Risking His Own Welfare

JOCKEL FINCK/AP PHOTO

German Chancellor Gerhard Schröder

The headquarters of Gerhard Schröder's Social Democratic Party was under siege. Thousands of protesters blowing whistles, waving red banners and chanting slogans surrounded the building last week, their anger fueled by the German Chancellor's latest efforts to revamp his country's economy. The new provocation: a vow to cut state pension benefits next year. HANDS OFF OUR PENSIONS, screamed one banner. The demonstrators were a mix of disgruntled union members and the elderly, including a contingent from the Gray Panthers, an advocacy group for the retired that has about 8,000 members in Germany but punches above its weight in policy debates. "It's...

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