Bitter years await Europe. The Europeans have chosen to go down the path of welfare and labour protection due to the unique historical circumstances they were in. Nobody can deny that their choices have resulted in kinder societies, with less of an underclass and a smaller gap between winners and losers when compared to America. But it has come at a price. If they were to forgo these policies, their GDPs would probably grow 1 to 3 per cent faster each year.
