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G20 summit agrees on deficit cuts by 2013

jujuman13

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BBC News - G20 summit agrees on deficit cuts by 2013

Quote(Leaders at the G20 summit in Canada have reached agreement on a deal to cut national budget deficits without stunting economic growth.

Summit host Prime Minister Stephen Harper said the group's richest members should halve their deficits within three years.

Correspondents note that every major G20 country had already committed to that target before the summit.)

In other words just a glorified waste of time.

Quote(Proposals for a global levy on banks have been dropped, Mr Harper said.)

Happy to see there were sensible people there.

Quote(US President Barack Obama warned against fast and deep budget cuts, fearing damage to global growth.)

More likely fearful of damage to his spend spend spend scheme to inure rest of world in mounting debt!

Quote(But European members, including the UK, France, and Germany, have already led moves to slash record public deficits, despite opposition from the United States which is saddled with a $1.3tn debt.)

Good for them.
 

Deuce

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So are you under the impression that this was all they talked about? All this for a five minute conversation?

You don't think they maybe talked about other things too, or maybe some methods as to how to go about such deficit cutting?
 

obvious Child

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That article was pretty worthless. No discussion of how they intend to reduce spending without hurting growth. At least they finally recognized banking asset tiers (Basel Accords) need to be updated. But not much of substance in that article.
 

BmanMcfly

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Nice to see that they had to turn the city of Toronto go into a martial law, that cost the city over 1.2 BILLION, did NOTHING to stop the 'anarchists', for a convention that accomplished nothing except the promise to give money to Africa, which most of the time happens through the IMF which gives the money as a 'loan' that is beyond loan shark rates so that it can never be paid back... then, when the country fails on it's 'obligations' the IMF gets to come in and takeover control of the infrastructure of these poor countries... suck the profits untill the infrastructure falls apart and then gives it back to the people. Or like the case of Greece, they are just having Greece sell off many of their tourist islands....

Sorry for the rant...
 

danarhea

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Here is my problem with Obama's press conference, after the summit ended, which I saw in its entirety. He talks a good talk, but there was something missing - Namely details. He did not explain how he was going to create more jobs, while slashing the deficit. He only said that he was going to do it. OK, at least he has good intentions, but the proverbial road to hell is paved with those.
 

Deuce

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Here is my problem with Obama's press conference, after the summit ended, which I saw in its entirety. He talks a good talk, but there was something missing - Namely details. He did not explain how he was going to create more jobs, while slashing the deficit. He only said that he was going to do it. OK, at least he has good intentions, but the proverbial road to hell is paved with those.
So, this is the first president you've ever watched give a press conference, eh?
 

danarhea

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Nope, and I stand by what I stated. I wanted details. I got squat. So, how is Obama going to do it?

At least Bush gave details. I might not have liked the details at all, but at least he let me know u[ front how he was screwing us all. Obama is screwing us stealthily, and most of the Democrats are just laying back and enjoying it. LOL.
 

Erod

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Obama was the only leader at the table laughing hysterically internally at the absurdity of "deficit reduction".

He intends to do absolutely nothing of the sort.
 

justabubba

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thanks for the video
i believe he couched his discussion about paygo as indicating it is something which is now affecting the budget decision process for out years while recognizing our current economic circumstance causes a need for stimulus spending which is counter to paygo objectives
i liked that he noted the tax system is unfair in many ways ... hope that foreshadows an intent to implement a major overhaul
also appreciated that he plans to effect hard caps for many federal programs and alluded to some nebulous belt tightening recommendations in the future
what i would want that to mean is that those who are calling for fiscal responsibility will step up and show it when he makes significant proposed cuts to our very costly and very expensive military as well as modifications to the various entitlement programs
 

Opteron

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Quote(But European members, including the UK, France, and Germany, have already led moves to slash record public deficits, despite opposition from the United States which is saddled with a $1.3tn debt.)

Good for them.
Good for them, bad for us, I guess.

