The situation there is grim, and the financial and social systems there are buckling:
The worst nightmares of [...] Euroskeptics have been exceeded. The United States carried the luxury-goods industries of France and Italy and the engineered-products industries of Germany on its back for decades, but it will not and cannot do it anymore. Decline is reversible; more complicated is a death wish as thoroughly installed in the attitudes and practices of whole peoples as that of most of Europe.
If Europe cannot spark a demographic renewal, with a work force comprising fully half the people, flexible labor markets, tax rates that encourage savings and investment, an end to stealthily galloping inflation, and a reactivation of the economic and military muscle that alone confer credibility, it will quietly perish.
These are the results of cradle-to-grave statism, and Euro-socialist economic policies. There is no reason why this cannot happen here in the United States, in fact it probably already is happening. The laws of economics and common sense apply in our country as well as in Europe.
While President Downgrade and a do-nothing Democratic leadership in Congress sit around calling fellow Americans terrorists for wanting lower taxes and lower government spending, some people are actually stepping up to the plate, and being brave about what needs to be done:
…[W]e need to get serious about our deficit. No more accounting gimmicks. No more cuts in “out-years” that never materialize. The permanent political class in D.C. might be fooling themselves with these Enron-like accounting games, but they’re not fooling the world’s capital markets. And we don’t need any more happy talk from the White House about “investing” in solar shingles and really fast trains. The White House shouldn’t even bother floating these new spending programs. We can’t afford them. Period.
We need to stop this deficit spending, balance our budget, repeal Obamacare, cancel all unused stimulus funds, and reform our entitlement programs. We have to have an adult conversation about our spending commitments; circumstances have changed, and we must adapt.
I know none of this will be easy, but, “thick” or not, the average American outside the D.C. politico bubble knows that we no longer have a choice! We will have entitlement reform and a balanced budget; it’s just a matter of how. We can do it ourselves in a calm, methodical, and responsible manner, or we can wait for the world’s capital markets to ram it down on us.
That’s from Sarah Palin’s new Facebook post, which is well worth reading in its entirety, especially in the light of the recent S&P downgrade, and volatility in world markets.