- Winston Churchill
Now I'm no economics expert - but I did stay at a Holiday Inn Express last night. Seriously though, if there ever was an indictment of the entitlement/welfare state, the disturbing diagram below has gotta be it's visual aide. I don't see how any of the schools of economic thought (Keynesian, monetarist, supply-side, etc) could say the situation outlined below is a good idea!
Amounts converted to US dollars. Image courtesy of the New York Times. The corresponding article is here.
I guess France isn't going to need Napoleon to take over Italy again. They've mostly bought the place already. Thanks for posting the graphic. Great stuff--in a horribly frightening, economic-collapse kinda way, mind you, but still interesting.
ReplyDeleteYeah... the phrase "ponzi scheme" comes to mind!
ReplyDeleteBrad- Thanks for the comment sir! I agree, intersting in that "oh sh**" kinda way.
ReplyDeleteAnon- Is it a ponzi scheme if it's inadvertent? I mean, I don't see the malice in this. All these countries have managed to do is get themselves into trouble.
For that matter, would even the most stalwart Keynesian would endorse this kind of deficit spending? I doubt it.