Isn’t it great that there are no such problems in the United States? Oh. Wait. There are?
I read this paragraph about Angela Merkel, Germany’s stalwart leader, and found it to be profound on many levels.
“If Europe today accounts for just over 7 per cent of the world’s population, produces around 25 per cent of global GDP and has to finance 50 per cent of global social spending, then it’s obvious that it will have to work very hard to maintain its prosperity and way of life,” Ms Merkel said in the interview. <source>
The phrase that I find chock full of irony in the context of maintaining a giant welfare state is “…work very hard…” . The irony is simply that not everyone must “work very hard”, just those on whose backs the rest are carried.
How long will this last? Well, deficit spending, even on a personal level (or especially on a personal level), must come to an end, says Merkel:
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