Tuesday, February 9, 2010

The Bankrupt PIGS of Europe

Progressives in Europe are killing their economies in the same way they are here in the USA. As in Europe, unskilled and under-educated immigrants, are straining our underlying safety nets while not contributing to the tax base. Unions have destroyed our manufacturing base and created huge entitlements that are bankrupting the states. Is it too late to overcome the hurdles and save our economy? The Congress, both Democrat and Republican, do not have the will to take the steps necessary. We have allowed our leaders to promise the world to everyone and corrections are going to hurt. We need leaders that will do the right thing, cut federal and local spending, eliminate redundant and un-Constitutional programs and Departments and not worry about re-election. Only then will we be able to see the proverbial "light at the end of the tunnel".

Excerpt: They are called the PIGS—Portugal, Ireland, Greece, Spain. What they have in common is that all are facing deficits and debts that could bring on national defaults and break up the European Union.

What brought the PIGS to the edge of the abyss?

All are neo-socialist states that provide welfare for poor people, generous unemployment, universal health care, early retirement and comfortable pensions. Most consume 40 percent to 50 percent of their gross domestic product annually, a crushing burden on the private sector.

For 30 years, the fertility rate of Europe has been below the 2.1 children per woman necessary to replace a population. In Russia and Ukraine, a million people disappear yearly. In Western Europe, the passing of the native-born goes on quietly, as Third World peoples come to fill the empty spaces left by the aborted and unconceived.

These newcomers have neither the education nor skills of the Europeans. Hence, they earn less and contribute less in taxes, but consume more per capita in social benefits.

The West is approaching a crisis of solvency and of democracy. We shall see if democracy, which grew popular lavishing benefits upon all, is strong enough to start clawing them away. Or will democracy try to keep piling the burden on the producers until they rebel or depart?
The Bankrupt PIGS of Europe

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