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Politics : Formerly About Advanced Micro Devices
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To: Maple MAGA who wrote (1503358)11/20/2024 11:16:54 PM
From: FJB1 Recommendation

Recommended By
Maple MAGA

   of 1575317
 
European welfare state is dying.

For decades, Britain’s Left-wing elite has looked at Europe’s high-spending social model with a degree of awe.

France, Germany and Scandinavia have long been viewed, perhaps through rose-tinted spectacles, as examples of what the UK could be if governments were not so tight-fisted.

Under Sir Keir Starmer, Labour is determined to give the country a much bigger state. Official projections published alongside the Budget last month show government spending will settle at around 45pc of GDP.

Spending has never been sustained at these levels before, only reaching such highs briefly in the nation’s worst moments – including the pandemic, the financial crisis and the 1970s oil shocks.

So at last the UK has a chance of becoming the high-spending social democracy of Labour dreams.




It is unfortunate, then, that this is the moment Christine Lagarde has chosen to issue an extraordinarily vivid warning: Europe’s social models are utterly unsustainable.

Weak and uncompetitive economies risk running out of money to fund their sprawling welfare states unless they can reverse decades of relative decline and emulate America’s runaway success in tech, the president of the European Central Bank (ECB) cautioned.

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