The debate is thick and fast in Washington, DC, and around the world, as the G-20 Summit in Toronto supported cutbacks in government spending to deal with the growing deficit problems!
But President Obama disagreed, emphasizing that private enterprise cannot alone revive the economy fast enough, and that more government stimulus is urgent!
It is true that the economy has not recovered in any large degree, but Obama is right that government stimulus is urgent now, while at some point later, it is necessary to cut the deficit!
To count on private enterprise, which has been reluctant to expand jobs, as the only method to economic recovery, is a vast mistake! Many nations are going that way, but most economists predict it will be a disaster with many victims, if governments go the way of the 1930s reaction to the Great Depression! 🙁