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Brink of failure -- that way to me.
So what does Europe fan of Stephen Hill have to say about less.
He is it all -- all of Europe's promise while the European way is the best hope in an insecure age Stephen joins us from San Francisco Steve welcome back good to see against.
Great thank -- -- good to be back I -- civic and agree here and his might his like points of -- agreement.
Europe is going into a recession.
Europe is pulling back cutting back on its cradle to grave security system because it can no longer afford it while we agreed on that.
In the first part yes it looks like it's going into recession but you know they've been there before -- it is is not the first time that Europe's -- to recession on the credit cutting back -- cradle to grave.
They're cutting back they're trimming at some of the excesses but they start from such a point of generosity from the American point of view that I don't think there's there's too much to worry about there at least not yet I think I'd have to trim back a whole lot more Steven.
Because they -- truly broken he's not just Greece.
I mean it's -- you cannot afford to pay back 2.4 trillion dollars the money is not that so I think photo -- Italy's Italy's deficit Italy's deficit the last couple years has actually been yet quite look quite low is so they do you have this hanging get that there are they gonna have to deal -- that.
But eight you know everyone in Italy still as health -- areas of America would -- -- like trim fifty million people who don't have health -- okay I'm okay but that they've that they've gone to reform the European social model that gonna cut back a great deal more than they have already.
That I think I don't know that derivatives that's we'll see.
We'll see I mean you know that's what some people are saying that they've been saying that about Europe for 1520 years.
And they still have far more of these sorts of things not just the health care but they also have you know paid sick leave.
Paid parental leave.
They have minority you know your student yes you know -- -- -- tuition is is Steve and that's why don't not necessarily -- -- is well why don't we then why are we -- let's talk about why are we in this same message here tested to the hilt.
It has this massive cradle to grave welfare system which it cannot afford.
That's why they -- in this mess they spent one held it out and dismissed for that reason at all.
Because if you look at countries like Sweden.
Which also has what you're describing is this massive cradle to grave welfare state -- -- you wanna call they're not in this in this situation of Italy they're not a situation of Greece.
But neither is Germany neither is many countries in Europe -- -- it's not every country in Europe and having the problems that you're describing.
And they also have.
Health -- paid -- parental leave paid sick leave more generous retirement pensions so -- there probably are not so what is the problem in Italy Greece Portugal Spain Belgium increasingly friends what's that problem because they all broke.
What's the problem.
That Greece is definitely broke made only has that a debt.
-- Spain actually wasn't broke -- was doing quite well.
But they had a alike in the United States and Ireland to they had a housing market that was out of control their economy was too dependent.
On the housing construction industry and when that collapsed on a global basis that of course all washed over -- Irish and Spanish shores so each country's a little different.
But -- not simply the case that you can broad brush stroke it and I say every country is is on that I think have messiah I don't mean to cut you off -- Television is always tight on time with -- talk to David statement come back and and -- is again pleased that we've got a difference of opinion let's look at out thank you Stephen Hill yeah I think we we can have a good discussion about well it is important for Americans to like this I think to consider that we could learn from -- -- -- -- alright.
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