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 producti