Journalist Says US and Italy Should Recognize Welfare State is Dead

Fiscal stability is on the minds of many Americans as the sequester deadline looms.

There’s been much discussion about how unpleasant the cuts could be, and how they might slow down the economy.

Europeans are brutally familiar with that kind of austerity.

Anchor Marco Werman hears the views of Italian journalist, Gianni Riotta, who’s currently teaching at Princeton.