Obama's G-20 Summit Setback

At his press conference following the June 25-26 Toronto meeting of the G-20 nations, President Obama claimed that the summit had been a success:We came to Toronto with three specific goals -- to make sure the global recovery is strong and durable; to continue reforming the financial system; and to address the range of global issues that affect our prosperity and security. And we made progress in each of these areas.But in an op-ed in the Wall Street Journal a few days before the meeting (Our Agenda for the G-20), Secretary of the Treasury Timothy Geithner and National Economic Council Director Lawrence Summers revealed what the U.S. administration had hoped to accomplish. They wrote: "Stronger growth with solid job creation here in the U.S. depends on an expanding global economy." In other words, they wanted the G-20 to commit to an expansionary economic program so that U.S. exports would grow.They wrote, "While the U.S. was the major source of demand for the world...(Read Full Article)