Given the demographic challenges of Europe (sub-replacement fertility of the most productive and the vast influx of net-negative aliens), it is wise to crash the system: Abandon welfare, pensions and subsidized healthcare.

With those shackles thrown off, countries have a chance of regrowth. The nation state can maintain national (and border) security, run natural monopolies, regulate pollutants, and that's it. Fund those services with Land Value Taxes.

The alternative is endlessly raising taxes and throwing the country into a deaths-spiral.