Is the US going the way of Europe?
On his recent trip to London, for the G-20 meeting, President Obama urged increased government spending out of Europe to deal with the global recession. He didn’t get it and we learned why on the front page of today’s WSJ, “US, Europe Are Ocean Apart on Human Toll of Joblessness”. Europe already has an expansive social safety net that is significantly cushioning the blow from mounting joblessness and as a result governments feel less pressure to spend. But the following passage in the article really caught attention: “The irony is that for years, Europe tried to rein in its own worker protections – long considered a drag on growth in good times – to emulate the faster growing US economy. Now, the
US is moving toward a more European system.”
|
Linear Mode
