Seoul : Refusing to wear borrowed blossoms, US President Barack Obama on Thursday said that US economy will never recover itself if American households stop saving and go back to spending based on borrowing.
“The foundation for a strong and durable recovery will not materialise if American households stop saving and go back to spending based on borrowing,” the President wrote in a letter to fellow G20 leaders.
Established in 1999, the G20 aims to co-ordinate economic policies among the major economies. The G20 nations are, however, divided among themselves having two distinct camps.
”The single most important thing we can do to reduce our debt and our deficits is to grow,” Obama reportedly said in his first public response to early recommendations from a White House debt panel.
The Black President was forced to stand beside the U S policies blamed for pushing up the U.S. budget deficit at a time when other Group of 20 partners, such as Britain and Germany have resorted to budget cuts.
Obama recently visited India and ‘shopped jobs’ for the US from India apart from advancing the U S India partnership and creating an ?Obama Platter'” after noting earlier that a restaurant in New Delhi was serving a ?Hillary Platter?.