Obama and the Fiscal 'Road to Hell'By Karl Rove | Wall Street Journal | July 1, 2010
At last week's G-20 meeting, President Barack Obama achieved a two-fer. He suffered a significant international defeat, and he increased the chances his party will suffer a major domestic one this fall.
Mr. Obama's international defeat was self-inflicted. He went to Toronto to press other major nations to do as he has done: Expand government spending, or suffer, in the president's words, "renewed economic hardship and recession."
Canada, Germany, Great Britain and most other countries declined Mr. Obama's invitation. The German economic minister "urgently" prodded America to cut spending at a press conference on June 21, prior to the G-20 meeting. The president of the European central bank took direct aim at Mr. Obama's argument, telling the Italian newspaper La Repubblica on June 16 that "the idea that austerity measures could trigger stagnation is incorrect."
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