Robert Samuelson long ago distinguished himself as one of the best things about the soon-to-be-late Newsweek. Here he is on a subject nobody in the administration wants to talk about: the coming collapse of the social-welfare democracies — including, alas, our own:
WASHINGTON — What we’re seeing in Greece is the death spiral of the welfare state. This isn’t Greece’s problem alone, and that’s why its crisis has rattled global stock markets and threatens economic recovery. Virtually every advanced nation, including the United States, faces the same prospect. Aging populations have been promised huge health and retirement benefits, which countries haven’t fully covered with taxes. The reckoning has arrived in Greece, but it awaits most wealthy societies.
The demographics are brutal, and have been for some time: the western world is gradually committing suicide through a combination of low birthrates and widely available abortion, without so much as a thought as to where the next generations of taxpayers — you know, the ones named Peter we’re fleecing today to pay Paul — are going to come from. One second thought, maybe they have: mass immigration, whether legal or illegal, is meant to hide the decline.
Americans dislike the term “welfare state” and substitute the bland word “entitlements.” The vocabulary doesn’t alter the reality. Countries cannot overspend and overborrow forever. By delaying hard decisions about spending and taxes, governments maneuver themselves into a cul de sac.

Budget deficits and debt are the real problems; and these stem from all the welfare benefits (unemployment insurance, old-age assistance, health insurance) provided by modern governments.






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