America lives in fear of the Great Depression. Europe lives in fear of runaway inflation. That makes Obama’s Keynesian addiction to deficit spending a bitter pill for our G-20 partners to swallow.
from my article in American Thinker
Obama’s prescription for more deficit spending has run into the brick wall of the G-20 who has rejected that policy. America is being lectured on fiscal restraint by the president of the European central bank. It would be hard to find a clearer example of our loss of economic leadership.
Any expected benefit from deficit spending is being undone by job killing legislation and higher taxes that is freezing business investment or growth. The more frequent and the more drastically we change the rules of the game the less likely business is to respond to any stimulus. Frequent radical change encourages short term thinking at the expense of long term planning.