Obama Urges G-20 Nations to Continue To Run Massive Budget Deficits
Posted by Jim Hoft on Friday, June 18, 2010, 10:27 PM
Barack Obama sent a letter to G20 leaders this week urging them to continue to run massive budget deficits in order to “keep economic growth strong.” Obama believes that running high deficits will actually improve the economy. However, European and Chinese leaders disagree with Obama on this dangerous path of economic destruction. They are working to reduce deficits in their countries.
Not Obama.
Barack Obama is having a difficult time talking world leaders into continuing to pile up massive budget deficits.
He tripled the US deficit his first year in office.
The AP reported:
The president noted that “significant weaknesses” linger among the major and developing economic powers. He told his summit partners “it is essential that we have a self-sustaining recovery that creates the good jobs that our people need.” The White House released a copy of the letter on Friday.
In the letter, Obama said that the June 25-27 summit should also focus on efforts to stabilize public deficits in the “medium term,” a reference to the administration’s position that governments need to run huge deficits currently to provide the stimulus needed to ensure a sustained recovery but then move in future years to deficit reduction efforts.
But several European nations including Germany, France and Britain are already moving to attack high deficits in an effort to calm global financial markets which have stumbled in recent weeks over concerns that Greece or other highly indebted nations could default on their loans.
Obama is having a tough time making the argument for increased deficit spending at home as well. The Senate has blocked a scaled-down jobs bill with critics complaining that the $120 billion pricetag is still too high.
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Published February 22, 2012 at 4:19 pm - 32 Comments
down with dems commented:
Spend more than you make so you can afford to pay your bills!!!
It takes a special kind of crazy to believe that will work.
S. Wolf commented:
The idea being that the oil rich Arabs will happily loan debt ridden countries billions for only a few token concessions, such as unlimited Muslim immigration, mega mosques and shariah law.. but those are reasonable and disregard the wholesale raping of kaffir women and girls, the large increase in all crimes and other small matters.
AuntieMadder commented:
It appears that the G-20 reps from China and at least some of them from Europe aren’t also Soros’ puppets.
JR commented:
How many times have you been told how super intelligent doofus is? It’s real simple, when you are in debt up to your eyeballs, cut up the credit cards. Not doofus – he has another plan – that is wrong.
Opus #6 commented:
Well of course Obama wants all other nations to run up irresponsibly large debts. To make us look better in comparison.
You don’t expect the ugly girls to stand next to a Swimsuit model, do you?
UpChuck.Liberals commented:
Isn’t there a mental competency clause for being a president? Wow, this guys IQ is off the charts, he’s so brilliant that us mere mortals must bask in his glory. Oh wait, I’m not a MSM suck up.
ProLifer commented:
Obama’s Cloward-Piven Strategy to Destroy the Global Economy.
He has the power of hell behind him!
Will he have enough time to accomplish this evil plot?
Stanley commented:
Proverbs 22:26-27
Do not be a man who strikes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you
Reaganite Republican commented:
Cut off this fool’s credit card NOW- some people don’t couldn’t stop if they tried
Just_Saying commented:
Really, why would anyone in their right mind listen to this bozo known as Obummer?
.
Patsy Tambori commented:
Apparently, Oilbama has a Cloward-Piven scheme for the whole world! OILBAMARAMA!!!
Hedgehog commented:
Obama, “The Wedge” (the simplest tool known to man), has got to go. And all of his Commie enablers and stooges have to go as well. The sooner the better.
Andreas K. commented:
Okay.
So, the governments must spend more money, which they don’t have (I just need to look into the “wallet” of any random EU country to see they’re all pretty much broke), to keep the economic growth (which is mainly connected to the customer, aka the tax payers who use the money the government leaves them to buy their stuff) going?
Is that his idea?
*headdesk*
*headdesk*
*headdesk*
*headdesk*
*headdesk*
*headdesk*
*headdesk*
*headdesk*
*headdesk*
*headdesk*
*headdesk*
*headdesk*
Is this guy drunk or something?
Mark1957 commented:
Obama is also having trouble convincing the G-20 leaders to do the following:
1) Hit yourself in the head with a hammer.
2) Light your crotch on fire.
3) Chew on razorblades.
4) Skydive without a parachute.
Neo commented:
Greenspan Says U.S. May Soon Reach Borrowing Limit
Subadar Lal Kukhri commented:
FO
WE ARE SCREWED.
O’s worse than FDR who caused the Great Depression persist until 1946. The New Deal was about displacing the evil rich, er, fundamental change.
snowman commented:
So the French President was correct when he called Obummer insane. article on commieblaster.com.
