As to current events the President should look at the PIIGS (Portugal, Ireland, Italy, Greece and Spain). They are in the position they are due to uncontrolled spending on unaffordable Pensions and Welfare. The UK is paying off a huge debt accumulated once more by Labour pursuing the self same policies being followed by Obama.
Bottom line folks you cannot spend what you do not have, you cannot recover by taking money out of the economy by excessive borrowing and you cannot reduce debt by borrowing more. It is simple basic economics, Obama clearly missed that lesson at college!