Not Good Advice

It is an enormous sum: With an equivalent of more than 300 billion euros, Barack Obama wants to help the debilitated U.S. economy get back on its feet again — and secure his re-election in the process.

The U.S. president wants to finance his recovery plan with new national debt — and offers us Europeans a piece of advice: Do exactly the same thing.

Sorry, Mr. President! But this recipe hasn’t worked for you!

Instead, the U.S. has become the world’s largest debtor, groaning under the interest rates.

This kind of policy takes its revenge — always. Greece, for example, reminds us that even bankruptcy can no longer be ruled out.

Thus there can only be one approach for the governments in Europe and the U.S.: They have to pinch their pennies.

This is why the largest debtor in the world should not be giving Europeans advice on the subject. Instead, they should get their own house in order.