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King Canute problem

Posted by ESC on November 05, 2010 at 14:38

King Canute problem: "Reality will prevail [and] we're going to be running very large deficits for the foreseeable future," (University of Texas Professor James Galbraith) says. "Unless the underlying private economy can be made to recover...the deficit is not going to go away no matter what Congress does. It's a King Canute problem - [Congress] cannot wish the tide to recede."

Galbraith: Lousy Economy, Political Reality Mean GOP Can't Cut Deficit. Posted Nov 05, 2010 07:00am EDT by Aaron Task.

http://finance.yahoo.com/tech-ticker/article/535574/Galbraith%3A-Lousy-Economy%2C-Political-Reality-Mean-GOP-Cant-Cut-Deficit

From "Time and tide wait for no man," right here on Phrase Finder: The notion of 'tide' being beyond man's control brings up images of the King Canute story. He demonstrated to his courtiers the limits of a king's power by failing to make the sea obey his command.

http://www.phrases.org.uk/meanings/384000.html