While the media has busied itself with a Weiner roast, President Obama has quietly been focusing laser-like on the debt crisis. Not ours, the one in Greece.
While not one of the 57 states Obama needs for re-election in 2012, Greece is a “headwind” making his failing economic policies fail.
CNBC has the story:
President Barack Obama on Tuesday urged European countries and bondholders to prevent a “disastrous” default by Greece and pledged U.S. support to help tackle the country’s debt crisis.
Mr. Obama was quoted, “… we have pledged to cooperate fully in working through these issues, both on a bilateral basis but also through international and financial institutions like the IMF.”
Too many nuances there for our taste. Daniel J. Mitchell translates:
The story doesn’t have much detail, but it appears that Obama is willing to brutalize American taxpayers directly (which is what he means by “on a bilateral basis”) and indirectly (i.e., the reference to “international and financial institutions like the IMF”).
Brutalized by the IMF and we’re not even hotel maids. The 48% of us who pay taxes are used to that by now. And the money’s going for a good cause, right?
Another bailout will be a case of throwing good money after bad. And it will exacerbate the.economic damage by delaying the economic reforms that are needed to put Greece’s economy in better shape.
… the other insolvent European welfare states will look at what’s happening in Greece and conclude that they also can avoid necessary reforms and wait for handouts from American and German taxpayers.
Just as we thought.
– Written by Bonfire of the Absurdities
Source: CNBC, Daniel J. Mitchell
