Post Tagged with: "Italy"

We don’t want to end up like Italy

We don’t want to end up like Italy

Star Parker The Wall Street Journal calls the economic implosion now taking place in Europe “a crisis of the welfare state.” The latest European nation to hit the wall is Italy, where national debt is 120 percent of GDP. That is, for every dollar their national economy produces, they owe $1.20. The Journal calls this a crisis of the welfare state because the Italian national debt is well in excess of the ability of Italians to pay its obligations and is the direct result of excessive government spending. When the Republican presidential candidates were asked in the most recent debate if the United States should help bail out these bankrupt European nations, the consensus response was “no.” This, I believe, is the correct answer for two reasons. First, the way to deal with irresponsible behavior is not to find new ways to finance it but to demand responsible behavior. Second, […]

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