At $14.9 trillion, our total public debt is also bigger than our economy, putting us on a par with Europe. Yet our government seems in no hurry to reform our own welfare and entitlement state.

From IBD Editorials

EXCERPTS:

Slowly, the once-mighty European Union seems to be falling apart under the weight of its accumulated debts.

Only last month, economists expected the 17-nation bloc to eke out a minuscule 0.2% rate of GDP growth in the second half. Now, with its economy shrinking, a full-on recession seems likely.

This is the bitter fruit of decades of policy mistakes. European governments promised welfare states that the underlying productivity of their workers couldn’t support. So they borrowed massively to make up the difference. Now, they’re effectively bankrupt.

FULL ARTICLE

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