Sustainability Part 2

To the post of February 11, 2009, "The Sustainability of Sustainability" should be added the "Sustainability of the European Social Market Economy?" Even if the Germans and French agree to bailout Greece from its immediate fiscal crisis, reducing the large fiscal deficits and curtailing the rising public debt of Greece and several other European social market economies will require massive reductions in public spending and higher taxes. As they materialize, say goodbye to the "social market economy" and its correlative philosophy "social justice."