Gibberish at the G-20
JUNE 28, 2010 by SHELDON RICHMAN
The headline out of the G-20 summit is that, as the Wall Street Journal put it, the “wealthiest of the Group of 20 countries said they would halve their government deficits by the year 2013 and ‘stabilize’ their debt loads by 2016….”
But this didn’t prevent President Obama from urging the assembled government heads to expand government spending — in order to create jobs and economic growth, of course.
In other words, spend more now, reduce the deficits later.
We shouldn’t expect the emergence of sound economies — or even coherent statements — until the politicians drop their presumptuous belief that they can produce prosperity.