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Monday, June 28, 2010

Gibberish at the G-20

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.

  • Sheldon Richman is the former editor of The Freeman and a contributor to The Concise Encyclopedia of Economics. He is the author of Separating School and State: How to Liberate America's Families and thousands of articles.