Well, the Gray Lady seems to be inching toward the realization that there are limits to government largesse First came the story of Policeman Tassone, drawing a $101,000-a-year pension at the age of 47. Yesterday came a story about the unsustainable level of social welfare in Europe.
“Across Western Europe,”
writes Steven Erlanger, “... the assumptions and gains of a lifetime are suddenly in doubt. The deficit crisis that threatens the euro has also undermined the sustainability of the European standard of social welfare, built by left-leaning governments since the end of World War II.....
“With low growth, low birthrates and longer life expectancies, Europe can no longer afford its comfortable lifestyle, at least not without a period of austerity and significant changes.
The countries are trying to reassure investors by cutting salaries, raising legal retirement ages, increasing working hours and reducing health benefits and pensions.”
Even more astonishing, Mr. Erlanger credits part of that lifestyle to U.S. military might: “Europeans have benefited from low military spending, protected by NATO and the American nuclear umbrella.” (“Protected by NATO”—that’s rich! Who has provided NATO’s muscle all these years?)
“In Athens, Aris Iordanidis, 25, an economics graduate working in a bookstore, resents paying high taxes to finance Greece’s bloated state sector and its employees. ‘They sit there for years drinking coffee and chatting on the telephone and then retire at 50 with nice fat pensions,’ he said. ‘As for us, the way things are going we’ll have to work until we’re 70.’"
In the good old days, Mr. Iordanidis could have escaped his treadmill by emigrating to the United States. No longer: in New York, a policeman can retire at 44, and with a much fatter pension. Blue skies! – Dan Ford