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 ...
Roll back taxes, excessive regulation, and gov’t health care and outsourcing will cease to be a problem. It’s the symptom, not the disease.
IMHO unions are yesterday’s war.
China is about to destroy us. For real.
While we’re busy worrying about Jimmy Hoffa...
bump.. .
China has an demographics problem in that most of their population is going to be old, the county is an environmental disaster, and they are corrupt. Socialism always fails, always.
The number of Chinese of potential military age, is larger than the entire population of America.
Wake the “f” up.
Please.
This ain’t beanbag. China is the very first potential adversary America has (ever) faced, which is in every way bigger, and potentially stronger than we are.
We are fools, to give our national industry to a nation which demographically, ideologically, and racially would have not one single hesitation, obliterating us from the planet.
Our side, of all, should not fall victim to PC and believe we’re all basically the same.
No. We’re not.
We. As a nation. Are becoming soft. Incapable. Unable to make things. (such as tanks). And really when it gets down to brass tacks.
Not really that interesting in winning anymore.
The first lesson DumBO should master is that all taxes are paid by the consumer. The more taxes put on products, the more expensive they are. While, I may think that making someone else pay is a good idea, at some point, they become so expensive nobody can afford it. Nothing this moron does reduces costs.
And that word "prosperity." Reminds me of Communists every time I hear it from BO or one of his henchmen.
*
Clearly.
I had to scan the keywords a few times, looking for "humor" or "satire." No mas.
Ah, so the so-called 'stimulus' bill was a huge mistake.
Why would he do that? He doesn't have a reflection.
Of course not! 3+ years of democrat rule of both houses plus over a year of an Obama adminsistration has led to double digit inflation!
We got Jimmuh Catah on crank! Way to go Jimmuh; you kept breathing long enough so that you are no longer the worst! president! ever!
he is so ignorant and pompous, he is embarrassing
Unless it's built by corrupt American unions, bloated by excessive union wages, demoRAT cadillac health plans & pension plans, unproductive & lazy employees, etc. In those cases I will buy foreign made everytime. Bottom line is that the unions have got to be busted & prosecuted & put out of business.
Markets of the Future = Green Fantasy!
And, what that means is ruin for US economy.
>>becoming soft.
Becoming?
The majority of the population IS obese and on its way to diabetic enslavement.
Corn Fed Cash-Cows don’t make much resistance.
The other side of the coin is we can’t be the worlds prosperity either.
Billions of aid dollars shipped out of Afghanistan. IMF projects never completed at the cost of millions each to American taxpayers.
Money sent to countries all over the globe so that their people don’t work,have babies and then get even more money from us.
Keeping troops in place like South Korea for nearly 50 years now. Are we being paid for our shield?
Letting illegals show up on our door,they connive their way into benefits and we stand idly by while our leaders cty amnesty.
I won’t even mention (i guess i am) all the money poured into a corrupt,American hating U.N.
Do we really need to keep sending money around the world? A real crisis i can understand sending help but we feed so many perpetual basket cases both here and overseas. Now we can no longer afford it. Russia can’t afford it. China can for awhile but its hard to see them agreeing to feed some far off country so those people can have 5 or more children per family on the back of China’s citizens which is what is happening to us.
bump
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.