You can borrow from the future for only so long. Sooner or later someone has to pay. And guess what?
So the welfare state is discredited. In the past, we used to be warned that static population growth, vast public-sector employment, early and generous retirement benefits, and high taxes were not sustainable. In recent years, those lectures were caricatured as partisan or hypothetical. No longer. The Greek meltdown — with Ireland, Italy, Portugal, and Spain on the brink — has shown that European socialism does not work. Bankruptcy, not politics, is the final arbiter: Individuals, firms, and nations either buy particular bonds or they don’t. And a nation like Greece, in turn, either pays what it has borrowed or it doesn’t. All the op-eds in the New York Times cannot change that fact.
RELATED: I’m glad that the lousy economy and the East Anglia selective data email debacle has slowed the green movement before they saddled us with even more debt for projects that would, I have no doubt, have had massive, expensive, unintended consequences as politicians tried to be seen to be doing something.
Not So Fast 