Europe’s Last Best Chance: Cut, Cut, Cut

In Europe’s highly taxed economies, better tax compliance or selective revenue measures can produce only a small amount of additional tax revenue without undermining growth. Spending cuts are the only way to improve the budget position significantly. But that course will be difficult. In many European countries, the government pays benefits to a majority of the population.

http://www.project-syndicate.org/commentary/boskin18/English