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Europeans call Obama “arrogant” and “absurd” for lecturing them on debt.
Obama tripled the US deficit his first year in office. The deficit has been more than a trillion dollars every year since then.
The Obama deficit this year is expected to reach $1.29 trillion. (The Captain’s Comments)
Despite this, Barack Obama felt the need to lecture the Europeans on their debt and deficit crisis on Monday.
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US President Obama has given the Europeans a harsh lecture on the dangers of their ongoing debt crisis. Offended by the unsolicited advice, Europeans have suggested the US get its own house in order first. Obama’s remarks were “arrogant” and “absurd,” German commentators say on Wednesday.
Europeans are well aware of the seriousness of their ongoing debt crisis. But they don’t, it seems, like to receive lectures from other countries — especially the United States, which is struggling to deal with its own mountain of debt.
On Tuesday, German Finance Minister Wolfgang Schäuble curtly rejected recent American criticism of Europe’s approach to solving its debt crisis. “I don’t think Europe’s problems are America’s only problems,” said Schäuble, who has become increasingly sharp-tongued as the euro crisis deepens. “It’s always easier to give other people advice.”
Schäuble was referring to strongly worded comments made by US President Barack Obama and US Treasury Secretary Timothy Geithner in recent days. At an event in California on Monday, Obama warned Europeans that their inaction was “scaring the world.” The Europeans, he said, “have not fully healed from the crisis back in 2007 and never fully dealt with all the challenges that their banking system faced. It’s now being compounded by what’s happening in Greece.” He continued: “They’re going through a financial crisis that is scaring the world, and they’re trying to take responsible actions, but those actions haven’t been quite as quick as they need to be.”