TGIF!! G20 Debate – Should the Government Stop Dumping Money into a Giant Hole? (Obama says no!)
With the economy sliding deeper into a recession, panelists discuss whether it’s time to stop throwing our money into a massive pit out in the desert.
The REALLY sad thing is this is Obama’s position at the G20 this weekend, -keep spending!- says Obama! he is upset with the Europeans who have decided to STOP dumping money into the giant hole…note The Onion produced this satire in November 2008 and the Keynesian argument has not changed at all, it never will..they never admit defeat just prescribe MORE spending…ENOUGH.
…More than $860 billion in stimulus spending enacted last year has failed to move the nation’s jobless rate much below 10%, and polls show Americans question its effectiveness. The federal deficit reached $1.4 trillion by the end of last year, its highest level since World War II….
…Mr. Obama sent a letter this week to G-20 members urging them not to withdraw support for growth too quickly. It was rebuffed two days later by European leaders.
“Europe is determined to ensure fiscal sustainability and achieve budgetary targets without delay,” reads the letter issued Tuesday by European Council President Herman Van Rompuy and European Commission President José Manuel Barroso. “There is a need for credible medium-term fiscal policy strategies to bring down deficit and debt ratios….
HILARIOUS!: …”Obama goes there looking pretty good—except that we’ve got [in absolute terms] the largest deficit of any country around the world,” says Fariborz Ghadar, a scholar at the Center for Strategic and International Studies in Washington….
Boehner nails it: …”The president is going to have a tough time convincing the other G-20 countries that even more ‘stimulus’ spending is the answer when more Americans believe Elvis is alive than that his ‘stimulus’ created jobs,” House Republican Leader John Boehner of Ohio said Thursday….