Wednesday, March 25, 2009

Ripping Brown

From a meeting of the G20 (the biggest 20 industrial nations in the world) in Strasbourg, France, comes some stinging remarks for the U.S. and the U.K, two of the biggest world leaders. For example, the Czech Prime Minister, Mirek Topolanek, said that Obama's recovery plans were a 'road to hell'.

Even more powerful, however, was the searing rebuke offered to Gordon Brown, Prime Minister of the U.K.:



Wow! Incredible! This guy needs to come to America and talk to Obama! Actually, even better would be if the Republicans would say the same thing to Obama. Did you catch this, GOP?? Are you out there? Are you listening? Hello??

THIS IS WHAT YOU NEED TO BE SAYING TO OBAMA EVERY MINUTE OF EVERY HOUR OF EVERY DAY!!!

This is what the American people are thinking, as the British people must be thinking, too. In the case of the U.K.,
here's the problem:
The Government has suffered a major blow to its economic stimulus ambitions after an auction of Treasury gilts failed for the first time in more than a decade, underlining the market’s fears about the state of the nation’s finances. The UK Debt Management Office (DMO) attracted just £1.67bn in bids for its sale of £1.75bn of 2049 gilts this morning, its first uncovered auction of conventional gilts since 1995. The cover of just 0.93 times is believed to be the lowest in history and far worse than the 0.99 times in 1995. The average cover of the last three auctions was 2.1 times.
But let's apply some perspective. Hannan said Brown has run the U.K. out of money...has he?
The UK is going into the current recession in the worst shape of any EU country. Every British child will now be born owing around 20,000 pounds. Interest on that debt will cost more than educating that particular child... The UK now runs a deficit that runs more than 10% of GDP, more than Pakistan and Hungary.
So how does this compare to our situation here in the U.S.?
President Obama expects the deficit level to be 12% of GDP this year.

America is actually in worse shape than Great Britain.
According to Heritage, Obama has already helped quadruple the deficit with his stimulus package.
This is probably why Sen. Judd Gregg -- the man Obama nominated to be his Commerce Secretary -- continues saying that Obama is bankrupting America.

If you feel the need, you might want to call your Senators and Rep and suggest they learn from Hannan. Wouldn't it be nice to see that happen here at home?

There's my two cents.

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