Costs of welfare

Here’s some interesting statistics by Angela Merkel.

“If Europe today accounts for just over 7 per cent of the world’s population, produces around 25 per cent of global GDP and has to finance 50 per cent of global social spending, then it’s obvious that it will have to work very hard to maintain its prosperity and way of life,” Ms Merkel said in the interview.
“All of us have to stop spending more than we earn every year.”

Pretty much obvious, but when you consider the levels of government spending across Europe, its shocking. For that matter across the board in the OECD countries, the level of spending is shocking. You know what pissed me off? is that we are spending and asking our kids to pick up the tab. That’s not being very good to our kids now, is it? bah