By MARK STEYN
Earlier this month, Moody's downgraded Irish government debt to junk. Which left the Irish somewhat peeved. The Department of Finance pointed out that it had met all the "quantitative fiscal targets" imposed by the European Union, and the National Treasury Management Agency said that Ireland was sufficiently flush "to cover all its financing requirements until the end of 2013."
Which is more than the government of the United States can say.
That's not the only difference between the auld sod and America. In Europe, austerity is in the air, and in the headlines: "Italy Fast-Tracks Austerity Vote." "Greek Minister Urges Austerity Consensus." "Portugal To Speed Austerity Measures." "Even Queen Faces Funding Squeeze In Austerity Britain." The word has become so instantly ubiquitous that Leftie deadbeats are already opposed to it: "Austerity Protest Takes Place In Dublin." For the rentamob types, "austerity" is to this decade what "Bush" and "Iraq War" were to the last. It can't be long before grizzled old rockers are organizing some all-star Rock Against Austerity gala.
By contrast, nobody seems minded to "speed austerity measures" over here. The word isn't part of the conversation – even though we're broke on a scale way beyond what Ireland or Portugal could ever dream of. The entire Western world is operating on an unsustainable business model: If it were Borders or Blockbuster, it would be hoping to close the Greek and Portuguese branches but maybe hold on to the Norwegian one. In hard reality, like Borders only the other day, it would probably wind up shuttering them all. The problem is structural: Not enough people do not enough work for not enough of their lives. Developed nations have 30-year-old students and 50-year old retirees, and then wonder why the shrunken rump of a "working" population in between can't make the math add up.
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Earlier this month, Moody's downgraded Irish government debt to junk. Which left the Irish somewhat peeved. The Department of Finance pointed out that it had met all the "quantitative fiscal targets" imposed by the European Union, and the National Treasury Management Agency said that Ireland was sufficiently flush "to cover all its financing requirements until the end of 2013."
Which is more than the government of the United States can say.
That's not the only difference between the auld sod and America. In Europe, austerity is in the air, and in the headlines: "Italy Fast-Tracks Austerity Vote." "Greek Minister Urges Austerity Consensus." "Portugal To Speed Austerity Measures." "Even Queen Faces Funding Squeeze In Austerity Britain." The word has become so instantly ubiquitous that Leftie deadbeats are already opposed to it: "Austerity Protest Takes Place In Dublin." For the rentamob types, "austerity" is to this decade what "Bush" and "Iraq War" were to the last. It can't be long before grizzled old rockers are organizing some all-star Rock Against Austerity gala.
By contrast, nobody seems minded to "speed austerity measures" over here. The word isn't part of the conversation – even though we're broke on a scale way beyond what Ireland or Portugal could ever dream of. The entire Western world is operating on an unsustainable business model: If it were Borders or Blockbuster, it would be hoping to close the Greek and Portuguese branches but maybe hold on to the Norwegian one. In hard reality, like Borders only the other day, it would probably wind up shuttering them all. The problem is structural: Not enough people do not enough work for not enough of their lives. Developed nations have 30-year-old students and 50-year old retirees, and then wonder why the shrunken rump of a "working" population in between can't make the math add up.(More...)
3 comments:
I was able to fix my credit by getting a Mastercard with a higher line of credit to pay off my Visa bill. The interest is only a "little" higher.
"Developed nations have 30-year-old students and 50-year old retirees,,,"
I question the term "developed", other than that Steyn is of course spot-on.
History: When a nation gets too soft another group comes along and kicks their butt. That doesn't mean everybody in the nation is corrupt and/or soft, just the government. "We the people"elected obama. Enough said.
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