No. of Recommendations: 5
65-year-old retirees in France now have higher incomes than working-age adults
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Post World War II, Western European countries were able to attenuate their defense spending because of their confidence that the US would provide a substantial portion of their defense. This allowed them to provide their populations with substantial social protection.
The current US administration (as well as during the first Trump administration) has made it clear that it is up to Europe to invest in their militaries as the US will be less likely to put feet on the ground to protect them. This, coupled with the aggressive behavior of Russia over the past decade, has forced the European counties to pour money into military upgrades and expansion - as well as providing substantial aid to Ukraine.
In order to balance the budget, something has to give.
We, in the US, have a hard time understanding how Europeans get six weeks vacation a year, excellent medical programs, free education, can't be laid off, have high pensions and early retirement and are willing to settle for far, far less. That said, imagine trying to take away those benefits after they have been taken for granted for generations.
Jeff
