Thursday, May 27, 2010

Even the New York Times sees the writing on the wall

There was an important front-page article in the New York Times on Sunday. It lays out some specifics about the demographic and economic crisis that confronts Europe.
One small tidbit from the article: In the 1950's in Europe, there were 7 workers working to help pay the benefits of one retiree. That ratio is rapidly declining, and in 2050 there will be only 1.3 workers for each retiree. Considering that a large number of Europeans don't work much past 50 (more than 1/2 the workers in France), retirees are essentially going to be collecting benefits for more years than they were actually working.
The sad part is that the Times doesn't see that this type of fiscal disaster is coming our way as well, albeit a little more slowly. Practically every economic decision of the Obama Administration and the Democrats in Congress (that the Times reporters are constantly cheerleading) push us farther down that path to economic disaster.

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