Europe Obamas. Will America?
Yesterday voters in France and Greece revolted against austerity policies which cut back on unsustainable social programs those nations simply could not afford. As a result, the long-term economic prospects for both are looking a great deal bleaker than they did 48 hours ago- including their prospects for being able to actually afford such programs again anytime soon, or even to sustain them in the long term.
Socialist François Hollande defeated incumbent French president Nicholas Sarkozy, probably ending a brief period in which France could reasonably be seen as more or less America's friend again. Germany- Europe's economic mainstay- warned France that there would be no renegotiation of the deal to keep the Euro afloat based on Sarkozy's austerity programs, which Hollande opposes. The government of German Chancellor Angela Merkel also warned that steps to spur France's economic growth which would push up French debt levels remain unacceptable. Meanwhile, voters in Schlesswig Holstein (from whence come my own maternal ancestors) dealt Merkel a blow by ousting the governing Center-Right coalition which was made up of the same parties which comprise Merkel's government.
Greece- perhaps the most dysfunctional of the European commonwealth's member nations- was unable to even elect a government. Voter anger over austerity policies resulted in Neo-Nazi parties receiving 7% of the vote.
Will American voters display similar short-sightedness this November? Hard to say. But with President Obama's Democrats unwilling to accept deep cuts in social spending, and Mitt Romney's Republicans unwilling to face the fact that tax increases will be absolutely necessary to make inroads on a deficit which threatens America's prospect of ever again being financially viable, no result would bode all that well for our nation's economic future.
But perhaps Romney could talk some sense into his fellow Republicans from the "bully pulpit" of the Oval Office. The chances of Obama- himself a member of the intransigent wing of the Democratic party- seeing reason himself, much less talking sense into his party's congressional delegation or rank-and-file, seem remote.
Will America be able to afford Social Security and Medicare in the future? To a considerable extent, that will probably depend on whether American voters are in better contact with reality than French or Greek or even German ones.
HT: Drudge
Comments
President Paul will cut $1 Trillion the first year.
Frankly, I don't think there would be anything resembling an America under a President Paul after the first year. A trillion dollars of cuts in a single year would destroy the entire fabric of American society as we know it and probably put our national security at serious risk. But then, having Crazy Ron in the Oval Office would do the latter all by itself.
There is no way Paul would accede to the tax increases that WILL be necessary to bring the deficit under control no matter how much is cut. Perhaps Romney won't cut spending as much as he should; perhaps he will. But he's a better shot to responsibly address the deficit than either Obama or Crazy Ron.
Fortunately, there will never be a President Paul- for which all sane and patriotic Americans should humbly thank their Maker.