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 ...
Contrast this with what Reagan said and did. Back in the early 80’s, a lot of ‘experts’ were predicting that the era of American dominance was over, that there was no way we could continue to be the world’s economic engine.
Reagan fought back against that defeatist mindset and proved them all wrong. Obama just throws his hands up in the air and says ‘I quit’.
That’s some leadership skills you got there, Zero.
In reality it’s not so much as “no we can’t” as it is “We wont let you.”
from Boots and Sabers
GEORGE: Yeah, yeah. She's seeing this guy, Art Vandelay.
SUSAN: So what does he do?
GEORGE: He's an importer-exporter.
SUSAN: What kind of problems are they having?
GEORGE: (not happy delivering Elaine's lie) Well, he uh, he wants to uh, quit the exporting and uh, focus just on the importing. And it's a problem, because she thinks the exporting is as important as the importing.
SUSAN: Are you having an affair with Elaine?
I guess that’s BP’s job now...
sarc
MISSION ACCOMPLISHED.
Goodbye US Dollar. Hello inflation and patriotic wallpaper.
Internationalista banksters suck!
the hoax global warming failed...
next up globalization; because Obama golfs and spends
our way out of debt and does nothing as oil washes ashore...
The people of the US can continue if the idiots in government would just get out of the way. More proof Obama and his followers do not believe America is the greatest country ever.
FUBO
Ozero speaks at G-8....market falls 250 points, so far today.
“U.S. Can’t Continue As Engine That Drives the Global Economy, Obama and Geithner Say”
Not as long as you two are in power we can’t.
No, we can’t..... No, we can’t...
They’re right. The US Consumer has reached the limit of how much debt they can take on and service.
The export-based economies of China, Japan and Germany need the US consumers to consume. This is why they keep buying our commercial paper and now our sovereign debt - to help keep interest rates low so that the US consumer could keep consuming on debt.
Well, we’re rapidly reaching the end of the road. In aggregate, the US consumer cannot service more debt, especially when the demographics of the baby boomers moving into retirement are taken into consideration.
These need to be stickerized and pasted everywhere. I see real ones on long stalled projects all over Wilmington DE. I would love to “update” those signs.
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