Jun 06 2010
Something very unexpected happened this week, with no notice from the liberal media (surprise, surprise). The world’s top economies just smacked down the massive deficit spending being employed by Obama and the DC liberals in Congress, in no uncertain terms:
The communiquÃ© of the meeting made it clear that the G20 no longer thought that expansionary fiscal policy was sustainable or effective in fostering an economic recovery because investors were no longer confident about some countriesâ€™ public finances. â€œThe recent events highlight the importance of sustainable public finances and the need for our countries to put in place credible, growth-friendly measures, to deliver fiscal sustainability,â€ the communiquÃ© stated.
Emphasis mine. In other words, cut spending and taxes. Stop saddling businesses with naive wish lists of socialist ‘share the wealth’ nonsense. The lone hold out to the international consensus? Team Obama:
But there were concerns around the G20 that the rush to reduce budget deficits, necessary though officials now thought it was, would undermine the recovery in the near term.
In a letter to the rest of the G20, Tim Geithner, US Treasury secretary, argued: â€œConcerns about growth as Europe makes needed policy adjustments threaten to undercut the momentum of the recoveryâ€.
What damn recovery? There is no recovery. The stimulus bill, tax increases, health care take over are all stalling and delaying any recovery. And this nation will pile up over $2.5 Â TRILLION in national debt in the first two years of Obamanomics! Â What does that tell you?
The May jobs report was a wake up call. You cannot pretend an economy is growing when 90% of the new jobs are temporary and exaggerated. Those jobs will be gone in September, and many of them will be gone before then.
When the other top 18 or so economies around the world declare your approach wrong headed and economically destructive, it is no surprise people conclude you are not competent:
What started out as a whiff of rookie incompetence has become a suffocating odor. It’s hard to find a single area where Obama’s policies are a convincing success.
Friday’s poor jobs report, showing only 41,000 private-sector jobs added in May, helped send the stock market into a tailspin
They ought to finally hear what employers have been telling them: Washington’s taxing, spending, borrowing and red tape are holding back job creation. Nearly 5 million Americans have been out of work for more than a year, a dismal record of long-term unemployment.
Business is screaming it out, the world’s top economies are screaming it out. And Team Obama keeps pretending they have a monopoly on economic wisdom!