Theodore's World: Europe Slams Obama's Stimulus Plan

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June 23, 2010

Europe Slams Obama's Stimulus Plan

Europe Slams Obama's Stimulus Plan; History Shows Obama's Plan is Ass Backwards

Obama is hanging out to dry all by himself as ECB president Jean-Claude Trichet, German Chancellor Angela Merkel, and British Prime Minister David Cameron are all wisely going ahead with austerity measures instead of the stimulus measures that Obama and his Keynesian clown advisors want.

Trichet Tells Obama To Shove It

The New York Times reports.....

Despite Obama’s Plea, European Bank Renews Call for Austerity

European countries need to keep a sharper eye on one another’s finances, and sanctions against fiscal rule-breakers should kick in automatically, the European Central Bank president, Jean-Claude Trichet, said on Monday.
The remarks, to members of the European Parliament’s Economic and Monetary Affairs Committee, meeting in Brussels, showed that Mr. Trichet continued to take a hard line on government spending despite a call by President Obama for Europe not to withdraw economic stimulus too hastily.
Mr. Trichet stuck to the argument he has made in recent weeks that fiscal prudence is the best medicine for the European economy. Unless Europeans believe that governments can get control of their budgets, “then households are going to be frightened, they will not spend,” he said. “Companies will not prepare for the future.”

Without mentioning Obama's name directly, Trichet's comments amount to one of the biggest "take your stimulus and shove it" calls you will ever see.

Cameron Bets on Prosperity from Austerity

Inquiring minds note British Prime Minister Cameron Betting on Prosperity From Austerity while Obama Delays

World leaders from the U.K.’s David Cameron to Naoto Kan of Japan are betting they can deliver fiscal austerity without derailing economic prosperity. History suggests they may be right.

Obama's Plan is Ass Backwards

It is rare that I have praise for anyone at Moody's but Thomas Byrne has it correct.
Reckless government spending takes money from the private sector while adding to the national debt and thus digging a deeper hole.
Obama is raising taxes and wants to add to the debt pile although the problem is debt. Instead he should be cutting taxes and reducing government spending.


Wild Thing's comment........

And now the Europeans are the fiscal conservatives. Obama’s administration is imploding.

Posted by Wild Thing at June 23, 2010 06:48 AM


At least the new British Government is adopting some Reagan like features. With luck western civilization shall not parish from the earth.

Posted by: Avitar at June 23, 2010 12:36 PM

Avitar, I sure hope your right. All these countries and ours too need to fight back or all will be lost.

Posted by: Wild Thing at June 23, 2010 02:41 PM