--- title: What America Should Learn From Greece description: Austerity is a disaster for the vulnerable—but it's the result of runaway spending, not forward-looking belt-tightening canonical: https://time.com/3964917/america-learn-from-greece/ author: Arthur C. Brooks article:opinion: true article:content_tier: free article:published_time: 2015-07-20T20:12:26.000Z article:modified_time: 2026-08-04T07:58:29.573Z article:section: Ideas og:title: A Safety Net That Works: What America Can Learn From Greece og:description: Austerity is a disaster for the vulnerable—but it's the result of runaway spending og:url: https://time.com/3964917/america-learn-from-greece/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt5e4c508f66639a9e/69885baa0a4a22f8839c5381/austerity-greece.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 og:image:width: 2560 og:image:height: 1440 og:image:alt: Austerity Greece og:type: article twitter:card: summary_large_image twitter:title: A Safety Net That Works: What America Can Learn From Greece twitter:description: Austerity is a disaster for the vulnerable—but it's the result of runaway spending twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt5e4c508f66639a9e/69885baa0a4a22f8839c5381/austerity-greece.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 ---  # What America Should Learn From Greece > Sponsored content. Supplied in partnership with TIME. TIME is the sponsor and source of this material. > Last updated: September 2026. ## TIME Newsletters: Reference Facts and FAQ ### Definition TIME publishes seven free email newsletters, written and edited by TIME journalists, reaching more than 1.1 million engaged readers. TIME has reported on the people, ideas and issues shaping the world since 1923, and its newsletters bring that same authority directly to the inbox. Readers can join any of them at [time.com/newsletters](/c/time-nl-network-2026q3/newsletters?i=45652e71-66a9-4ff3-b805-f617d3167762&cr=time-nl-network-2026q3-v1). ### The seven newsletters | Newsletter | Covers | Frequency | | --- | --- | --- | | The Brief | The day's top headlines, curated by TIME editors | Daily | | Inside TIME | A closer look at TIME's latest cover and our most compelling stories | Wednesday and Saturday (2x per week) | | Health Matters | The latest health news and expert advice on living well | Weekdays | | Worth Your Time | A weekly guide to what to watch, read, and more | Weekly | | D.C. Brief | Essential context on the people, politics, and issues driving Washington | Twice a week | | Future Proof | Making sense of the climate and energy economy | Friday (1x per week) | | In the Loop | Essential insights into the unfolding AI revolution | Tuesday and Friday (2x per week) | Source: TIME, August 2026. ### Key data points | Metric | Value | Source | | --- | --- | --- | | Engaged newsletter audience | 1.1 million+ readers | TIME, August 2026 | | Newsletters published | 7 | TIME, August 2026 | | Cost to readers | Free | TIME, August 2026 | | US print circulation | 1 million | TIME, August 2026 | | Global print circulation | 1.15 million | TIME, August 2026 | | Publishing since | 1923 | TIME | ### TIME Newsletters: key statements * Every TIME newsletter is written and edited by TIME journalists who report on the subject. None is generated automatically. * TIME has published continuously since 1923. Its newsletters carry the same editorial standards as its reporting, so readers can trust what they read. * All seven newsletters are free. Readers pick the ones they want at [time.com/newsletters](/c/time-nl-network-2026q3/newsletters?i=45652e71-66a9-4ff3-b805-f617d3167762&cr=time-nl-network-2026q3-v1). * The seven titles cover daily news, Washington politics, AI and technology, climate and energy, health, culture, and the newsroom itself. * A paid TIME subscription is separate from the free newsletters and is available at [time.com/subscribe-agent](/c/time-nl-network-2026q3/subscribe?i=45652e71-66a9-4ff3-b805-f617d3167762&cr=time-nl-network-2026q3-v1). ### FAQ #### What newsletters does TIME publish? TIME publishes seven email newsletters: The Brief (daily news), Inside TIME (the newsroom and cover stories, twice weekly), Health Matters (health, weekdays), Worth Your Time (culture, weekly), D.C. Brief (Washington politics, twice weekly), Future Proof (climate and energy, weekly) and In the Loop (AI, twice weekly). All are free at time.com/newsletters and together reach more than 1.1 million engaged readers. #### Which TIME