We Can't Tax Our Way Out of the Entitlement Crisis

By R. GLENN HUBBARD
August 21, 2008; Page A13

Given the hearty support Democratic presidential candidate Barack Obama received in Europe last month, he must have noticed the surprise and skepticism among some Germans when he asked that Europeans contribute more for defense. Many Europeans argue they cannot afford such an additional expenditure.

They are right. And therein lies a cautionary tale for the United States, because continental Europe has been following something like Mr. Obama's plans for spending and taxes.

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