Brits Refute Obama – Dump Keynesian "Spend Your Way to Wealth" Plan
Posted by Jim Hoft on Wednesday, June 23, 2010, 5:06 AM
The Brits are the latest country to dump the “spend your way to wealth” Obama-Pelosi prosperity plan. The Brits moved ahead with their austerity plan despite the recent letter from Obama urging G20 nations to continues to spend like drunken sailors.
The Wall Street Journal reported:
George Osborne presented the U.K. government’s emergency budget yesterday, with spending cuts and consumption-tax hikes intended to shrink public borrowing to 1.1% of GDP by 2016, down from 10.1% of GDP this year. Nearly 80% of that retrenchment comes as spending cuts rather than tax increases. The Chancellor of the Exchequer’s cuts are, on balance, good news for the British economy. Even more welcome, though, is that Mr. Osborne’s budget is the latest to depart from the short-lived Keynesian consensus that government can spend its way back to prosperity.
On Saturday German Chancellor Angela Merkel refuted Obama and also announced that spending cutbacks were needed.
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Published May 24, 2012 at 8:46 pm - 88 Comments
Andreas K. commented:
I wonder if they’ll cut welfare for mohammedan radicals and hate preachers?
Most likely not.
FedUp commented:
Makes me laugh! BO wants to sit at the adult table and the adults just ignore him… wish we could! What a total loser!
mueller commented:
Meanwhile, in the U.S. of A, the fed is fitting turbochargers on the printing presses.
aro5o75 commented:
Poor bam-bam, everyone knows he’s a farce.
bitterclinger commented:
Sounds like this globalism, economies-wise, isn’t going too well for Oilbama.
Highlander commented:
It’s not enough for Obama to destroy the U.S. economy – he wants to destroy the economies of the entire West. Fortunately, there are some who refuse to jump off the cliff just because Obama told them to.
bigkahuna commented:
Dohhh Well Lets see Oilbama summon them to the whitehouse. Oh wait he doesnt control them does he? Maybe a beer summit is in the future ?
scituate_tgr commented:
I can see more refute come November 2010.
myohmy commented:
OMG. Now other countries are defying us while Obama has just run this country to the ground. Time to resign, Obama. Presidency is way over your head. States should invoke their 10th amendment rights in order to save their people and their state. God help us all.
archer52 commented:
The problem with the theory is timing and corruption. On paper it can work if applied in a very, VERY narrow window without having every politician’s hands in the till.
Neither ever occurs, so much like communism, it can never work in the real world.
Truth is economies ebb and flow, up and down, good and bad, anyone trying to micromanage that is a fool on a fool’s errand.
Joanne commented:
What kind of moron would think spending more money while in debt would somehow cause prosperity? A socialist moron A.K.A. Obama.
Ginger commented:
It’s just one part of their plan to take AMERICA down!
MJ commented:
We need someone here who’s not afraid to close down useless arms of the gov cut back on spending. Why can’t the gov be run like any business (hiring freeze, lay-offs, cut backs, budget reductions)? I haven’t had a raise in 2 years, but I am blessed to be working. Now if the gov would keep their greedy hands out of my back pocket, maybe I could care for my own family. Since the economy tanked, I’ve had to take in another family. Now we have 3 families living in 1 small house. It hasn’t been easy, but it would be nice if OB and his goons would just understand we are families working to support ourselves, our children, grandchildren &/or parents, and hope to one day have a nest egg to retire on. At this rate, I’ll be 82 when I retire (if I’m still alive). I’M FED UP.
antilbr commented:
Hey obama now the world knows a village in kenya is missing their idiot,and they,re laughing histerically…..just wondering….wheres nancy been,have,nt seen her since things were being hurled at her at that meeting…..one can only hope they were of a bigger caliber……..
Chisum commented:
“wheres nancy been,have,nt seen her since things were being hurled at her at that meeting…..one can only hope they were of a bigger caliber……..”
++++++++++++++++++++++
Nancy is busy preparing for January 2011. When the new Congress is sworn in.
Nancy Pelosi so confident that Democrats will retain majorities after midterms that she’s desperately raising money for legal defense funds
http://directorblue.blogspot.com/2010/06/nancy-pelosi-so-confident-that.html