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Posted on 06/29/2010 3:44:56 AM PDT by Sub-Driver
U.S. Can’t Continue As Engine That Drives the Global Economy, Obama and Geithner Say Tuesday, June 29, 2010 By Fred Lucas, Staff Writer
Washington (CNSNews.com) – Citing the country’s trade deficit, President Barack Obama and Treasury Secretary Timothy Geithner each asserted last week that the United States cannot continue to lead the world economy.
“We said in Pittsburgh [at] the G20 that it was important for us to rebalance, in part because the U.S. economy for a long period of time was the engine of world economic growth; we were sucking in imports from all across the world financed by huge amounts of consumer debt,” Obama said Thursday during a joint press conference with Russian President Dmitry Medvedev.
“Because of the financial crisis, but also because that debt was fundamentally unsustainable, the United States is not going to be able to serve in that same capacity to that same extent,” the president added.
“We are obviously still a huge part of the world economy. We are still going to be open. We are still going to be importing as well as exporting,” Obama continued. “But the economic realities are such that for us to see sustained global economic growth, all countries are going to have to be moving in some new directions.”
(Excerpt) Read more at cnsnews.com ...
Under their leadership and the pile of useless regulations here......this is true
“Yes We Can” has become “No We Can’t”
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Rehash/update of the Carter “Malaise” speech.
A little nuancing to cover up Obama’s real goal: to ruin the US. I paraphrase: ‘It’s not fair for the US to have the world’s largest robust economy and the style of living engendered’. Notice the dems use of the word, ‘fair’ all over the place. The ‘fairness’ doctrine, which would allow them to control all manner of speech in the US.
Who ever said life was fair? Surely every one of us heard that from a parent early in life as they picked us up and dusted us off. It’s simple common sense, and it resonates from sea to shining sea. This is why Sarah Palin has such pull with ordinary Americans. Simple common sense, without which life goes haywire. Take a look at DC and Obama and what they’re doing to us, and what they have in mind for January.
Frankly, if the republicans continue to let Obama and pals set the tone, control the argument, it’s a fool’s game and the US taxpayer loses again. We’ll be out in the street and lucky if we have a barrel to stand in.
Ronald Reagan wept.
This is not the American Spirit or the American Way, these folks are not us.
...kicking NASA's ASS too! ...no longer space leader, Obamah says hitch a ride fellas.
All we need for a really good comparison is a separate chart showing how many new positions were added to the government payroll under each of those presidents.
Of course not with the way they are putting a wrecking ball to it, purposefully......
This lament has been uttered by GOP and DEM alike. The US standard of living cannot be sustained at a level that is far above the standard of living of 2nd world countries, there must be a leveling. I recall reading this back in the 70's, with the challenge being stated as managing the social unrest that would come about if the change happened too quickly.
The US is run by internationalist interests. Patriotism and nationalism are kept as tokens, phony principles in the eyes of the elite.
““Because of the financial crisis, but also because that debt was fundamentally unsustainable, the United States is not going to be able to serve in that same capacity to that same extent,” the president added.”
The Pres. might benefit from reading H. Liu’s piece from 2008 on the failure of “debt-capitalism” published in the Asia Times:
http://www.atimes.com/atimes/Global_Economy/JG22Dj06.html
The Economist today deals with the same concern as reviewed by Shedlock:
http://globaleconomicanalysis.blogspot.com/2010/06/economist-rising-government-debt-is.html
The democrat “no we can’t” slogan could be hung around their necks for a generation if the next conservative president has a conservative congress and governors
They are right... as long as THEY continue to be the leadership driving our LACK OF AN ECONOMY... SAVVY???
LLS
My thoughts exactly. Worst American president ever: Zero relieves Carter of the title.
You beat me to it, Under Obama’s administration we will be lucky to survive, much less lead anything.
and the boy is doing everything in his power to make it so... 
Unfortunatley they are right. Thanks to the Federal Reserve, the EPA, and countless other federal ruels and regualtion makers.
Fisherman can't fish because of federal regulations.
Miners can't mine because of federal regulations.
Manufacturers can't manufacture, because of federal regulations.
Unions can't be eliminated because of federal regulations.
And the list goes on and on and on.
Now,we’re all Greeks!
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