Speaking of the formerly social democratic compact… January 15, 2014Posted by WorldbyStorm in Economy, European Politics, The Left.
…here’s another frontal assault on it. George Osborne in a speech to be delivered today, as reported in the Guardian:
Osborne will say the EU suffers from a chronic lack of competitiveness and that the European economy has stalled over the last six years while the Indian economy has grown by a third and the Chinese economy by 50%.
He will say: “Make no mistake, our continent is falling behind. Look at innovation, where Europe’s share of world patent applications nearly halved in the last decade. Look at unemployment, where a quarter of young people looking for work can’t find it.
Which leads to this:
Look at welfare.
“As Angela Merkel has pointed out, Europe accounts for just over 7% of the world’s population, 25% of its economy, and 50% of global social welfare spending. We can’t go on like this.”
It’s in the context of the European Union but that in a sense is almost irrelevant because it is the nature of the target, and the specificity of same, which is so apparent.