This paper does not take more than a glance at the headlines to see that European countries are in trouble. From Greece to Britain, from France to Portugal, it is becoming clear that the modern welfare state is unsustainable, facing fiscal catastrophe, stagnant economic growth, punishing taxes, and prolonged joblessness. European countries are being forced, kicking and screaming, to rethink their approach to social welfare. But how much better off is the United States? According to the Congressional Budget Office, the United States will run a budget deficit in 2013 of roughly $940 billion (CBO 2013). However, because this does not include “emergency” and other unbudgeted expenditures, it is likely that our deficit will actually exceed $1 trillion for the fifth consecutive year. Indeed, Congress recently approved a relief bill for victims of Hurricane Sandy that will add an additional $51 billion to this year’s deficit. And, while deficits are projected to decline slightly between 2013 and 2018, they are expected to begin growing rapidly once again thereafter, particularly once entitlement programs begin a period of explosive growth after 2020.[...]