I know the UK put drastic cuts in their new budget and raised taxes, too bad we won't be doing anything like that anytime soon here in the US.
 

ptif219

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thanks for the video
i believe he couched his discussion about paygo as indicating it is something which is now affecting the budget decision process for out years while recognizing our current economic circumstance causes a need for stimulus spending which is counter to paygo objectives
i liked that he noted the tax system is unfair in many ways ... hope that foreshadows an intent to implement a major overhaul
also appreciated that he plans to effect hard caps for many federal programs and alluded to some nebulous belt tightening recommendations in the future
what i would want that to mean is that those who are calling for fiscal responsibility will step up and show it when he makes significant proposed cuts to our very costly and very expensive military as well as modifications to the various entitlement programs
Where have Obama and the dems used pay go this year?
 

ptif219

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Good for them, bad for us, I guess.

I know the UK put drastic cuts in their new budget and raised taxes, too bad we won't be doing anything like that anytime soon here in the US.
Obama will be raising taxes
 

justabubba

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Where have Obama and the dems used pay go this year?
you asked an interesting - and cutting - question
looked for an answer
what i did find was this:
(b) PAYGO Ledger.—OMB shall maintain and make publicly available a document containing a PAYGO ledger and, not later than 7 days (excluding weekends and legal holidays) after the enactment of any PAYGO legislation, OMB shall record on that ledger its estimate of the legislation's budgetary effects in each fiscal year, applying the look-back requirement of subsection (e) and the averaging requirement of subsection (h). The document shall also explain any major differences between the OMB and CBO estimates of the budgetary effects of PAYGO legislation.
http://www.whitehouse.gov/omb/assets/paygo/paygo_bill.pdf
what i was unable to locate (within the OMB.gov site) was the required PAYGO Ledger to be maintained for public view by the OMB

if anyone is able to find that PAYGO ledger, please post its location

while i was looking i stumbled across this paygo statement by my favorite (living) politician:
“I’m pleased to see the Senate join the House and make “pay-as-you-go” black-letter law.

“At the outset of the 1990s, Congress passed the Budget Enforcement Act to ensure that the Budget Summit Agreement was carried out. Among its provisions was a new rule called ‘pay-as-you-go’ or PAYGO for short. Critics disdained our resort to budget process. They accused us of dodging the hard choices we had to make if we were going to wipe out the deficit. But by the end of the 1990s, the budget was in surplus for the first time in 30 years; and it was clear that budget process rules like PAYGO played a big part in our success.

“Republicans were in the majority in 2002 when the Budget Enforcement Act expired, and they chose not to reinstate PAYGO, knowing that it would impede passage of their tax cutting agenda. Without the process rules, the budget plunged from a surplus of $236 billion in the year 2000 to a deficit of $413 billion in the year 2004.

“When Democrats took back the House, the reinstatement of PAYGO was at the top of our agenda. We made PAYGO a rule of the House the first day we convened the 110th Congress.

“The Obama Administration and the current Congress have inherited a colossal deficit, swollen to accommodate needed recovery measures. As these measures pull us out of recession, we must turn our attention on our longer-term fiscal fate.

“Statutory PAYGO works because it reins in new entitlement spending and new tax cuts. Both tend to be long lasting – easy to pass, hard to repeal. By insisting on offsets and deficit neutrality, PAYGO buffers the bottom-line. Its terms are complex, but at its core is a common-sense rule that everyone can understand: when you are in a hole, stop digging.

“Statutory PAYGO will put more rigor into the budget process, and help us reduce the deficit, both short and long-term.”
Spratt Statement on Senate Passage of Statutory PAYGO Legislation | Congressman John Spratt, Representing the 5th District of South Carolina

i will contact Spratt's office to see if his constituency support staff can help locate that PAYGO ledger
 

Objective Voice

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G-20 Summit: The Major Industrial Countries Unite in call for Deficit Reductions

Came across this article moments ago concering the G-20 Summit. I don't know how many times it's been stated, but our economic problems aren't just "our problem". The entire industrialized world is affected.

Obama spoke after G-20 leaders issued a statement calling for "advanced" nations to cut their budget deficits — as a proportion of gross domestic product growth — in half by 2013, and to put their annual deficits on either a lower or more stable basis by 2016.
As such, the U.S. isn't the only country that has authorized stimulus programs. I mention this because everyone who still opposes the idea really need to open their eyes and realize that the ARRA was something that needed to be done whether we liked the idea or not.

