Thursday, May 14, 2009
In Europe, Social Safety Net Softens the Slump
"While economic forecasts are just as dire on this continent as in the United States, Germany’s citizens — and, indeed, most across western Europe — can count on a broad government safety net that includes generous unemployment checks, universal healthcare and inexpensive university education to tide them over."
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Europe traditionally seems to be more willing to accept lower economic growth rates and higher unemployment in order to get more 'social security' and equality. USA has traditionally been unwilling to make this trade, but we are certainly moving in that direction now.
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