The world recession that began in the U.S. is hitting Germany much harder than us, due to a collapse in world trade that has damaged an economy that Germans constantly refer to as “the World Export Champion.” But, Douglas Elliott explains, Germans feel much better about their economic situation than Americans do about ours.
The recovery is strengthening. But the rest of the world is weakening. Everywhere you look around the world, China, Japan, Europe, even countries like Germany that were doing well, are looking very weak. So, the question is whether the U.S. can sustain the global recovery on its own back.