G8 Summit 2012: Obama Emphasizes Growth Over Austerity To Tackle World Economic Woes

The AP reports:

Confronting an economic crisis that threatens them all, President Barack Obama and leaders of other world powers on Saturday declared that their governments must both spark growth and cut the debt that has crippled the European continent and put investors worldwide on edge.

"There's now an emerging consensus that more must be done to promote growth and job creation right now," Obama proclaimed after hosting unprecedented economic talks at Camp David, his secluded and highly secure mountaintop retreat. Seeking a second term amid hard economic times, Obama hailed a debate heading in the direction he likes, with nations now talking of ways to spark their economies instead of just slashing spending.

The grand failure of Keynesian economics.