“California, which is crumbling fiscally, seems hell-bent on becoming France, which is collapsing.
Even as the French, like lemmings, gallop to the cliff on the heels of the Greeks and Spanish, influential voices in California insist that we must do the very same things that doom these socialist-tinged Europeans. Are there similarities already?
Let’s take France, a socialist experiment, where work is downplayed, leisure emphasized, the welfare state reigns and consequently, the economy flounders as the government veers toward insolvency and the people continue to demand more entitlements.
Remember last December when all 17 euro-zone countries finally appeared to be facing up to the problem wrought by their entitlement mentality that pretends everyone can live off someone else? They pledged to pursue fiscal discipline to ward off future crises, even though it wouldn’t do much to ease their economic crises of the moment. At last, grown-ups seemed to be taking charge. Of course, austerity – cutting debt and budgets and reducing spending – requires an adult approach, not adolescent insistence on instant gratification and perpetual comfort. Moreover, austerity not only defers rewards, it inevitably brings recession, the antithesis of living high on the hog.
So, how did that work out?”