The death of the welfare state

With the pending collapse of the Greek economy, with other EU states to follow, it's only time before the U.S. experiences the same difficulties, especially with the Obama-Pelosi-Reid monstrous deficits. The writing is on the wall, so to speak, but don't take my word for it.

The welfare state's death spiral
Paul Samuelson: 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.

Athens or Washington, It's the Size of Government
Mona Charen: This is more than a financial crisis. This is a national meltdown. And while facile comparisons to the U.S. must be avoided, there are nonetheless lessons for us --particularly in light of the direction the Democratic Party wants to travel.

The Failure of the Unfree Market
Randall Hoven: What we have here is the failure of the unfree market. That means the failure of Greece. And the other PIGS (Portugal, Italy, Greece, Spain). And Europe. And it means the U.S., too. It even includes the Great Recession. The modern welfare state is collapsing around us.

Greece: A Preview of Things to Come
Vasko Kohlmayer: It is not that the Greek government is inherently stingy. Quite to the contrary, the Greek government has been one of the most generous when it comes to paying for social goodies...so much so that for years it spent far more than it could really afford. Fox News correctly observed that "Greece lived for years beyond its means, borrowing money and spilling red ink to finance excessive government spending, offer socialized health care and provide lavish wages for federal workers."

The failure of government...
And then, of course, we probably won't get any worthwhile reforms. This current government sucks up to special interest just like the last several.

The White House Should Stop Pandering to the Street and Support Three Critical Banking Reforms
Robert Reich: The White House opposes three important financial reforms that have drawn bipartisan support in the Senate. It should reverse course.

------

I'd go on, but it would be just more depressing news.