Europe’s Last Best Chance
The social insurance systems in Europe and elsewhere are failing because they have promised too much, to too many, for too long. Greece and Italy, along with the rest of the EU, will demonstrate whether democracies with heavily benefit-dependent populations can rein in the welfare state's excesses.
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STANFORD – The resignations of Greek Prime Minister George Papandreou and Italian Prime Minister Silvio Berlusconi have highlighted how Greece, Italy, and many other countries obscured for too long their bloated public sectors’ long-standing problems with unsustainable social-welfare benefits. Indeed, for many of these countries, meaningful reform has now become unavoidable.