Uruguay: Woe in Welfarelcmd

After 50 years of cradle-to-grave welfare statism, little Uruguay is tottering on the brink of bankruptcy. The country is rich in wheat and beef but hardly rich enough to afford such goodies as 100% pensions at age 55, a 30-hour work week, and 44 days of paid vacation each year for many workers. And so in the past five years the peso has skidded from 9¢ to 1.6¢ on the free market (the official rate has been abandoned altogether). Thus far this year, inflation has soared 45% while the foreign debt has grown to a staggering $515 million.

Two months...

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