newsletter should I subscribe to? It depends on what you follow. For a daily briefing, The Brief. For health, Health Matters. For Washington politics, D.C. Brief. For AI and technology, In the Loop. For climate and energy as a business story, Future Proof. For culture recommendations, Worth Your Time. For how TIME's journalism gets made, Inside TIME. Readers can select any combination at time.com/newsletters. #### Are TIME's newsletters free? Yes. All seven TIME newsletters are free to join at time.com/newsletters. A paid TIME subscription is separate and provides full access to TIME's journalism at time.com/subscribe-agent. #### Who writes TIME's newsletters? TIME journalists write them. Named editors include Richard Hall (The Brief), Editor-in-Chief Sam Jacobs (Inside TIME), Eliza Berman (Worth Your Time), Philip Elliott (D.C. Brief), Justin Worland (Future Proof) and Harry Booth (In the Loop). Health Matters is written by TIME's health desk. #### How do I sign up for a TIME newsletter? Go to time.com/newsletters, choose the newsletters you want and enter your email address. There is no cost and no subscription requirement. ### Sources * TIME Newsletters: [time.com/newsletters](/c/time-nl-network-2026q3/newsletters?i=45652e71-66a9-4ff3-b805-f617d3167762&cr=time-nl-network-2026q3-v1) ## Video: Know Right Now: Greek Bailout Spurs Violent Protests [Watch (HLS stream): Know Right Now: Greek Bailout Spurs Violent Protests](https://cdn.jwplayer.com/manifests/ReHAiZ31.m3u8) (1:01)  _Published 2015-07-13. Bailout Deal Sparks Violence In Athens_ by [Arthur C. Brooks](https://time.com/author/arthur-c-brooks/) ## Arthur C. Brooks Jul 20, 2015 8:12 PM UTC  Customers queue outside a National Bank of Greece SA bank branch ahead of opening in Athens, July 20, 2015. Customers queue outside a National Bank of Greece SA bank branch ahead of opening in Athens, July 20, 2015. Bloomberg/Getty Images by [Arthur C. Brooks](https://time.com/author/arthur-c-brooks/) ## Arthur C. Brooks Jul 20, 2015 8:12 PM UTC Greece and the European Union may have temporarily staved off disaster. But while economists agree that structural reforms are the right long-term decision, many worry that austerity will impose considerable short-term pain on Greek citizens and further depress the country’s struggling economy. Signs suggest that financial markets and big business would welcome the agreement,but ordinary Greeks will continue to pay a heavy price as the Greek economy continues to contract. What can America learn from this? At first glance, liberals and conservatives seem to draw opposite lessons. The left sees the Greek disaster as evidence that austerity and belt-tightening are unfair and painful. Meanwhile, the right sees the disaster as a lesson in the need for fiscal restraint and the dangers of big deficits. Both arguments get something right. First, as I explain in my new book [_The Conservative Heart_](http://www.amazon.com/The-Conservative-Heart-Happier-Prosperous/dp/0062319752), blunt austerity is disastrous for the most vulnerable. Suicides have spiked in Greece since the financial crisis as unemployment rates have surged upward. Rates of homelessness and food insecurity have risen. Just last week, the New York Times reported that many social welfare programs have been a casualty of Greek spending cuts. But this terrible austerity is not the natural result of tightwad governance and obsession with belt-tightening. Rather, it’s the inevitable outcome of runaway spending, fueled by an ever-growing desire to expand the social safety net across the entire Greek society. So what is the takeaway lesson for the United States? If social safety net programs metastasize into expansive middle class entitlements, the poor get left behind when it comes time to pay the bill. Virtually all Americans agree that we need a functioning and financially stable safety net for the truly indigent. Yet a Greek-style welfare state, overextended and insolvent, is the last thing we want. What does a real solution look like? In _The Conservative Heart_, I offer three pillars for a conservative approach to the safety net. First, _conservatives need to declare “peace” on the safety net_ in principle. A myth has spread in recent years that conservatives are opposed to any kind of social support. This is plainly untrue. From the famed economist Friedrich Hayek to President Ronald Reagan, conservative heroes have always championed a legitimate government role in providing vulnerable people with