Greece's situation is so difficult because a low birth rate and rapidly graying population automatically increase old-age assistance even as the government tries to cut its spending. At issue is the viability of its present welfare state.
Almost every advanced country -- the United States, Britain, Germany, Italy, France, Japan, Belgium and others -- faces some combination of huge budget deficits, high debts, aging populations and political paralysis. It's an unstable mix. Present deficits may aid economic recovery, but the persistence of those deficits threatens long-term prosperity. The same unpleasant choices now confronting Greece await most wealthy nations, even if they pretend otherwise.
Via RCP, Robert Samuelson
PS: No dia 1 de Outubro de 2008, eu fui o primeiro a concluir que a crise financeira levaria ao fim do socialismo.
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