Are you paying attention? We are all watching the ghost of "Obama Future" in Europe.
This is what the US will look like if we subscribe to "hope and change" and irrational "yes we can-isms"!
What's the ghost telling us? He is warning us about the charlatan who preaches "hope and change"! He is also telling us to put the country in another direction or the US will look like Europe.
First, we can't bail out Europe. We don't have the money to do it. Worse than that, we don't have the political leadership to do a thing about it.
Reality 101: Pres BO looks as weak on the international stage as he does here! Pres BO can't tell the Europeans to tighten their belts when he is running budget deficits of 10% of GDP! (We remind you that Pres Bush never had a deficit in excess of 3% in his two terms)
Yes, Obama's economic approach is just as unsustainable as what we are watching over there.
Second, and more important, you can't help an addict by giving him more of what he is addicted to.
We are watching the end of the welfare state, or the "something for nothing" lifestyle that the Europeans have enjoyed since the end of World War II.
I should add that the Europeans enjoyed this lifestyle because they didn't have to defend themselves. On the contrary, they were protected from the old Soviet Union by US tanks in Germany and from nuclear missiles by the radars of the US Mediterranean Fleet.
Where are we today? Greece is a mess. Italy is a bigger mess. It won't be long before other countries join the mess.
In the short run, the European mess will affect us because economic growth will be cut sharply: European commission reduces 2012 estimate for growth in euro currency area to 0.5%, down from 1.8% six months ago
That's bad!
In the medium, and long term, the answer lies in bringing the Europeans back to earth. You can't have a future if everyone is working for the government, taking 6-week vacations and, yes, not having babies.
The WSJ had a great editorial this week. It explains the Italian problem very clearly:
"An aging and shrinking population is a symptom, but not a leading cause, of the eurosclerosis.
A fifth of Italy's 60 million people are 65 or older and make increasingly expensive claims on state-paid pensions and other benefits.....
Italian women have on average 1.2 children, putting the country's birth rate at 207th out of 221 countries."
It just doesn't add up and reality is finally having the last word.
Here is the bad news: It's too late for Europe to change! I'm saddened to tell you that Europe is due for some very difficult times. We will likely see huge social unrest over there.
Here is he good news: We can still listen to "the ghost of the future" and change! We still have time to restore the American way and reject the "Obama-Euro-welfare state" approach failing miserably over there.
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