Auntie Em commented:
Obama is so stupid he makes my butt hurt.
Kemo Sabe commented:
Mark1957
#16
I don’t care who ya are…..that thar is funny.
bill-tb commented:
After BP and the rest of the illegal unconstitutional Obama take overs of private companies, pretty soon the world’s savvy investors will be investing in the safe havens of Zimbabwe.
Peggy commented:
The insanity of this man is beyond belief. His sycophants can’t understand why his brilliance isn’t getting through.
BillibChicago commented:
It is very telling that the Chinese understand that deficit spending is dangerous while our president encourages it. Obama just does not “get it” when it comes to free enterprise and capitalism.
KR commented:
I wonder if the “citizen of the world” has seen this:
http://www.usnews.com/articles/opinion/2010/06/18/mort-zuckerman-world-sees-obama-as-incompetent-and-amateur.html?PageNr=1
Junebug commented:
Obama is not an ignorant man. Brainwashed, yes. He’s not even trying to hide his agenda now. It’s in the open, and the blind still can’t see.
Big L commented:
I don’t see where this guy-Obama knows anything about economics from his background. When did Obama study econ. What papers did he write.
He is just spouting off weekday-latte session-talk from college days or at Community-Organizing meetings.
Someone mentioned Cloward-Piven Strategy above. Now that might be closer to the truth. Knee jerk leftist teachings. Commie five yr plans.
Neo commented:
Obama seeks to make the government vast, but there isn’t enough revenue to make it that large, so instead he gives us a half-vast government.
Joanne commented:
Would you hire someone who when you did the background checks had little history or had sealed up their history, to manage trillions of dollars? America did – it defies all logic.
StrngernFiction commented:
I will believe this country can save itself when I start seeing FO hats, T-shirts, etc.
Andreas K. commented:
But remember one thing people, the EU countries have massive debts even without those stimulus bills.
Germany is the perfect example. Budget 2010: 320 billion Euros, of which 80 billion are new, additional debt and 150 billion go into the welfare state. In the past 40 years Germany had an even budget only once (where the income and expenses evened out.) The other 39 years only saw the expenses being far higher than the income.
Austria: our national debt is nearing 75% of the GDP.
All of this without stimulus bills, and only because of decades of spending without any common sense or restraint.
I mean, how did Greece to where it is now? Stimulus bills? hardly. Spending, spending, spending, spending like there’s no tomorrow.
And Greece was only the beginning. Spain, Portugal, Italy, then the East, then the UK, soon Germany, then Austria, Scandinavia, they’re all going down the road of Greece and have been doing so for decades.
Freddy commented:
Somehow, someway, Obama has managed to lose the leadership position in the economic world. This is quite an achievement considering the US is still by far the largest marketplace.
Obama is going to have a terrible 2011. My real concern is that he might have a Democratic House and Senate to inflict all of his pain on everyone else.
militant conservative commented:
Damit people obama knows EXACTLY what he is doing. this is all being done to collapse the current systems. (into what) is the question you should ask. SOCIALISM, with doofuss as the head of the dragon. powder is dry.
you have till January then the markets are going to tank big time. (suset of the Bush tax cuts).
Yrral Dleifsarb commented:
Mr. Hoft, you assert “Obama believes that running high deficits will actually improve the economy.” I question your evidence for this claim. I trust that you are not so stupid as to be relying on Zero having said he believes such a thing. (He lies so readily and often that his words are evidence only of manipulative intent.) The only other reason I can imagine might lead to your claim is an assumption that Zero wants to improve the economy or help this country get back to it previous semi-healthy state, and that his actions are intended to further such objectives. Given his lack of respect for this country and its people, and his barely obscured hope to bring about a Marxist state, assumptions like that have no real basis.
So, do you believe Zero thinks never-ending high deficits will improve the economy? Or is that just something put up for laughs?
Valerie commented:
Oh, he gets it. He is playing “F*ck the System.”
We need Democratic voters to put the Democrats out of office in the both Houses of Congress this term.
Tea Partiers, Conservatives, Republicans, we need decent, non-Democratic Party candidates. Right now, the RINOs are your friends, as are any Democrats that run as Independents. This November, philosophical purity is less important than party affiliation.
Our country has 3 billion people. Surely we can find a double-handful of Senators and Congressmen among us all.
Russ Weiss commented:
Funny thing about deficits! You have to remember that when Reagan and Bush II were in power, Dick Cheney famously said “Reagan proved deficits don’t matter.”
Which is it? Deficits only matter when they negatively affect our currency and an ability to sell debt. That isn’t the case now.
indigo commented:
What collective sins did we do as a country to get such a man as Obama?