Why do I feel screwed just looking at the headline?
Right word, but the policy actually being pursued for partisan reasons in the exact opposite. Instead of sustainable budgets we get proposals for trillion dollar new entitlements. Instead of encouraging private saving, we get actuarially unsound pension and health schemes funded out of general revenue and promised redistribution and mythical future savings, plus higher taxes penalizing the higher incomes savings both require and create.
If they seriously wanted to encourage both fiscal soundness and private savings, the place to start would be reform of unfunded federal entitlements, transitioning them toward a funded system. Which would mean reducing future social security and health benefits and freeing a portion of the income directed to them to private savings. Instead they just voted for a give-away "cost of living" increase to social security recipients in a year prices actually fell; increase taxes going to the unsound and savings-destroying federal health care entitlements; increasing instead of reducing benefits, by $1 trillion, etc.
Their political coalition is set on economically suicidal policies that their economic experts know are stark raving mad and exactly the opposite of what the situation calls for. So they mouth what the experts call for, and then do what their political coalition was designed to do, 45 years ago.
It is just pathetic how incapable of independent action based on the realistic thought, the modern left has become.
President Obama made it clear at an earlier press conference Tuesday afternoon that the rebalancing strategy would require America to save more, reduce consumption and reduce long-term debts.
o-bow-man bent over a representative of the American people and China laughed as they stuck it to him.
Summary - As always o-bow-man blames the entire problem, both in China and the rest of the world, on his most hated enemy AMERICA.
................... move in tandem on forward-looking monetary polices for a strong and durable global economic recovery......................
Zero - “We’ll spend it, you just underwrite it!”
How do you encourage Americans to save? Increase interest rates?
Just asking.
In other words, we send jobs to their slave labor market and they send us cheap crap for Walmart.