For years, European countries have been offering their citizens generous pensions, shorter work weeks and all kinds of protections from the "evils of capitalism." Which is all well and good, until the money runs out. As Margaret Thatcher famously said, "The problem with socialism is that eventually you run out of other people's money."
Well, economic reality is smacking the Europeans right in the face, and even the group of economic illiterates that run the New York Times are sitting up and taking notice. As you can read here, lots of chickens are coming home to roost in Europe.
Let's hope someone in the Obama administration reads this...and can understand it.