Tax Cuts In Strange Places

Hungary has approved tax cuts for next year. Angela Merkel wants to bring tax cuts to Germany. Solidly socialist Europe is slowly moving in this direction. While in the U.S. the answer seems to be more money for the government and more financial burden on the backs of the citizenry.

The sad thing is that most of Europe has a crushing obligation to entitlement programs that they likely will not be able to cut. While the U.S. has it's own obligations it has not yet reached the tipping point present in Europe.

I believe Europeans are realizing or maybe admitting that their system does not work. As Margaret Thatcher said, "The problem with Socialism is that eventually you run out of other people's money." Meanwhile, we have politicians in this country dead set on following the failed course in Europe. The attitude always seems to be: "It hasn't worked because we haven't tried it. Our results will be different from the rest of history." Not likely.