The reason Europe can do that today is because of decades of being an industrial leader in the past. But Europe will not be able to do it tomorrow unless it continues to be an industrial power today.
Anyone can take time off work and go on vacation. That is certainly more enjoyable. But it's not an economic plan for high living standards in the future.
Europe is going to have a difficult winter. You are going to see announcements of government benefit cuts, higher costs, and this will continue up until the "high standard of living" in Europe catches up with the realities of economic output.
Anyone can take time off work and go on vacation. That is certainly more enjoyable. But it's not an economic plan for high living standards in the future.
Europe is going to have a difficult winter. You are going to see announcements of government benefit cuts, higher costs, and this will continue up until the "high standard of living" in Europe catches up with the realities of economic output.