Paul Krugman has a column in today's New York Times comparing America to Spain and asserting that the Federal Reserve, and its control over the dollar, is "the one big advantage we have over the suffering Spaniards."
But there's another big difference between America and Spain, as the president of the American Enterprise Institute, Arthur Brooks, who knows Spain well, has written:
The International Social Survey Programme asked Americans and Europeans whether they believe "It is the responsibility of the government to reduce the differences in income between people with high incomes and those with low incomes." In virtually all of Western Europe more than 50% agree, and in many countries it is much higher—77% in Spain, whose redistributive economy is in shambles. Meanwhile, only 33% of Americans agree with income redistribution.