Subject: txt sclm - pubmny intl -
What we're seeing in Greece is the death spiral of the welfare state. This isn't Greece's problem alone, and that's why its crisis has rattled global stock markets and threatens economic recovery. Virtually every advanced nation, including the United States, faces the same prospect.
Aging populations have been promised huge health and retirement benefits the countries simply can't afford. The reckoning has arrived in Greece, but it awaits most wealthy societies.
Americans dislike the term "welfare state" and substitute the bland word "entitlements", but it's on the same path to insolvency...
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