Political leaders in the UK and Germany have finally realized that the Keynesian stimulus spending spree has failed. Not only has it not improved their economies, it has made them worse and plunged their nations into deeper debt. Both countries are now scrambling to slash $100 Billion dollars from each of their budgets. Prime Minister David Cameron and Chancellor Andrea Merkel have decided to be honest with their citizens and tell them that tough times lie ahead. There will be another recession, some nations may even experience a full-blown depression. But the hard medicine is necessary. So, when will President Obama have the courage to be this honest?

Since taking office, Obama has set new records in spending. His long-term budget plans calls for doubling the National Debt. He’s already added $3 Trillion dollars and the National Debt is expected to exceed $14 Trillion before the end of the year. Add to that his health care program, which a majority of Americans are opposed to, another bailout of Fannie Mae and Freddie Mac, more bailouts for private union pension funds, as well as state and local governments. Should I even bother mentioning the $10 Million taxpayer dollars Obama has spent since taking office just on music concerts at his White House?

The Debt Contagion in Europe is revealing the flaws in the entire global economic system. Built on the principles of John Maynard Keynes, non-Marxist nations have done nearly the same as those whole embraced Karl Marx, expanding government power. Centralized control of their economies, and practically every other aspect of their citizens lives. All this while floating their tyranny on a sea of fiat currency and shoddy accounting methods to conceal the true depth of their sovereign debt loads.

So now, Obama and the Democrats prepare to ram a new series of spending programs, bailouts and ‘stimulus’ here in America. The previous round of they unleashed failed to recover our economy. Even Federal Reserve Chairman Ben Bernanke today a recovery wouldn’t be easy and most likely show little, if any, job growth. How can there be a recovery without growth in private sector jobs? There can’t. Bernanke may think that a double-dip recession is unlikely, but the reality is we face a depression more now than ever before. I would contend that we already in a depression, and have been for 18 months or longer.

If you just look at the percentage of employment versus population as shown in this chart, you’ll see that barely 58% have jobs. A sizable portion of those are government jobs. We’ve now reached a point where there are more public sector union workers than in the private sector. Most jobs created by either the government or private sector are temp jobs. The situation is bleak.

While the UK and Germany seek to aggressively cut their budgets immediately, Obama is now asking departments to cut 5% from their budgets by 2012. This after increasing non-defense spending by 40% last year. Europe is swallowing the bitter pill of austerity. Their citizens are not happy about it, especially public union employees. In Spain today, unions are striking over their government’s austerity measures. We’ll see plenty of that here as more and more states and cities face reality. But when will Obama and Washington face reality?