July 1, 2010
During the Bush administration, European leaders felt a fair amount of lecturing and condescension coming their way from Washington, particularly over their qualms about invading Iraq.
Now, it seems, the Obama administration is doing the lecturing, this time over economic policy. President Obama and other top officials have admonished heavily indebted European nations not to move too quickly in cutting deficits, for fear of killing a fragile global recovery.
To be sure, no one knows precisely the right time to pivot toward austerity from the extreme stimulus that was needed to counter the Great Recession. Fears of a double-dip recession sent the stock market tumbling Tuesday. But if Europeans are suddenly willing to address their staggering liabilities, the U.S. should not try to stop them. In fact, U.S. leaders should thank them for leading the way.
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