Let's get real: We're not like Greece

This is especially true when it comes to productivity, a fact that only now seems to be dawning on the people of Greece if not Europe in general. We have noted with interest that, from 2002 to 2008 alone, American productivity grew 28% – a rate 50% higher than among the 10 biggest economies in Europe.

From 1980 to 2009, real GDP per person – the best broad measure of both productivity and standard of living – grew 6% faster in the U.S. than in Europe. Sounds like a small difference, but it isn’t. In 1980, the average American produced just $4,500 more in GDP, after adjusting for inflation, than the average European. Today, the gap is $8,236 – and growing wider.

Thanks to its emphasis on free markets and entrepreneurship, and until now relatively little government meddling, the American economic system is a marvel that has created more prosperity and a higher standard of living than the world has ever known.

The only threat to that is the sharp left turn that this administration and Congress have taken in an effort to install a system that parallels that in Europe. It seems the only question is what kind of socialism will be adopted – Greece’s, Spain’s, Portugal’s, Germany’s or Britain’s?