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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