On the other hand, compared to where we were two or three decades ago, the U.S. is more flabby than formerly. Samuelson looks at the challenges facing all developed nations and his first issue is this:
Their welfare states are overwhelmed. Aging societies face a collision between promised benefits and acceptable taxes. Either the first must be cut or the second must be raised. The politics are poisonous. As the Goldman report notes, how the United States handles its debt creates enormous uncertainty. The same is true elsewhere."Poisonous" is a fair description of politics in today's U.S. or the E.U.
