Here’s news from Romania:
Governments have been collapsing across Europe amid calls by Germany and others for tough austerity to help restore confidence in the euro zone, even as some critics complain that aggressive cuts are undermining economic growth and spurring Europeans to protest. The sovereign debt crisis, accompanied by visceral frustration with the extent of painful spending cuts, has helped unseat leaders in countries including Greece, Ireland, Italy, Portugal and Spain.
The problems in Europe are a looking glass into the future for us here in America. We can either begin reforming our entitlement programs now (in a planned, controlled way that people can adjust their consumption habits to accommodate) or continue “kicking the can down the road” until a sovereign debt crisis forces reform (in an abrupt, unplanned way that will be more difficult to adjust to and will likely be accompanied by rioting and violence). I agree with those who have declared our current policy trajectory “unsustainable”.