Looks like the bloom is off Obama finally by foreign leaders as they realize he is inexperienced and doesn't have a clue except to spend more Government money on a failed stimulus and tax while continue to spend money on worthless programs which increases the deficit. The flip side of the coin is that Obama and his people know exactly what they are doing in order to consolidate more power into their group.
Thank you Prime Minister Cameron for showing the way and not backing down to Obama.
G8 summit: David Cameron defends cuts despite US warning
David Cameron has made his strongest defence yet of Britain’s decision to tackle the deficit with swingeing cuts and tax rises in the face of American warnings that pulling money out of the economy would threaten the global recovery.
By Andrew Porter, Political Editor in Toronto
Published: 7:42PM BST 25 Jun 2010Canada's Prime Minister Stephen Harper (left) shakes hands with Britain's Prime Minister David Cameron at the G8 and G20 summit Photo: AP
Attending his first summit of world leaders the Prime Minister said other countries would soon see that if they did not act their problems would get worse.
Barack Obama, the United States President, has warned about the dangers of pulling the fiscal stimulus too early from recovering economies. And his Treasury Secretary, Timothy Geithner, said Europe needed to focus on growth.
But Mr Cameron, days after the Coalition’s Budget set out the drastic cuts that were needed to start tackling the deficit, has made it clear he believes his medicine is the right one.
In Toronto, where he is attending the G8 summit, he was asked by Sky News whether in the wake of Mr Obama and Mr Geithner’s comments he was worried that he had made the wrong decision about the level of cuts needed and their timing.
He said: “No, I do not think so. The threat to the British economy is not taking action on the deficit. We are borrowing this year, or we were, 11 per cent of our GDP.
“That gives us a larger budget deficit, a worse position this year, than Greece or Spain. The risk to us, which the Americans and others recognise, is not taking action.
“I think that this G8 will actually conclude that those countries with the worst problems need to accelerate their actions, which is what we have done.”
He added: “Looking across the world, there is still the underlying problem of the big surplus countries like China and the big deficit countries like parts of Western Europe and America. We have to deal with those imbalances.
“However, part of dealing with the imbalances is for the worst deficit countries to roll up their sleeves, do the job, and make sure they are living within their means. That is what we have done in Britain. I believe it will actually unlock confidence, because people now see there is a strong government with a plan for handling the problem.”
He also dismissed suggestions that the measures set in train by George Osborne in the Budget on Tuesday would lead to Britain plunging back into recession.
He said: “Obviously, I want growth to continue, but as I say, I have to weigh up the risks. If you look across Europe, the greatest risk to Britain is sovereign-debt default, sovereign-debt crisis, like you have in countries like Greece.
“The risk to us is not just growth ticking down because there is a difficult situation in Europe. The risk to us is a lack of confidence in the British economy that I think there would have been if we did not take the very strong action that we have taken to deal with the budget deficit, which has been welcomed by the CBI, by the Chambers of Commerce, and right across the business spectrum.
Excerpt: Read More at the London Telegraph
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