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Good news from the G20 meeting. The member nations of the Group of 20 have agreed to cut their deficits in half by 2013 and to stabilize their debt. Such a move is so obviously needed that you could say that this is basically people agreeing to acknowledge the existence of reality. But considering the track record of some governments for ignoring reality, I would say that this is a positive step.
My question is: what happens after 2013? Will the governments of the G20 be satisfied with having achieved this goal and go no further? Will a similar consensus be reached to when member countries should have no deficit at all?
Half of a deficit is a good thing, in the same way that dying of cancer in a year is better than dying in 6 months. You are still screwed in the long run but it will take a little longer to get there. That is to say, that a smaller deficit is better but a deficit is still bad.
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3 comments:
Yes, but what fun to hear the words "a triumph for Harper" on CBC news.
fiscal restraint is welcomed however in almost the same breath according to the communique on stephan taylors post, they want to strengthen social programs. isnt that how we got into this mess in the first place. 2008 be damned, weve been on the road to serfdom for decades due to borrowing and taxing for nanny state programs.
brad
Hilarious really. The US just recently announced that for the first time ever they will not be releasing a budget this year. Probably because it would be too embarrassing to have a 1.8 trillion deficit in an election year.
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