"Because far from the President wanting to follow Europe, it's actually the Republicans, both those running for President and those already elected to the House who desperately want to follow that continent."
Since it should be obvious by now that austerity, as a fiscal policy, leads to the kind of unemployment numbers we are seeing in Europe, then why are there members of Congress who are still pushing it?
Against all this shit going on in our country, it might be useful to examine the histories of Sweden and Norway, and their approach to financial uncertainty. Uh, no, not in our current times. They avoided all the mess we and the rest of Europe are in the middle of. The change they created happened before we were born (had to "touch up" things a bit during the 60's, though). Read:
While I do believe Capitalism can work (only if harnessed, like a horse or an ox, for the common good), Norway and Sweden are examples of Socialism done correctly. The common wealth for the common good is the only answer.