Sunday Funnies: Obama Lectures G20 About Debt Reduction

In the past, we on the Right have made fun of the Left’s use of the phrase “reality based community.” Over the past few years, we have discussed how Obama seems to be divorced from reality and actually have the temerity to lecture about it. More proof, in the form of a letter sent June 16th to the leaders of the G20 nations, who, for the most part, are not rubes living in a fanciful world full of golf and unicorns

When we met in London in April of 2009, we were facing the worst worldwide economic crisis since the 1930s. We acted with unprecedented speed and aggressive action to boost demand and repair our financial systems. It worked.

It did? Really? Greece has imploded, much of Europe is having the same issues, unemployment is still high in the United States, consumer spending is up and down, and there is serious talk of a double dip recession.

In Pittsburgh, with recovery beginning to take hold, we agreed to work together to achieve a more balanced pattern of global growth and financial reforms to strengthen our financial system and protect our economies from instability.

In other words, government control of yet another part of the private sector. If you think I am being rather alarmist and hyperbolic, read to the end of the letter.

After a few more paragraphs of lecturing from Professor PeBO, the piece de resistance

We need to commit to fiscal adjustments that stabilize debt-to-GDP ratios at appropriate levels over the medium term. I am committed to the restoration of fiscal sustainability in the United States and believe that all G-20 countries should put in place credible and growth-friendly plans to restore sustainable public finances. But it is critical that the timing and pace of consolidation in each economy suit the needs of the global economy, the momentum of private sector demand, and national circumstances. We must be flexible in adjusting the pace of consolidation and learn from the consequential mistakes of the past when stimulus was too quickly withdrawn and resulted in renewed economic hardships and recession. For our part, we will pursue measures to support the recovery in private demand and return the unemployed to work. At the same time, we recognize the importance of setting a credible medium-term fiscal path: that is why my Administration will cut the budget deficit we inherited in half by FY 2013 and work to reduce our fiscal deficit to 3 percent of GDP by FY 2015, which will stabilize the debt-to-GDP ratio at an acceptable level in that year.

A few thoughts on that

  • The other world leaders certainly did not take to kindly to PeBO lecturing them on debt, considering how much he has inflated the debt of the USA, particularly since they see him as an amateur and an incompetent, not too mention how he keeps pissing off our allies.
  • So far, Obama’s own plans have not been “credible and growth-friendly.” Why would anyone listen to someone who isn’t already walking the talk?
  • He’s asking the others to be flexible, yet, he himself hasn’t.
  • He’s going to pursue measures to decrease unemployment. I thought that’s what the Stimulus was about? Is he proposing that the Stimulus was a monumental failure?
  • He still can’t get over the Bush blaming and just take responsibility, like a real leader would. Besides, if we want to talk about “inherited”, Obama received a less than $500 billion deficit, which he then inflated to well over a trillion, and is, according to the CBO, not going to drop to less than $600 billion in any year till 2020. The next president in 2013 will be looking at a deficit of about $700 billion, and that is without some of the crazier costs of Democrat legislation.

To wrap it all up from President La La Land

..more effective framework for winding down large global firms, along with principles for the financial sector to make a fair and substantial contribution toward paying for any burdens it creates in a way that protects taxpayers, creates a level playing field, and reduces risks to our economies.

Risk brings problems, yes, but, it also brings rewards. A “level playing field”? Ah, so we can all live like welfare parasites. As for the beginning, yes, he does in fact want to destroy large companies.

Crossed at Pirate’s Cove. Follow me on Twitter @WilliamTeach

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