G-20 Leaders Pledge To Halve Deficits By 2013

Source: Huffington Post

Wary of slamming on the stimulus brakes too quickly but shaken by the European debt crisis, world leaders pledged Sunday to reduce government deficits in richer countries in half by 2013, with wiggle room to meet the goal.

Leaders of 20 major industrial and developing countries generally sided with cutting spending and raising taxes, despite warnings from President Barack Obama that too much austerity too quickly could choke off the global recovery.

"Serious challenges remain," they cautioned in a closing statement. "While growth is returning, the recovery is uneven and fragile, unemployment in many countries remains at unacceptable levels, and the social impact of the crisis is still widely felt," according to the document from the Group of 20 major industrial and developing nations.

Obama told a news conference he was satisfied with the outcome, saying he recognized that countries had to proceed at their own pace in either emphasizing growth or budget austerity. "We can't all rush to the exits at the same time," Obama said after three days of economic summitry.



Read more: http://www.huffingtonpost.com/2010/06/27/g-20-toronto-deficit-2013_n_627157.html

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Here comes the double dip....

Easily made, easily broken. Wouldn't accomplish anything UNLESS it bankrupted the OBSCENELY WEALTHY to Working Class.

It will be at the expense of the middle class and the poor, not the wealthy or corporations.

Sam

www.presidency.ucsb.edu/ws/index.php?pid=58236

However, Clinton's dream was shattered in December 2000 when the US Supreme Court handed over the election to an anti-tax candidate who later destroyed Clinton's budget surplus and left the White House with yet the typical Republican massive debt and budget deficit under the guise of "fiscal conservatism".

Now, it seems that G20 is enabling the Teabaggers by concluding that the best thing to do is to halt the growth of government for a while. So G20=a classier Tea Party Convention? The summit of free market solutions?

Every government in the US and world, whether federal, state, or local, must be suffering a budget deficit right now of some sort. I doubt that shrinking government and giving away every service to private business will help given that less regulation=shit can happen. So what are we left with now when the rich can lobby strong to prevent tax hikes?

:shrug:

Looks like the path the G20 has chosen. Hope the oligarchs are safely ensconced behind the firewall.