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Spanish Prime Minister José Luis Rodríguez Zapatero's second term in office has not been a happy affair for Spain. Soundly re-elected on a post-modern platform of Socialism, pacifism and feminism just 18 months ago, Zapatero has since stumbled badly in the face of an economic crisis that shows no signs of abating. With his poll numbers now at an all-time low, Zapatero is hoping that his October 13 visit to the White House will reverse his foundering political fortunes.

Spain is reeling from the collapse of a housing bubble that for 15 years enabled the notoriously uncompetitive economy to post some of the highest growth rates in the European Union. The construction boom lulled Spaniards into a false sense of never-ending prosperity. They are now waking up to the...