The Late Great European Union?

The American Lefts role model is crumbling right before our eyes. The world watched as protesters to the streets earlier this year in Greece after massive budget cuts which were implemented to deal with its massive debt crisis. Now the contagion has spread to other members of the EU. The Irish governments budget cuts precipitated by its recent bailout of has also sent protesters into the streets in Dublin. Riots have also taken place in the UK, Italy and Spain over budget cuts with fears that Portugal could be next. The 16 member EU nations instituted the Euro as the common currency over a decade ago and the results have been mixed at best. German is the only member nation that has produced positive economic growth-due to its large trade surplus and less spending.

The left in America has longed felt that we should be more like Europe with it's highly taxed welfare state. The economic incongruity is clear: The only way to pay for a welfare state is to tax the wealth of the productive and redistribute it to the unproductive. Former British Prime minister Margaret Thatcher once said "Governments traditionally do make a financial mess. They always run out of other people's money". That is precisely what has happened in Europe. Confiscatory tax rates have caused capital flight among the high earners which has left Government coffers dry and unable to pay its debts or for its social programs. European nations have all but run out of things to tax- in the UK, there is a tax for owning a television!

In contrast to Europe, America was founded upon limited government. Powers not designated to the federal government are left to the states. The federal government according to our Constitution has 18 powers-providing health care and education are not among them. The massive sense of entitlement created by a welfare state will eventually result in the economic collapse of a nation. Sweden -which has has been been a socialist model in Europe with its big government social safety nets-is beginning to transform itself into a more market based economy with decreased spending on social programs. Are you paying attention Mr. President?

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