SYDNEY: Days after the Australian Prime Minister Kevin Rudd announced his governments Economic Stimululas Package, US President Barack Obama has trumped Rudd’s deficit creating strategy by 100’s of Billions of Dollars. Is this worldwide trend toward debt truly a prudent way to propup economies, what price will we have to pay down the road for economies that are so debt laden that they are near on insolvent?
WASHINGTON: After weeks of negotiations with Congress, President Barack Obama took to the airwaves Monday night to make his case for the passage of a more than $800 billion stimulus package to revive the economy. He said the package was not perfect, but, “the federal government is the only entity left with the resources to jolt our economy back to life.” Obama painted a grim picture of the economy he inherited, which he said underscored the need for the passage of the stimulus.
“My hope is after a difficult year, and this year is going to be a difficult year, that businesses start investing again … consumers start feeling their jobs are stable and safe and start making purchases again,” Obama said. Predicting another year of recession may be realistic, but it is hardly confidence boosting :: Read the full article »»»»