You need to either raise taxes, reduce entitlements, or both. The sense of entitlement is the problem.
China will ultimately bailout the EU, and US, with conditions of course- just as they did post GFC... The reset will involve a new regime of international institutions and protocols.
China has won the trade war and from that monetary hegemony ultimately derives as it has done throughout history.
USA facing insolvency too...
https://www.wsj.com/politics/policy/the-next-class-of-senators-wont-be-able-to-dodge-the-social-security-crunch-67193b54
You need to either raise taxes, reduce entitlements, or both.
The sense of entitlement is the problem.
China will ultimately bailout the EU, and US, with conditions of course- just as they did post GFC...
The reset will involve a new regime of international institutions and protocols.
China has won the trade war and from that monetary hegemony ultimately derives as it has done throughout history.