Shorter Paul Krugman: Within a couple of years we'll have combined the worst aspects of America and the worst aspects of Europe into a single monumental disaster. USA! USA!
I have an epically gloomy post on this general subject all queued up in my brain and ready to go. It will never see the light of day, but it's there. For a few bits and pieces of what it's about, however, check out Ed Luce in the Financial Times this weekend. He puts together several of the pieces.
The only good news I can think of is that if the French could revolt in 1789, maybe we can too — minus the guillotines and invasions of Russia, I hope. Maybe.