He's right, but our own soft economy could have been doing better had he been more aggressive about this from the beginning. Unfortunately he listened too much to conservative economists such as Larry Summers, who scaled back the stimulus, thus limiting the recovery.
At least Obama is seeing the light now and Europe is finally waking up to the failed concept of austerity. Will Europe cut the baby in half like Obama or will they embrace a stimulus program that really is about jobs? BBC News:
Speaking to reporters at the end of the summit, President Obama said: "As all of the leaders here today agree, growth and jobs must be our top priority.""More complicated", certainly. But the general problem is very much the same.
Emphasising that the United States had taken this approach to its own financial crisis, he said he was "confident" that European countries were moving in the right direction.
But he acknowledged that the European situation was "more complicated" than America's. Earlier, the G8 leaders said "the right measures are not the same for each of us".