Doomsayers can shed the silly costume now

by Michael Smith

That the European welfare state amounts to a pyramid scheme—a shrinking work force trying to support a growing population of retirees and welfare recipients—is old news in some political circles, but it’s gotten scant attention from the folks who desperately want America to follow the European model. That’s changing.

Has the Greek debacle jolted them from their torpor? Has the fuse grown so short that the media is in danger of breaking a decades-old story just hours before the explosive climax?

Whatever the explanation, the news of Europe’s financial troubles has been deemed fit to print. If you’ve been warning people about this for a while, now it’s OK to do so without wearing your Chicken Little costume. 


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