Posted on 05/22/2010 9:14:30 AM PDT by Oldeconomybuyer
PARIS — Across Western Europe, the “lifestyle superpower,” the assumptions and gains of a lifetime are suddenly in doubt. The deficit crisis that threatens the euro has also undermined the sustainability of the European standard of social welfare, built by left-leaning governments since the end of World War II.
Europeans have boasted about their social model, with its generous vacations and early retirements, its national health care systems and extensive welfare benefits, contrasting it with the comparative harshness of American capitalism.
Europeans have benefited from low military spending, protected by NATO and the American nuclear umbrella. They have also translated higher taxes into a cradle-to-grave safety net. “The Europe that protects” is a slogan of the European Union.
Europeans have benefited from low military spending, protected by NATO and the American nuclear umbrella. They have also translated higher taxes into a cradle-to-grave safety net. “The Europe that protects” is a slogan of the European Union.
But all over Europe governments with big budgets, falling tax revenues and aging populations are experiencing climbing deficits, with more bad news ahead.
With low growth, low birthrates and longer life expectancies, Europe can no longer afford its comfortable lifestyle, at least not without a period of austerity and significant changes. The countries are trying to reassure investors by cutting salaries, raising legal retirement ages, increasing working hours and reducing health benefits and pensions.
“We’re now in rescue mode,” said Carl Bildt, the Swedish foreign minister and a former prime minister.
(Excerpt) Read more at nytimes.com ...
-Barack Hussein Obama
money ran out ... happens all the time. Someone has to do real work.
Sounds suspiciously like Pogo's “We have met the enemy, and he is us.”
No more free lunch, bummer.
Europeans have benefited from low military spending, protected by NATO and the American nuclear umbrella.
Does anyone think the NYT understands this statement? That European prosperity is due to the U.S. military umbrella, protecting them and allowing them to spend little on their own defence?
It's like when it was popular when the Phillipines kicked us out of Subic Bay, etc. They were all for it until they realised the loss of income from the spending we did there. Too bad. They wanted it, they got it. Now it's Europe's turn.
So what is the proper historical analogy? Is this 1789? 1848? 1861? 1914?
Whatever, one sure gets the feeling that all hell is about to break loose.
Interestingly, Euros are going to find out what real work looks like.
and crying to the nanny state will find the nanny has quit.
“money ran out ... happens all the time. Someone has to do real work.”
And they make it sound so mysterious.
Ponzi schemes work only for so long.
In the words of Margaret Thatcher - “the problem with socialism is that you eventually run out of other peoples money”.
AD 476, the fall of the western Roman empire.
That's when Europe lost it's last vestiges of the umbrella of Roman protection from the barbarians.
bookmark
Howzabout 410, the FIRST Sack of Rome - lots of sordid history to come yet!
That’s a good point.
I always try to line up Bill Clinton with Caligula and work from there.
“I always try to line up Bill Clinton with Caligula and work from there.” LOL!
Seriously, I’d place us at about 90 something BC, awaiting Sulla, actually, in the not-too-distant future.
Have a nice day.
It sure is acomin’ a right at us all. So big it be blottin the sun. But it cant be seen real good. Is it war clouds and thunder booms or creepin communism slitherin up da boots?
We just all feel the chill and approaching storm now-it is unseen maybe but still acomin.
I can’t believe this article is from the uber-liberal NY Times. Are they trying to telegraph something to Jimmy Obama?
Well, Obama is sending Geithner to Europe on Wednesday to offer a solution. My guess is that Obama is going to offer a world cap and trade tax to prop up Europe until the State Employee INTERNATIONAL Union can be expanded world wide.
Socialism is great until you run out of someone else’s money.
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