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The Coming Age of Austerity

Greg1084 Wrote: Nov 06, 2012 7:15 AM
Pat is actually underestimating the rate of medicare growth. Right now there are 19,000 new applications per day. According to Stein's Law anything that cannot go on forever won't. Something is going to have to give. The welfare state is collapsing in Europe. The only way many of the countries there were able to keep the gravy train going as long as it has was to import workers to pay the taxes needed to keep the pension money coming, and many of those worked black market jobs winked at by the authorities, while they did not qualify for the same government programs their labor supported. Even this isn't doing the trick any more.
Greg1084 Wrote: Nov 06, 2012 7:19 AM
Now we begin to see the "gouge the rich" strategy and the exodus of wealth it causes. No. There is not enough money in the world to maintain a society that meets even the most moderate liberal/progressive's idea of a just society in the long run. It might look like it will work, even for decades after being initiated, but human nature and the gods of the copybook headings always come knocking sooner or later.
"Are the good times really over for good?" asked Merle Haggard in his 1982 lament.

Then, the good times weren't over. In fact, they were coming back, with the Reagan recovery, the renewal of the American spirit and the end of a Cold War that had consumed so much of our lives.

Yet whoever wins today, it is hard to be sanguine about the future.

The demographic and economic realities do not permit it.

Consider. Between 1946 and 1964, 79 million babies were born -- the largest, best-educated and most successful generation in our history. Bill Clinton and George W. Bush, both born...

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