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  • Obama Sings “Spend On” While Europe Acts to Dampen a Crisis

    President Barack Obama

    Just what Kool-Aid are they drinking in the White House?  The question is occasioned almost daily now, but today’s issue isn’t Afghanistan, the oil spill, or health care reform.  The Kool-Aid question arises today in the antics leading up to the upcoming G-20 meeting in Toronto.

    According to press reports, Obama is pressing Europe to focus more on sustaining their deficit spending rather than debt reduction.   Germany, Europe’s de facto bailout banker-in-chief, has essentially responded, “Are you nuts?”  Wolfgang Schauble, Germany’s Finance Minister diplomatically told reporters in Berlin,

    Nobody can seriously dispute that excessive public debts, not only in Europe, are one of the main causes of this crisis.

    Europe is faced with a financial meltdown due to excessive government spending.  The euro itself may not survive in its current form.  Governments across the continent are frantically crafting austerity packages and unwinding anti-growth socialist policies in a desperate attempt to convince creditors to continue to buy and hold their sovereign debt.  The Europeans know full well the U.S. must also slash spending for these measures to be effective.  Note the words “not only in Europe” in the Schauble quote.  This is squarely directed at the United States.

    In the face of these painful steps across the Atlantic, the U.S. President responds with a refrain vaguely reminiscent of that great Longfellow poem, quoted by President Roosevelt to Winston Churchill in a famous missive sent during an earlier dark hour.  The Obama version, however, strikes a somewhat different stance:

    Spend on, oh Ship of State,
    Spend on, oh debtor strong and great,
    Creditors with all their fears
    Are quaking nervously on ye profligate

    In Obama’s defense, at least in observing his management of the federal budget one can credit him for practicing what he preaches.  This, of course, conflicts with the message Germany is trying to send.  Rainer Bruederle, the German economics minister observed the U.S., too, must join with those in Europe setting aside their rigid ideologies and “urgently” cut spending.

    Posted in Ongoing Priorities [slideshow_deploy]

    3 Responses to Obama Sings “Spend On” While Europe Acts to Dampen a Crisis

    1. Pingback: Obama Sings “Spend On” While Europe Acts to Dampen a Crisis | Plug The Bleeping Hole

    2. joelle esther benyay says:

      a comment about this article var against terrorism;;;;need to be done with also the help of european nations;;;;we can said;;;;;i observ in nederland italy,,,,or england;;;;;thank europa;;;;yes still easy for some terrorism to travel freely;;;;no custums;;;;;well;;;buty the terrorism is not only in middle east and moyen oriental;;;but also like neo nazis groups;;;;european;;;;;and very very dangerous;;;;solution DNA passeport;;;;;and control;;;;;doesn't matter if is for the secureity of our kids;;;;;it also a concern of each of use be responsable and tell when you see or ear something wrong not only wlwqays waitting or expect a respons from the politics they cant be everywhere;;;;;education;;;;;respect;;;;and why not music ;;;;;Joelle Esther Benyayer;;;;;;

    3. The Elephant's says:

      I have read that President Obama does not change his mind. That he has his list of things he wants to accomplish, and he is not interested in re-visiting them. He used Spain as an example for his push for wind power created "green jobs". When Professor Calzada demonstrated that the investment in wind power in Spain lost two jobs in the normal economy for every one claimed as a "green job," President Obama did not take that as evidence that his "green job" ideas might be faulty, but simply switched to Denmark as his good example for the program he wanted.

      He seems to be convinced that vast spending is what creates jobs and revives an economy, and he's not going to let anyone tell him anything different, because most of the things he wants to do are hugely expensive ideas. High Speed Rail.

      A Clean Energy Economy. Homes for the homeless. Government Run Healthcare. No matter what it is, he's not interested in the evidence, because he simply doesn't believe it. So suggestions of slashing budgets, reining in growth in expenditure, putting off programs seem quite impossible. In the meantime, businesses are hoarding cash, waiting to hire. Ordinary folks are putting off purchases. Great way to help the economy recover.

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