Europe Suffers a Failure on the Part of Its Leaders to Lead | Alberto Mingardi | Cato Institute: Commentary

Europe Suffers a Failure on the Part of Its Leaders to Lead | Alberto Mingardi | Cato Institute: Commentary: "nobody seems to be ready to try the straightforward device to trim the public debt by virtue of selling the huge Italian state holdings or severely cutting public spending. Instead, the political class seeks to squeeze its already highly taxed citizens like lemons."

"Italy's public spending is worth half of the national income"

"national governments estimate the political cost of cutting public employment to be too high, particularly in a recession and fear the possible social unrest this would likely cause. Blaming financial markets, Mrs. Merkel, or the euro for their current predicament is much cheaper."