We'll start hearing the W.H./Pres. Obama put more emphasis on job creation in the coming days. So, for those who say, "It's about damned time," you can relax soon.
 

Scarecrow Akhbar

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Re: G-20 Summit: The Major Industrial Countries Unite in call for Deficit Reductions

Came across this article moments ago concering the G-20 Summit. I don't know how many times it's been stated, but our economic problems aren't just "our problem". The entire industrialized world is affected.
Thought it was sweet of Obama to set the goal of cutting the national deficit in half by 2013, when he spent his first two years in office tripling the deficit.

How about not using the phrase "deficit reduction" and use a phrase that describes what has to be done. That phrase is "spending cuts". A corollary phrase is "constitutional limits on government".

Impose those two magic phrases on the US government and the deficit will vanish and we'll be needing tax cuts. And all the out of work government bureaucrats can replace Mexicans in the hotels and strawberry fields and finally start doing something useful with their lives.
 

donsutherland1

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Re: G-20 Summit: The Major Industrial Countries Unite in call for Deficit Reductions

For those who are interested, the G-20's Summit Declaration can be found at: http://www.g20.org/Documents/g20_declaration_en.pdf

Point #10 is the one that has been the focus of public and media attention.

10. We are committed to taking concerted actions to sustain the recovery, create jobs and to achieve stronger, more sustainable and more balanced growth. These will be differentiated and tailored to national circumstances. We agreed today on:

· Following through on fiscal stimulus and communicating “growth friendly” fiscal consolidation plans in advanced countries that will be implemented going forward. Sound fiscal finances are essential to sustain recovery, provide flexibility to respond to new shocks, ensure the capacity to meet the challenges of aging populations, and avoid leaving future generations with a legacy of deficits and debt. The path of adjustment must be carefully calibrated to sustain the recovery in private demand. There is a risk that synchronized fiscal adjustment across several major economies could adversely impact the recovery. There is also a risk that the failure to implement consolidation where necessary would undermine confidence and hamper growth. Reflecting this balance, advanced economies have committed to fiscal plans that will at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016. Recognizing the circumstances of Japan, we welcome the Japanese government’s fiscal consolidation plan announced recently with their growth strategy. Those with serious fiscal challenges need to accelerate the pace of consolidation. Fiscal consolidation plans will be credible, clearly communicated, differentiated to national circumstances, and focused on measures to foster economic growth...
One should note that it does not repudiate the fiscal stimulus packages that were deployed during the severe recession. Indeed, if one recalls, the G-20 championed the use of fiscal stimulus measures during the economic crisis. It also offers cautious language regarding implementation of fiscal consolidation. The bottom line is that the U.S. has not committed itself to aggressive fiscal consolidation. Instead, much of the deficit reduction that is likely to occur over the next 3 years will be driven by a decline in cyclical deficits on account of economic growth and expiration of fiscal stimulus measures. Steps aimed at alleviating the nation's structural deficits (mandatory spending/health care reform and significant tax code changes) are not very likely. Some tinkering is possible on the revenue side as tax relief provisions are slated to expire next year, but most will likely be renewed. Recent overwhelming legislative waiver of Medicare's modest cost-saving provision (the so-called "doctor's fix") suggests that bipartisan opposition to mandatory spending reforms remains very strong.
 

ptif219

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you asked an interesting - and cutting - question
looked for an answer
what i did find was this:

http://www.whitehouse.gov/omb/assets/paygo/paygo_bill.pdf
what i was unable to locate (within the OMB.gov site) was the required PAYGO Ledger to be maintained for public view by the OMB

if anyone is able to find that PAYGO ledger, please post its location

while i was looking i stumbled across this paygo statement by my favorite (living) politician: Spratt Statement on Senate Passage of Statutory PAYGO Legislation | Congressman John Spratt, Representing the 5th District of South Carolina

i will contact Spratt's office to see if his constituency support staff can help locate that PAYGO ledger
The problem is they put in a loop hole so pay go means nothing and they can go around it when ever they want
 
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