Originally Posted by Rohirrim
You just love running around with your hair on fire, don't you? Social programs are not the fundamental cause of the European crises. Low interest rates drove out of control spending and when the merry go round stopped, they found themselves mired in debt, just like us. Most of what happened is the result of uncontrolled greed.
Ultra-low interest rates have only been around the last 4 years. What to make of the European debt accumulated pre-2008...even with the highest taxes in the world?
It's just like you said, "out of control spending". And that is precisely what Obama is guilty of. He had a chance to change the tax rates to pay for his unprecedented increase in government spending, during the 2009 budget process...and instead locked in the largest spending deficits in the history of the world.