This weekend's G-20 summit included many world leaders...and President Barack Obama. The American president has voluntarily relinquished his leader status, at least on economic matters, by clinging to the liberal tax and spend, big government model that has failed or is failing in virtually every country that has tried it.

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Summit host and Canadian Prime Minister Stephen Harper spoke for the majority of attendees saying it's "imperative that we get our fiscal house in order." Backing up that idea, a draft of the statement to be released at the conclusion of the multi-nation meeting announces, "Advanced economies have committed to fiscal plans that will at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016." (source)

But President Obama is still trying to push his opposing view favoring even more deficit-raising government spending. In a pre-summit letter sent to the G-20 countries last week, he urged them to be ready to spend more and warned against cutbacks, "Should confidence in the strength of our recoveries diminish, we should be prepared to respond again as quickly and as forcefully as needed to avert a slowdown...We must be flexible." (source)

After the recent economic crisis in Greece and similar potential crises in other nations, the majority of world leaders have seen the light. Runaway deficits and unsustainable government spending cannot go on if we are to avoid a world economic collapse. But President Obama continues to champion more spending, more debt and more of the big-government programs that will bankrupt nations if allowed to proceed.

Living within your means and managing your debt - two simple concepts that most citizens in the G-20 countries practice and most of their leaders have recently figured out. But President Obama refuses to deviate from his ideological path toward cataclysmic failure.