November 17, 2011

DAN MITCHELL: FIVE LESSONS FOR AMERICA FROM THE EUROPEAN FISCAL CRISIS. Here’s a key one: Nations reach a point of no return when the number of people mooching off government exceeds the number of people producing.

Plus: “If nations want a return to fiscal sanity, they need to follow ‘Mitchell’s Golden Rule,’ which simply states that the private sector should grow faster than the government.”

UPDATE: Reader Bart Hall writes: “Lesson #6 — Immigration will not solve a demographic problem unless those immigrants become well-assimilated and productive citizens.”

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