Decline of Europe
Posted by bcooney on October 3, 2006
Fareed Zakaria’s “The Decline And Fall Of Europe” supports my previous article about the future of European economics. Europe is quickly falling behind in the global marketplace. It’s aging population and lack of work incentives will force Europe into decline if current trends hold. Growth occurs through innovation and Zakaria points out that science, education, and innovation are fleeing Europe. Coupled with the heavy socialized programs Europe is in a serious crunch. At its current rate those relying on government aid in retirement will outnumber those in the work force within 25 years. Despite this, many in Europe are pushing for shorter work weeks and better benefits. Europe is transforming into a time bomb.
Only growth has a chance to curb the decline in population and the underachieving growth rates. Growth will require an infusion of labor most likely from immigrants. In Europe however, great racism an biased exists against immigrants for ethnic and religious reasons. In term immigrants will eventually have to gain the rights of citizens if they are being taxed to take care of the native citizens. Only time will tell but Europe is in big trouble. Protectionism and Socialism are currently leading Europe into decline.
