Remember German Chancellor Angela Merkel getting in Obama's face at the G20 and refusing to try to "spend their way out of the economic crises?" Whatever she is doing, it's working. Unemployment in Germany has not been lower since 1992. Consumer confidence is high. Make no mistake, this is humiliating for Barack Obama. Take a look at the headlines below and think about what Europe thinks about this "elegant, articulate and clean" President, now that Merkel is proven right. Our President casts a long, dark shadow over the White House.
At the time of G20, Merkel's position was called "Merkel's austerity." At the same time, the head of the European Central Bank said: "...the idea that austerity measures could trigger stagnation is incorrect," and Germany's Finance Minister Wolfgang Schauble said: "Governments should not become addicted to borrowing as a quick fix to stimulate demand...." So, yes we can bring back jobs and confidence. Germany did.
Headlines earlier this year reveal Obama's folly:
German unemployment fell slightly in October, dropping to its lowest level in 18 years as the impact of persistently strong growth in Europe's top economy continued to filter through to the jobs market.
The number of jobless fell by 3,000 to a seasonally adjusted 3.153 million, figures from the Labor Office showed on Thursday, while the headline level dipped to 2.945 million, confirming figures announced a day earlier.
The headline reading fell below the 3 million mark — a key political threshold — for the first time since November 2008, to its lowest point since October 1992.
Data on Europe's biggest economy over the past week has been bullish, signalling its unexpectedly strong recovery could hold up in the face of signs of fragility in the global economy.Yes, we can do it also. Germany did. November 2nd is the day we begin bringing jobs and confidence back to the U.S.
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Posted by Maggie @ Maggie's Notebook
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