Joe Sternberg, in his WSJ editorial on Germany’s demographic decline, summed up socialism in one paragraph: Any entitlement state is vulnerable to demographic decline, which diminishes the proportion of working-age people available to fund it. European welfare states are especially vulnerable in this regard because they tend to provide strong disincentives for work among those of working age while paying unsustainably generous benefits to retirees.” Bingo. Americans should take heed with a keen eye on the current New York City experiment in “democratic socialism.”
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