Rest of the World to Obama: STOP SPENDING SO MUCH MONEY!
President Obama arrived at the G-8 Summit rejuvenated, flush from another political victory; Banking Regulation and Reform. From the moment his feet hit the ground, Obama began his sales pitch to the other world leaders, asking them to join him in passing tighter financial regulation and encouraging increased deficit spending.
After watching what has happened in Greece, the world leaders answered with one voice; No!
“Cutting the Budget and reducing deficits must come first”, Britain’s conservative new prime minister, David Cameron, said;
“Those countries with budget deficits need to do that and, as a world, we need to address the imbalances,”
It would seem that Obama stands alone among the leaders of industrial nations, expecting economic growth out of increased deficit spending and tighter financial regulations.