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Europe is seeing the light, why isn't Obama?

Discussion in 'Political Discussion' started by PatriotsReign, Jun 23, 2010.

  1. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Europe spurns Obama's plea for more spending

    FORTUNE -- "President Obama wants to slow Europe's headlong rush to austerity. But right now he looks like little more than a speed bump for the cutback crowd.

    Obama has sought to use the upcoming meeting of the Group of 20 global finance ministers in Canada this weekend as a rallying cry for more fiscal stimulus. He argues that cutting government spending now risks undermining a fragile recovery in debt-soaked Western economies.

    In the most striking contrast, the United Kingdom on Tuesday unveiled a budget that will slash real spending in many government departments by 25% over four years. Katherine Smith of economic research firm IHS Global Insight said the cuts were "truly eye-watering."


    G-20 preview: Obama's stimulus plea to be ignored by Europe - Jun. 23, 2010

    Let's use COMMON SENSE Mr President. The time for INCREASED gov't spending is over. Europe has stuck a fork in it and declared it done. Recovery is going to be a long-haul either way, so let's not continue to build upon this mountain of debt.

    It's time for us to roll up our sleaves and go to work on how we can REDUCE the burden we are leaving future generations. No one I have spoken with in the past year wants to see taxes increased, nor do we want sneaky fees levied upon everything imagineable.

    I'm very excited about what Europe is telling Mr Obama despite his urgent calls for continued stimulus spending. And I'm growing extremely weary of our president's lack of a true grasp of reality.
     
  2. JackBauer

    JackBauer Pro Bowl Player

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    I think the answer is somewhere in the middle. No increases in spending, but not austerity measures either, at this time.
     
  3. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Fair enough...but if we stop stimulus spending then we are cutting spending and thus reducing spending...which is a form of austerity measures.

    By definition, "Austerity is usually required when a government's fiscal deficit spending is felt to be unsustainable."

    Would you not agree that the US deficit is teetering upon being "unsustainable"?
     
    Last edited: Jun 23, 2010
  4. woolster22

    woolster22 Rotational Player and Threatening Starter's Job

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    Teetering? How about plummeting towards the ground. They fell off that cliff a long time ago, only thing to wait for now is the impact.
     
  5. Real World

    Real World Moderator Staff Member

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    Another $1.5 Billion is being spent on rescues for depressed homeowers, who are underwater. This is on top of the $75 billion already set aside for epic fail of a program. Nice!
     
  6. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    You mean you have to be under water to get this $? Being a depressed homeowner isn't enough? (Celtics and Mankins got me down lately)

    You're talking billions! That's chump change to this government.
     
  7. Real World

    Real World Moderator Staff Member

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    Actually, I should have said in default. Being underwater is not enough. You have to be delinquint on your payments. It's a ridiculous program. Anyone defaulting, probably can't afford the house anyway. People who are underwater, but barely making payments, should be who they look to help, if they help anyone at all. Those people will likely survive with some restructuring. All that being said, they shouldn't be helping anyone. You buy a house, you own it. If you can't pay, you lose it. To me, it's that simple.
     

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