Is Europe's Social Welfare System Unfundable?

HopeTracker| In a short but provocative article, the NYTimes writes that Europe’s social welfare system cannot be perpetuated. All over Europe, big budgets, falling tax revenues and aging populations, accompanied by climbing deficits spell doom for governments’ abiliites to pay out the obligations promised their citizens.

Gross public social expenditures across the European Union increased from 16 percent of gross domestic product in 1980 to 21 percent in 2005, compared with 15.9 percent in the United States. In France, the current figure is 31 percent, the highest in Europe, with state pensions representing more than 44 percent of the total and health care, 30 percent. Read on Payback Time - Deficit Threatens Ample Benefits of European Life.