"Deficit threatens European lifestyle; Liberal benefits at risk as revenues fall across region" by Steven Erlanger, New York Times | May 23, 2010
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.
Yes, BANKERS MUST BE PAID after RIPPING YOU OFF, folks.
You know, it occurs to me that I was hearing this sort of talk more than 20 years ago when I was a know-nothing lefty and wow, here we are after all.
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.
All we wanted was a decent, good health plan like France and we couldn't even get that.
Europeans have benefited from low military spending, protected by NATO and the American nuclear umbrella.
Hello?
Related: The French Pentagon
Slow Saturday Special: British and French Belch Fart Mist
Well, there is spending and then there is spending.
They have also translated higher taxes into a cradle-to-grave safety net....
Well, if they had gone for schools, roads, health care, etc, etc, maybe I would feel better about paying them. As it is, they only seem to fall into the hands of banks, well-connected corporations, and politician's pockets.
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.
Amazing.
This as BANKERS HANDED OUT BILLIONS in BONUSES and had their BEST YEAR EVER in 2009!
The countries are trying to reassure investors by cutting salaries, raising legal retirement ages, increasing working hours, and reducing health benefits and pensions.
That is MSM CODE for BANKERS.
“We’re now in rescue mode,’’ said Carl Bildt, the Swedish foreign minister and a former prime minister. “But we need to transition to the reform mode very soon. The ‘reform deficit’ is the real problem,’’ he said, pointing to the need for structural change.
WHO exactly are they RESCUING because it SURE as HELL ain't you, average citizens!? FAT CAT BANKERS?
The reaction so far to government efforts to cut spending has been pessimism and anger, with an understanding that the current system is unsustainable.
I'm kind of tired of the bank's mouthpiece and its misinterpretations.
The PEOPLE of EUROPE KNOW the BANKS have LOOTED THEM!
That is MY UNDERSTANDING, NYT -- and it didn't come from you.
In Athens, Aris Iordanidis, 25, an economics graduate working in a bookstore, resents paying high taxes to finance Greece’s bloated state sector and its employees. “They sit there for years drinking coffee and chatting on the telephone and then retire at 50 with nice fat pensions,’’ he said. “As for us, the way things are going we’ll have to work until we’re 70.’’
Or longer.
Related: The Massachusetts Model: Municipal Health Mess
I just wanted you to see where the first priority is for your tax money, fellow citizens.
************
Changes that would have been required in any case have now become urgent.
And THAT is when I GRAB MY WALLET!
Whenever I SEE THAT WORD in PRINT now I want to hold up a BIG STOP SIGN since that is the AGENDA being ADVANCED AGAIN!!!
Europe’s population is aging quickly as birthrates decline. Unemployment has risen as traditional industries have shifted to Asia.
Seems to have happened to all the western economies after you were sold such promises of globalization.
And the region generally lacks competitiveness in world markets....
Translation: Your workers get paid too much.
“The easy days are over for countries like Greece, Portugal, and Spain, but for us, too,’’ said Laurent Cohen-Tanugi, a French lawyer who did a study of Europe on the global economy for the French government. “.... We can no longer afford the old social model.’’
No, but you can afford to build a French Pentagon, sigh.
