Jan. 11 (Bloomberg) -- Mitt Romney likes to contrast the
U.S. economic system with Europe’s welfare state. You can have a
merit society, he says, or an entitlement society, but not both
-- and an entitlement society is where the U.S. is heading if
Barack Obama and the Democrats get their way.
It’s a favorite Republican theme, and you can see why.
For one thing, there’s some truth to it. Contrasting the
American model of capitalism with the European alternative isn’t
absurd. The gap is narrower than it used to be, but they’re