I’ve been asking anyone that will listen: “Greece is a microcosm of our future. What do you think is going to happen there? Are they going to declare bankruptcy and tell everyone they’re no longer open for business?”
A great article in Forbes about five lessons from Europe. We need to pay attention:
1. Higher taxes means more government, not lower deficits.
2. A value-added tax would be a disaster.
3. A welfare state cripples the human spirit.
4. Nations reach a point of no return when the number of people mooching off government exceeds the number of people producing.
5. Bailouts don’t work.