In a letter to G20 leaders, the US president said that while it was important to put in place "credible plans" to cut deficits, withdrawing economic stimulus early was dangerous.
Germany, however, is taking the opposite approach. Rather than take on even more debt to ramp up the economy, Chancellor Angela Merkel wants to set an example for Europe on how to cut spending and reduce budget deficits. Her government is currently looking into ways to make significant spending cuts. Many economists in Europe even view deficit and debt reduction as a key precursor to economic growth.
In my opinion, the biggest economic mover is public confidence. When people believe the economy is sound, they spend money -- individuals and corporations -- and that gets everything moving and expanding. When governments are fiscally responsible and take sensible measures to foster growth in the private sector (tax breaks to small businesses, for example), the people feel that things are going in the right direction. Obama is taking the opposite approach. While the entire world is waking up to the dangers of overspending, our president is printing money, selling treasury instruments to Asia, and expanding government as fast as possible.
Here's Obama's plan to cut the deficit, and please don't mistake "deficit" for "debt"; he's only talking about lessening, slightly, the wild overspending. From the BBC story:
Mr Obama said the US would still aim to halve is own deficit by 2013.
Hell, football season is right around the corner. I guess the nation can continue to ignore the problem and let the thieving bastards sink the ship.
You may have noticed I went to the UK and Germany to get the most complete information about what Obama is really up to. This is because the US press is 85% supportive of their man, and are not giving the public the information necessary to form opinions.