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MOSCOW, June 7 (RIA Novosti) - Former Soviet leader Mikhail Gorbachev has said the United States needs to carry out far-reaching reforms if it is to successfully meet modern social, economic and environmental challenges.
In an article for the Washington Post, Gorbachev wrote: "In the West, the breakup of the Soviet Union was viewed as a total victory that proved that the West did not need to change. Western leaders were convinced that they were at the helm of the right system and of a well-functioning, almost perfect economic model. Scholars opined that history had ended. The 'Washington Consensus,' the dogma of free markets, deregulation and balanced budgets at any cost, was force-fed to the rest of the world.
"But then came the economic crisis of 2008 and 2009, and it became clear that the new Western model was an illusion that benefited chiefly the very rich. Statistics show that the poor and the middle class saw little or no benefit from the economic growth of the past decades.
"The current global crisis demonstrates that the leaders of major powers, particularly the United States, had missed the signals that called for a perestroika. The result is a crisis that is not just financial and economic. It is political, too.
Originally posted by Ferris.Bueller.II
The biggest factor I see that contributed to the collapse of the US economy is the entitlement mentality, the misconception that you deserve to be given everything without contributing anything. When this entitlement mentality started being legislated into law nationally back in the 80's, I saw the imminent collapse on the horizon.