This article shortly and succinctly outlines the problems that some of these European countries are having in establishing a competitive economy. Ridiculous labor laws that stifle business are devastating particularly in such a globalized economic environment where lower labor costs can allow a competitor to "eat the lunch" of the higher cost business. These types of labor laws which slow economic growth are fine if an economy isn't dependent on outside financing but with European nations this is simply not the case. Italy has a tremendously buoyant and robust market for government securities which relies on outside investors, so to avoid paying extremely high relative rates, Italy and Spain must restructure these archaic laws. The United States is not immune either and the longer that the U.S. takes to really address social security, medicare, and other entitlements will only increase the severity of future problems.