Prof. Williams remarks, "The undeniable fact of business is that a greater number of people are living off government welfare programs than are paying taxes. That's what's driving Europe's economic problems, and it's what's driving ours." Unfortunately, Prof. Williams is precisely right.
I have not seen a shred of evidence that a single European country has been willing to address that problem in advance, before a financial crisis arrives - not one. I see no evidence that the US is willing to address the problem, either. As far as I can tell, the US citizenry cannot bring itself to admit the reality of the resource constraint and curtail government spending. My conclusion is that the US soon will be in the same position as Greece.