Found an article by Walter E. Williams this a.m. that candidly describes, imo. the reason for the mess in both Europe and the U.S.

Snippet:

"What's the common thread between Europe's financial mess, particularly among the PIIGS (Portugal, Ireland, Italy, Greece and Spain), and the financial mess in the U.S.? That question could be more easily answered if we asked instead: What's necessary to cure the financial mess in Europe and the U.S.? If European governments and the U.S. Congress ceased the practice of giving people what they have not earned, budgets would be more than balanced. For government to guarantee a person a right to goods and services he has not earned, it must diminish someone else's right to what he has earned, simply because governments have no resources of their very own."

Comment:

The reason this “destructive trend” will continue is very simple, imo.

The politicians of today are “lifers” (except for one or two). Their very existence depends on continuing to add to their voter base.

In their educated minds (oxymoron if ever there was one), to have to do what is best for society, would virtually ensure their non re-election. Ergo,” keep kicking the can down the road”.

In the U.S., there is at least one politician that cares less about re-election, understands the problem and wants to fix it. He is naturally vilified by all others as he definitely would intrude on their “gravy-train”.

Same in Europe (U.K.)

Good Luck to all