BOSKIN: SOCIAL WELFARE PROGRAMS CAUSED THE EUROPEAN DEBT CRISIS; THE EURO MASKED IT FOR A WHILE AND THEREFORE EXACERBATED IT

BOSKIN:

The debt crisis in Europe has highlighted how Greece, Italy, and many other countries have obscured the long-standing problems in their bloated public sectors and their unsustainable social-welfare benefits.

European governments have promised too much, to too many, for too long. This fundamental problem has now manifested itself in these countries' unsustainable debt dynamics. Euro membership, which temporarily enabled massive borrowing at low interest rates, has merely aggravated this. For many of these countries, meaningful reform has now become unavoidable.

... Reforming social-welfare benefits is the only permanent solution to Europe's crisis as there are now too many people collecting benefits relative to those working and paying taxes.

RTWT.

AS I HAVE POSTED INNUMERABLE TIMES:

THE BUSH TAX CUTS AND THE SO-CALLED UNFUNDED WARS DID NOT CAUSE EUROPE'S DEBT CRISIS, SOCIALISM DID.

IT ALWAYS DOES.