Merkle Puts O in His Place

Germans Look To Obama Only As An Example Of What Not To Do

Posted 06/26/2012 06:51 PM ET

Europe: When the biggest spender in all history bluntly gets told to pay off his own debts before he starts lecturing others, it's a sure sign the adults have taken charge in Germany and the U.S. is being judged by its results.

President Obama must have been taken aback by the forcefulness of German Finance Minister Wolfgang Schaeuble's statement to German public broadcaster ZDF Sunday: "Mr. Obama should first of all take care of reducing the American deficit, which is harder than in the eurozone," he said. "People are always very quick at giving others advice."

Schaeuble was reflecting sentiment in fiscally responsible Germany, which is being pressured by Obama to do what he did and ramp up spending, because he really believes such spending equals economic growth.

And how's that deficit spending working out? After shelling out a record $15 trillion since Obama took office, the U.S. remains mired in the weakest economic recovery in history. That's what the president bought with his stimulus, his takeover of the health care system and his vast new regulatory regime.

Yet that hasn't stopped him from telling Germany to follow his lead.From Schaeuble's point of view, however, Germany doesn't need advice from Obama — who's been AWOL on Europe's crisis up until now — other than as a cautionary example of what not to do.

If Obama's record isn't bad enough, the Germans have no doubt noticed how the president is slipping in the polls and how his urging of Germany to spend more may be less about saving Europe than saving himself.
In Mexico last week, Obama expressed concern how Europe could affect his reelection prospects. But that reportedly didn't cut much ice with Angela Merkel.

"Look, Mr. President," the chancellor replied in the words of an expert quoted in the New York Times. "I have some problems that I need to respond to that don't correspond to your need to be reelected."