What does it all mean for global economic crisis?
The Associated Press Leaders at the G-20 summit in London declared that “a global crisis requires a global solution.” But that doesn’t mean they are in agreement on just what the solution should be. Here is a look at what they promised in their joint communique and what the grand phrases really mean. * * * WHAT THEY SAID: “We are undertaking an unprecedented and concerted fiscal expansion, which will save or create millions of jobs which would otherwise have been destroyed, and that will, by the end of next year, amount to $5 trillion, raise output by 4 percent and accelerate the transition to a green economy.” WHAT THEY MEANT: The words in the communique were strong, but in reality, the major countries did not pledge any additional efforts on government spending or tax cuts to boost their own economies. Because of strong opposition from France and Germany, President Barack Obama was not able to achieve his goal of getting the other G-20 countries to commit to spending the equivalent o
