The problem facing the Western world isn't very difficult to figure out: we've spent tomorrow today, and we can never earn enough tomorrow to pay for what we've already burned through. When you're spending four trillion dollars but only raising two trillion in revenue (the Obama model), you've no intention of paying it off, and the rest of the world knows it. In Greece, the arithmetic is starker. To prop up unsustainable welfare states, most of the Western world isn't "printing money" but instead printing credit cards and pre-approving our unborn grandchildren. That would be a dodgy proposition at the best of times. But in the Mediterranean those grandchildren are never going to be born. As I pointed out in my bestselling hate crime America Alone four years ago, Greece has one of the lowest fertility rates on the planet—1.3 children per couple, which places it in the "lowest-low" demographic category from which no society has recovered and, according to the UN, 178th out of 195 countries. In practical terms, it means 100 grandparents have 42 grandkids. Greek public sector employees are entitled not only to 14 monthly paycheques per annum during their "working" lives, but also 14 monthly retirement cheques per annum till death. Who's going to be around to pay for that?
from Mark Steyn