Beginning in Greece, and spreading across Europe, we see clear evidence that the socialistic way of doing things is a failure. I do not see how the USA can avoid similar painful lessons, since we won't or can't stop government growth, intrusion, waste and expense.
There are two visions at work, two views of man and society. One says that the government is or should be the most important, biggest and most definitive factor in society. The other sees government as a necessary evil and wants to keep it to a minimum. The first view has the upper hand at the moment, but the second is having its point proven for it by the futility of legislating nirvana.
You run out of other people's money. You find that you cannot borrow prosperity. What you subsidize you get more of, what you tax you get less of. So when we subsidize failure and bad lifestyle choices and, to pay for that, we tax success and thrift, the trend down the drain pretty well establishes itself.
Greece is where Western civilization began. Is it now showing us how it ends?
Municipalities are feeling the pinch from spending too much money. It is like the federal trend and the trend at the state level. Everyone figured out ways to grow the government. No one thought the matter through. Now we need to shrink our governments at all levels--and we don't know how.
The financial situation in Europe continues to deteriorate. The news from Greece and Spain is discouraging and there are new rumblings in Portugal. As I have said before, the USA cannot escape a similar fate so long as we are pursuing a similar course. Last month the US government ran up the highest monthly debt in history. We lack the political will even to look squarely at the problem: You cannot borrow prosperity.