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Published: May 23, 2010 PARIS - Across Western Europe, the "lifestyle superpower," 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.
Europeans have boasted about their social model, with its generous vacations and early retirements, its national health care systems and extensive welfare benefits, contrasting it with the comparative harshness of American capitalism Europeans have benefited from low military spending, protected by NATO and the American nuclear umbrella. They have also translated higher taxes into a cradle-to-grave safety net.
That's the problem with socialism: eventually other people's money runs out.
That's the problem with socialism: eventually other people's money runs out.
I am sure that Europe will be fine. They will have to make adjustments- especially in the retirement age which is not even 65 in most countries and in some benefits but I am sure that they will work it out and maintain most of the social programs including national health care that they enjoy now.