The people of France, Greece and several other European locales, it is reliably reported, have just voted against “austerity.” This is cheering news. In future, I hope they will vote against rain, cold sores and bad sex.
If only it were so easy. Alas, the inability of so many European governments to pay for what they wish to buy out of the taxes their citizens wish to pay remains a reality, whatever anyone might have voted. That shortfall cannot be abolished. It must either be closed, through some combination of spending cuts and tax increases, or governments must borrow the difference.
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