hill:
U.S. isolated on spending at G-20
The U.S. will be isolated at the G-20 summit on the subject of stimulus spending.

In the days ahead of this weekend�s summit, President Barack Obama and his economic team have pressed Europe and Congress alike on the need for more spending to drive economic growth.

But huge gaps have emerged between the Obama administration and allies in Europe.

Germany, France and Great Britain have all launched austerity campaigns designed to reduce public debt. They�re motivated in part by the Greek debt crisis, which continues to scare countries across Europe.

�In the run-up to the summit, a clear plurality of G-20 countries has come up on the side of fiscal consolidation and not stimulus spending,� said Dan Price, a senior partner at Sidley Austin and former President George W. Bush�s �sherpa� for G-20 summits.

Japan has also introduced a strategy to reduce its budget deficit, while Canadian Prime Minister Stephen Harper, who is hosting the summit in Toronto, has challenged G-20 members to cut their deficits in half.
And will Obama take home anything from the G20 meeting? Probably memories of a nice golf game and little else. Posted by DaveH at June 27, 2010 6:34 PM
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