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Politics Realm - A Conservative Perspective

G 8/20 Summit - Should America Be Listening?

June 28th 2010 17:21
The G8/20 Summit is over, but the economic concerns are not. One thing is clear; the European economy is tittering on the brink and its leaders are convinced the Obama economic line of thinking is what has led them to this point. Their fear - the deficit spending plan they used to stimulate growth is resulting in a huge debt crisis that could stagger the world economy.

On the last day of the Summit, world leaders made a commitment to cut deficits in half over the next three years rather than pay heed to the warnings of President Barack Obama who said, “cutting back too quickly risks starving the economy just as its starting to recover.” While they left some individual flexibility for each country to deal with its own economy, the message was very clear - stop the deficit spending used to stimulate the economy as quickly as possible.

Canadian Prime Minister Stephen Harper who was at the forefront of the deficit cutting theme of the summit said, "Here is the tightrope we must walk. To sustain the recovery, it is imperative that we follow through on existing stimulus plans. At the same time, advanced countries must send a clear message that as our stimulus plans expire, we will focus on getting our fiscal houses in order."

In his response, Obama agreed that deficits must be cut, but economic growth and job creation must come first. He said, "In the United States, I've set a goal of cutting our deficit in half by 2013. A number of our European partners are making difficult decisions. But we must recognize that our fiscal health tomorrow will rest in no small measure on our ability to create jobs and growth today. ...we can't all rush to the exits at the same time."

However, the European countries hardest hit by the recession applauded the actions taken at the Summit. German Chancellor Angela Merkel said, “Honestly, this is more than I expected, because it is quite specific. It's a success in that industrialized countries as a group accepted this."

While the Obama administration has shown a propensity toward copying the financial policies of the European model, countries such as Germany, Greece, and France are fleeing from the very model they helped to create due to the fact it has led to large deficits. A really good question is, "Why are we trying to enter into the very fiscal model they are trying to get out of?" It seems we have a president who is trying to convince the world that reality is realized through “rose colored” glasses.

The president wrote a letter to a G 20 Group of major industrial and developing nations 10 days ago, stating that his budget calls for cutting the U.S. budget deficit from $1.5 trillion to $727 billion by 2013. According to the Congressional Budget Office, he failed to point out that the same budget shows the deficit rising to more than $1 trillion in 2020.

The conclusions of the G8/20 Summit indicate that Obama’s economic reasoning has been rejected by world leaders because it will further damage the world economy if not held in check. Congress has been in basic agreement to this point by blocking additional stimulus spending. Douglas Holtz-Eakin, former director of the Congressional Budget Office and a top adviser to Republican Sen. John McCain's presidential campaign in 2008 said, "It is a pretty strong repudiation. Obama is operating as if the past six months did not happen. The financial market fallout on the European sovereigns is real, and they have to respond."

America – are we listening?

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3 Comments. [ Add A Comment ]

Comment by RickB_GA

June 28th 2010 17:48
Thank you for the review and I agree with the conclusions.

The following is a quote from an opinion column written by Thomas Sowell which was shared with me this morning:

"This government is not about governing. It is about creating an impression. That worked on the campaign trail in 2008, but it is a disaster in the White House, where rhetoric is no substitute for reality."

I am not sure where or when it was originally posted.

I am very fearful of where this administration is taking the country I am also very fearful of the admosphere in this country when Mr. Obama is defeated in 2012.

Comment by S.L.

June 28th 2010 17:52
At least some of the socialist-minded European governments are starting to see the errors of their ways. 'Bout time! Now if they'll just figure out that the "stimulus" garbage belongs in a trash can, maybe they can crawl up out of the hole they dug for themselves. Unfortunately, B.O. (B.S.) only wants to copy the failures of Europe and not their new found wisdom.

Comment by S.L.

June 28th 2010 19:56
I hadn't thought about that aspect, Rick! The lead-up to the 2012 election is undoubtedly going to be voluminous threats of retaliation against the "racists" who don't vote for B.O. (B.S.). It was a guilt trip that got him elected and it'll be a bigger one when election time comes.

Maybe that's the whole story in a nutshell... The liberals have always made it about race instead of policies because the policies are so bad and destructive that nobody (outside an insane asylum) would vote for him. Now we're stuck with either a disaster or a race battle. Cheery thought, isn't it...?

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