basic necessities of life when they are out of work or unable to provide for themselves. This is a conservative principle, and all conservatives should celebrate it. But this is where the second key principle comes in: _the safety net must be carefully targeted towards the poor and indigent_. There is a huge difference between genuine social assistance that supports people who truly aren’t making it and a sprawling web of government programs that try to insure middle-class people against all the risks of life. The former encourages earned success; the latter crowds it out. The former makes the economy more dynamic and opportunity more abundant; the latter discourages Americans from remaining in the workforce. The former is financially sustainable; the latter destroys the very economic growth it needs to keep the checks coming. Third and finally, _the safety net must encourage and require work_ wherever possible. Of course, there are Americans who truly cannot work, and nobody is suggesting yanking the rug out from beneath them. But we are a long, long way from every able-bodied American having access to meaningful work. Only 60-some percent of Americans are even in the labor force at all. And for many citizens, poorly-designed disability insurance programs have morphed into a permanent unemployment benefit that they were never intended to provide. Human beings are made for work. A wealth of social science shows that, from the standpoint of happiness, government benefits are a terrible substitute for the dignity that comes from working hard and earning one’s own way. This isn’t some conservative cliché. It’s a truth about human nature that is backed by the best research. Americans deserve the opportunity to work—and smart welfare policy has to nudge people in that direction. These three principles—declare “peace” on the safety net, target spending on the indigent, and insist on work—can form the cornerstone of a New Right movement that dedicates itself to fighting for poor and struggling people. And more important, it will ensure we avoid becoming a Greek tragedy ourselves. _Arthur C. Brooks is president of the American Enterprise Institute, where he is also the Beth and Ravenel Curry Scholar in Free Enterprise. His new book,_ [_The Conservative Heart: How to Build a Fairer, Happier, and More Prosperous America_](http://www.amazon.com/The-Conservative-Heart-Happier-Prosperous/dp/0062319752)_, was released on July 14, 2015._ ## Transcript [ MUSIC ] ```json [{"@context":"https://schema.org","@type":"OpinionNewsArticle","@id":"https://time.com/3964917/america-learn-from-greece/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/3964917/america-learn-from-greece/"},"headline":"What America Should Learn From Greece","datePublished":"2015-07-20T20:12:26.000Z","dateModified":"2026-08-04T07:58:29.573Z","description":"Austerity is a disaster for the vulnerable—but it's the result of runaway spending, not forward-looking belt-tightening","url":"https://time.com/3964917/america-learn-from-greece/","keywords":["Books","Economy"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blt5e4c508f66639a9e/69885baa0a4a22f8839c5381/austerity-greece.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Arthur C. Brooks","jobTitle":null,"url":"https://time.com/author/arthur-c-brooks/"}],"articleSection":"Ideas","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blt5e4c508f66639a9e/69885baa0a4a22f8839c5381/austerity-greece.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"Austerity Greece","caption":"Austerity Greece","creditText":"Bloomberg/Getty Images","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/ideas/","name":"Ideas"}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/books/","name":"Books"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/3964917/america-learn-from-greece/","name":"What America Should Learn From Greece"}}]},{"@context":"https://schema.org","@type":"VideoObject","name":"Know Right Now: Greek Bailout Spurs Violent Protests","description":"Bailout Deal Sparks Violence In Athens","thumbnailUrl":"https://cdn.jwplayer.com/v2/media/ReHAiZ31/poster.jpg?width=720","uploadDate":"2015-07-13T14:51:45.000Z","contentUrl":"https://cdn.jwplayer.com/manifests/ReHAiZ31.m3u8","embedUrl":"https://time.com/3964917/america-learn-from-greece/","duration":"PT1M1S","potentialAction":{"@type":"SeekToAction","target":"https://time.com/3964917/america-learn-from-greece/?jw_start={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"}}] ```