Author Archives: gmcdavid

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About gmcdavid

Retired IT professional with a wide range of interests. Married. Three sons, two with autistic-spectrum disorders and the third being transgender with Ehlers-Danlos syndrome. From Chicago but now living in the Twin Cities metro, Minnesota. Episcopalian. Carleton College (BA 1972, physics) and Stanford University (MS 1974, Applied Physics; MS 1976 Statistics).

From Greece to ….

The Welfare State’s Death Spiral

What we’re seeing in Greece is the death spiral of the welfare state. This isn’t Greece’s problem alone, and that’s why its crisis has rattled global stock markets and threatens economic recovery. Virtually every advanced nation, including the United States, faces the same prospect. Aging populations have been promised huge health and retirement benefits, which countries haven’t fully covered with taxes. The reckoning has arrived in Greece, but it awaits most wealthy societies.