"Demoralization is the real cause of Europe’s stagnation"

The root of economic problems in Europe?: “…Massive deficit spending throughout the eighties and nineties has left Europe with a public debt unequalled in history. The size of Europe's monumental public debt is only surpassed by the hidden liabilities accumulated in Europe’s shortsighted pay-as-you-go public pension schemes. . . .” I suspect Europe today provides a glimpse of where the United States could be headed, if we're not careful.