Is The G-20 Really In The Private Sector’s Best Interest?

The clearest decisions that came out of the summit promoted governments, not private sectors, pointing to even more deficit spending, an IMF expansion led by China and another expensive G-20 meeting next year in Russia. The outcome raises fundamental doubts about the G-20’s value in furthering free markets, strong private economies and global living standards.

The elephant in the living room at the summit was the U.S. year-end deadline imposing history’s largest tax increase. Despite numerous pleas from across the U.S. political spectrum to act now to delay the deadline at least until a new government is fully formed in 2013, the summit barely discussed the problem and made no concrete progress to avert it. –  David Malpass – Wall Street Journal

Mr. Malpass, a deputy assistant Treasury secretary in the Reagan administration, is president of Encima Global LLC.

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