George Soros against Obama's focus on budget deficit

[Freddie Stubbs]

Source: Politico

Financier George Soros, a major funder of progressive causes, said Tuesday that President Barack Obama is caving to political pressure from the right in calling for prompt cuts to the deficit.

“The Obama administration’s insistence on fiscal rectitude is dictated not by financial necessity but by political considerations,” Soros said in a speech at Columbia University. “I believe there is a strong case for further stimulus. Admittedly, consumption cannot be sustained indefinitely by running up the national debt… but to cut government spending at a time of large-scale unemployment would be to ignore the lessons of history.”

Soros joined the growing chorus of voices from the left urging Obama to scrap his goal of trying to cut in half the $1.3 trillion budget deficit by 2013 and instead embrace a new round of fiscal stimulus to revive the sluggish U.S. economy. Soros said that, like Japan, the problem in the United States is not enough demand, and that deficit cutting now would repeat the mistake that country made in the 1990s, consigning it to a generation of slow growth.

In the near term, he called on stimulus spending that makes the economy more productive – investments in infrastructure and education.

Read more: http://www.politico.com/news/stories/1010/43157.html#ixzz11VscHQ2P

[young but wise]

1. Wouldn't it depend on what he is cutting though?

[xchrom]

2. He's right but I'd still be for cutting pentagon/dod budget. Nt

[nyc 4 Biden]

3. +100

[The Uncola]

4. If it's not cuts in...

.. the War Machine budget, then it's gonna bite Obama and the Dems in the ass. The will be NO "recovery" until you put us back to work, and almost nothing has been done to that end.