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Gerry Clinchy
06-04-2012, 09:30 AM
Just heard on the news this AM that the European and Japanese stock markets had a steep decline as the perception is that the US is going to go into (did we ever really leave?) recession.

Tacked onto the end of that was a statement that in Europe, in order to support their health care and pension programs, they contemplate that the retirement age would have to be raised to 80. That could pretty much assure that most people never get to tap into the pension programs?

We keep looking to Europe or Japan for these "successful" models ... we have failed to notice that after 40 or so years, they have begun to show that they aren't working out so well. As with other Ponzi schemes, the ones who got in early were pretty happy with the results. The ones getting in later, are not doing so well.

And, yet, some of the programs might continue to stay afloat if economic growth could continue at a pace that would create sufficient new wealth. However, when govt siphons off capital from the private sector through taxes and excessive regulation, it becomes more difficult to keep wealth creation going.