Hmm, if you want to play that game: it sounds about right since it was your moronically under-regulated, nigh fraudulent sub-prime mortgage market which contaminated the European markets and cost millions of European people their jobs.
Socialism caused the EU mess, not capitalism.
European Socialism: Why America Doesn't Want It
Denmark has the highest total tax pressure in the world and is towering far above the European average. It also has the smallest private sector in Europe, one that supports one of the biggest public sectors. Add to that a generous entitlement system allowing unemployed and unemployable citizens an income well above that achieved by full time employees in the private sector in many European countries, and you will observe a need for tax revenues nearly unmatched anywhere else in the world.
This is not surprising, since more than half of the adult population is either working in the public sector or living on some form of social transfer payment. Out of a total population of 5.6 million, a little more than 2 million are pensioners, unemployed, sick or on social transfer payments for other reasons. Around 800,000 are employed in the public sector. There are only around 1.8 million that are not directly dependent on state payments in some shape or form. But even among this group, there is high focus on cheap, subsidized childcare, free health care, child bonus payments, subsidized housing and an infinite number of other ways to secure some additional income from the state.
The recent rise of socialists that continue to hand out huge public expenditures combined with the broadly supported tax reform is going nowhere in terms of really moving the dial between public and private sectors. Even more, it highlights the fundamental challenges of a social welfare society, and the extreme vulnerability of business and capitalism operating within it.
So if there is no hope for reforms of the welfare society, the next question must be whether capitalism can exist or co-exist in the long-term in a social welfare state. Essentially, the answer has to be no. A social welfare society that wants to embrace and benefit from some form of real capitalism in the long run will need to: set very stringent parameters for the amount of welfare available to its citizens as a percentage of GDP; set a maximum limit for taxation and government debt levels; secure strong fundamental incentives written into a constitution; and, secure basic negative rights for its individual citizens.
In addition, it will need to embrace a different rhetoric and give up on equality of outcome as a key objective. It needs to welcome, encourage and praise large contributors to the economy rather than vilify them and berate them for populist purposes. It needs to demand responsibility from the citizens for their own economic situation and be very firm on abuse or exploitation of public support or services. It needs to stop victimizing large groups of the society and stop pricing them out of employment through minimum wages and similar initiatives. It needs to stop its politicians corrupting the democratic process through bribing particular voter groups to gain power.
Growing up in Denmark, I’ve seen this picture before. If America doesn’t want socialism its people must wake up and heed the lessons being played out in counties around the world – like Denmark.. If America doesn’t want socialism it must seek politicians and policies that allow the individual to have more liberty and freedom. If America doesn’t want socialism it must act now. But America must first answer the questions…. Does America Want Socialism?