Posted on 06/27/2010 7:08:30 PM PDT by NormsRevenge
TORONTO (AFP) – Debt-ridden Americans can no longer "borrow and buy" the world's way toward prosperity, US President Barack Obama has said, warning new drivers of growth were needed to fuel global recovery.
"After years of taking on too much debt, Americans cannot -- and will not -- borrow and buy the world's way to lasting prosperity," Obama said at the end of G20 talks focused on ending the lingering effects of the economic crisis.
Instead the globe should look to consumers elsewhere to pick up the slack, Obama said as he tried to mark the end of an era that saw the American consumer bankroll global growth, and become debt-laden in the process.
"No nation should assume its path to prosperity is paved with exports to America. Indeed, I've made it clear that the United States will compete aggressively for the jobs and industries and markets of the future," he said.
Obama has vowed to double US exports in five years.
He won some backing from his G20 partners, who on Sunday endorsed "efforts to rebalance global demand to help ensure global growth continues on a sustainable path."
As part of the effort to remake the global recovery Obama insisted that countries must not have any "undue advantage," urging China to allow its currency to strengthen.
(Excerpt) Read more at news.yahoo.com ...
File photo shows a furniture store advertising liquidation sale prices in Manassas, Virginia. Debt-ridden Americans can no longer "borrow and buy" the world's way toward prosperity, US President Barack Obama has said, warning new drivers of growth were needed to fuel global recovery. (AFP/File/Karen Bleier)
“Debt-ridden Americans can no longer “borrow and buy” the world’s way toward prosperity”
They never could, Barack. And they can’t borrow and buy our own way to prosperity, either, so why are you trying to do so??
Well...duh...
problem is ...we can’t buy our own prosperity Mr. 0bama.
The emperor is quite insane.
U.S. President Barack Obama speaks during a news conference at the end
of the G20 Summit in Toronto, June 27, 2010. REUTERS/Jason Reed
Obama has a five year economic plan. Where have I heard of unreasonable five year economic plans before?
(But of course, Obama isn't a communist. Nope. Not one at all.)
Is this the same speech where he claimed our deficit will be under control by 2013?
Get that man some big red clown shoes.
Can Obama suck up our prosperity with a straw?
Then why are you doing it, Barry?
how about we sell a bunch of crap to the rest of the world ?
How long before our Allies will be openly laughing at this joke? Our enemies already are.
It’s so bizarre having a President who loathes America.
If we’re lucky, we’ll see some conservatives in Congress in 2010. Maybe they can undo some of the damage that has been done, or at least frustrate Obama’s efforts to bankrupt this nation.
“Everything Must Go.. uhhh.. Including Me.”
Just LMAO as I heard that phrase in my head in Obama’s voice complete with inflections.
And whose stimulus plan was it again Mr Obama??
*facepalm*
So STOP SPENDING.
Duh.
Was a speaking into a mirror when he said it?
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