John Bolton

John Bolton

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Sunday, June 27, 2010

Obama: Odd Man Out in Economic Summit!

Our allies are moving to cut spending and debt at the same time Obama urges them to party on!


President Barack Obama, right, stands beside French President Nicolas Sarkozy and other G8 Leaders during a family photo with African Outreach Leaders during the G8 Summit at the Deerhurst Resort in Hunstville, Ontario, Canada, Friday, June 25, 2010.

With U.S. Gross Domestic Product being revised significantly downward and our high unemployment rate well above that of our nearest neighbor Canada, you would think Obama might listen to how our friends and allies are responding to the global economic crisis. But it seems that just as he endlessly lectures Americans, he is in Toronto lecturing our friends on a subject where it might be better if he said nothing and listened.

The New American puts it so well:

Obama Odd Man Out at Summit
by Bruce Walker
Friday, 25 June 2010

Barack Obama arrived on Friday in Toronto for the G-8 and G-20 economic summits. This summit comes amid an unprecedented explosion of red ink in America from an approach to sluggish economies that Obama is recommending to other industrial nations.

Other nations, notably Germany, Japan, Britain, and France, intend to move in the other direction, reducing their government deficits by reducing expenditures. Two years ago the leaders of these nations supported “pump priming” as a solution to the financial crisis caused by the collapse of Lehman Brothers, a giant American investment bank. Now these leaders believe that more government spending will make things worse.

Stephen Harper, Prime Minister of Canada and host of the summit, supports governments committing to reducing deficits. He has noted that the Greek debt crisis was caused by fiscal irresponsibility. Canadian Finance Minister Jim Flaherty has said that “One size doesn’t fit all,” in response to Obama’s opinion that all governments should work in concert on debt reduction.
German Chancellor Angela Merkel seems particularly annoyed with Obama’s lecturing other world leaders. In an interview with the Wall Street Journal, Merkel said: “German exports successes reflect the high competitiveness and innovation strength of our companies. Artificially reducing Germany’s competitive [advantage] would be of no use to anyone.”

British Prime Minister David Cameron, unhappy with Obama’s use of British Petroleum as a scapegoat for his failure to contain the Gulf oil spill, must also be wondering if Obama is really committed to improve the productivity of business or simply warring on private enterprise, whatever the economic costs. Cameron is also seeking fairly deep cuts in British government spending, and hearing an American President criticize his government’s actions must seem unnecessarily hostile.

Obama, indeed, seems to be the odd man out at this summit. Europe watches with deep concern as Greece, Spain, Portugal, Italy, Ireland, and Iceland face meltdowns because of financial irresponsibility. The leaders of the major nations in Europe face popular unrest because of this crisis — Merkel’s party has just suffered serious setbacks in state elections because of this crisis. Canada and Japan also are trying to reduce public deficits as a way of improving long term economic prospects.

Only Obama, mired in the flawed and irresponsible Keynesian approach to economic problems, appears to view spending yet more money in the public sector as the only way to approach hard times.

Obama's stimulus bill was a failure in creating jobs and the debt incurred threatens future economic vitality. But it would appear that his ego and left wing ideology will never let him admit it and make the changes necessary to effectively address the situation.

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