Europe's austerity program has brought down Europe's economy which has also hurt the US economy and the US stock market. Austerity is not the way to achieve a growing economy. The President has the right idea but he can't control Europe nor can he control the Republicans in Congress who have absolutely no interest in improving the employment numbers and the economy prior to the election. To do so would help the President's reelection chances. As Mitch McConnell said, there number one goal is to make Obama a one term president, not to improve the lot of the American people. Thus, their obstructionism.