Austerity By Another Name

Members of the Socialists and Democrats in the...

Members of the Socialists and Democrats in the European Parliament protest austerity measures at the Parc du Cinquantenaire in Brussels, Belgium on September 29, 2010. (Photo credit: Wikipedia)

There’s joy in the streets of Paris due to the election of a Socialist leader. No austerity for us, mon ami.

The alternative to European austerity strikes me as austerity under a different name. There ain’t no free lunch and you can’t forever consume more than you produce. You can steal from Peter to pay Paul, but sooner or later, Peter runs out of money. Someone has to clean up after the party is over.

Enough clichés? One way or another, the overspending economies will have to adjust. The only question is how. All of the options are painful. Politicians can pretend otherwise and voters can be clueless, but reality will not be denied.

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