The Beat Goes On

The big story in Europe, after all is said and done, is that the "entitlement state" will continue for a while longer.  No reform on the horizon.  This means economic stagnation, high unemployment and virtually no opportunities available for young labor market entrants.  This will continue until the entitlement state of Europe collapses for lack of other peoples money.

The US is now patterning its own economic policies after those of Europe.  The result: economic stagnation in the US.  Nothing on the horizon will change this.  The desire to battle inequality mainly serves the interests of societies' wealthiest citizens and protected government employees.

The US is becoming a "rentier" society, where the rentiers are those with political power who can use their political power to enhance their own personal wealth.  The Clintons and Gores are the most salient recent examples of using political power to enhance wealth.  Those who produce wealth by creating products and services that consumers want are villified by politicians as greedy villains. Those who use political ends to create their own personal wealth are seen as morally and politically correct heroes.

A sign of change might come some day when and if one of those battling against inequality arrives to the fray in something other than a limousine or their own private jet.

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