28 June 2010

I'm Not Too Excited About Obama's Promises At The G-20

The Obama Administration has been pushing the other G-20 nations to keep spending. They say it's because they are worried about growth, but I suspect Obama just wants some political cover so he can keep on with his plans to bankrupt our children's future. Besides, its been two years now, and it doesn't look like wanton spending is getting us anywhere except deeper in debt.

Here's an idea: sound financial policies ...

So now it is up to the Europeans to urge constraint on America! Who'd a thunk it. Truly, the world is upside down.

WSJ: G-20 Agrees to Cut Debt

The meeting's concluding statement, a compromise between two competing visions of the international economy, masked divisions between the U.S. and Europe evident in the run-up to the summit. The U.S. has warned that moving too fast to cut deficits and reduce stimulus spending could risk another global recession. European nations, especially Germany, have cautioned that moving too slowly could produce unsustainable debt loads, higher interest rates and even defaults.

Germany, which has held itself out as the champion of austerity, took some potshots. German Finance Minister Wolfgang Schäuble used an interview in the French newspaper Le Monde to throw a jab at the U.S., saying Mr. Obama's giant stimulus spending has had little impact on the country's jobless rate, which remains well above 9%.

They might have to make deeper cuts in deficits to comply with its pledge. A White House statement said that government debt in the fiscal year ending Sept. 30, 2015, would be at an "acceptable level." President Obama said that next year he would present "very difficult choices" to the country in an effort to meet deficit goals.

The president cited his disappointment with the U.S. tax code. "Next year, when I start presenting some very difficult choices to the country, I hope some of these folks who are hollering about deficits and debt step up, 'cause I'm calling their bluff," Mr. Obama said.

Yeah, any excuse to raise taxes, eh, Mr. Obama? Hell, you don't even try to make even a half-assed effort to cut spending first.

Oh, all this blather from Obama a the G-20 is useless anyway. A useless as his campaign promises:

No family making less than $250,000 will see "any form of tax increase."

Reduce earmarks to 1994 levels

Pay for the national service plan without increasing the deficit

Enforce pay-as-you-go (PAYGO) budget rules

So please excuse me while I disbelieve his administration's promises to reduce the deficit. Except the reckless squandering of our national resources to continue.

1 comment:

Anonymous said...

Obama's Re-Election Promise

The promise of "a chicken in every pot and a car in every garage" can be traced to Hoover's 1928 Presidential campaign.
Well, Obama has twisted these words and is promising that if he is re-elected there will be "a chick in every car and some pot in every garage!"

(viewed the above on the net)