So a question that made me wonder for a while now is how (according to Wikipedia) the US can have more than twice as much debt compared to the EU.
I guess the problem with EU is it's still too fragmented on some sides, and too united on others: its states can fail independently, but the banks are all connected. Since even the smallest of defaults is dangerous enough (we have seen it with Greece) to spread panic and eventually start a devastating chain reaction, the herd moves at the pace of the slowest member. Hardly ideal...
Oh, actually the reason I ask is that I don't really get how most European countries can have so much welfare compared to the US. I know there is taxes and stuff, but still when I compare the US friends and the EU friends incomes (don't know it from everyone, but quite a few) then it seems to be about even. Are there statistics? What they are able to afford appears to be about the same.
Maybe welfare, when it's also well done, partially pays for itself?
You can live your life much better if you know that you will be taken care of instead of abandoned if something heavy falls on you out of your control. Maybe you can also be more productive as an effect.