G20 wrapup: Misguided focus on deficits and debts, not enough to help economically suffering
These G8 and G20 summits are usually a huge waste of time. Leaders meet and get little done. Protesters try to be heard. Host cities suffer short-term problems.
Toronto was no different in that regard, though the Canadian perspective was a bit different. And Canadian Prime Minister Stephen Harper — being the host — took the proceedings in a direction that helps him politically but doesn’t do much for the economics of the major powers assembled in Canada’s largest city.
Economies are suffering, though Canada is doing better than most countries. What they need is investment, not cutting deficits and debts. There will be time later for those activities.
Yet, the world leaders agreed to cut their deficits in half by 2013, though they got flexibility as to how to do so and how fast.
Cutting deficits and debts is something the U.S. can consider once they fix the economy. Until then, obsessing about deficits and debts is cruel to those individuals — the millions who are suffering economically.
Of course, the conservatives who are screaming for this to happen don’t want defense touched, even though we are fighting two unnecessary wars. And they don’t want health-care costs cut by passing a smarter way to deliver health care to those who can’t afford or can’t get decent coverage.
Canada’s deficit and debt — by contrast to the United States — is minuscule. But Harper is under political pressure to not even have a deficit.
The United States might have been better off if this was a waste of time.
For a more detailed analysis of the events over the weekend up north, here are my takes from my sister blog, CanadianCrossing.com. There are also takes on how the Toronto Blue Jays did, since MLB stole three home games from Toronto due to the G20 summit. The Blue Jays won 1 of 3 games in Philadelphia, a better fate than the G20 summit.