Legend has it that Nero fiddled while Rome burned. Alas, there weren't any actual fiddles at the time.
But today Athens is ablaze, and Rome may not be far behind. And nobody feels much like fiddling.
Greece, rife with corruption and unsustainable welfare spending, just approved an austerity plan in order to get a $170 billion bailout from other European countries.
The plan slashes the minimum wage, government jobs and welfare. So rioters have taken to the Athenian streets, burning buildings and attacking police. But the bailout may not reverse Greece's fortunes; an earlier one didn't. Greece may still go into default, as may Italy.
Meanwhile, on this side of the Atlantic, President Barack Obama is proposing a budget that promises more federal spending in areas such as education and transportation -- where previous federal spending has been wasteful and unproductive. And while the proposal gives lip service to eventual spending cuts, it would raise taxes almost immediately.
Which do you think is more apt to stay on the books: immediate tax hikes or down-the-road spending cuts? And do you think a lack of real spending cuts is more -- or less -- likely to push our country toward the sort of crisis we see in Greece?
related articles »
If the American economy were not so intertwined with trading and banking partners in Europe, and if European demands for ...
Will the euro -- the dominant currency of Europe -- survive?
Buckling under the weight of massive debt created by uncontrolled government spending, the nation of Greece is on the edge ...
Greece once boasted great philosophers and great architecture, such as the Parthenon, which still rises majestically upon the Acropolis in ...
"Which do you think is more apt to stay on the books: immediate tax hikes or down-the-road spending cuts? And do you think a lack of real spending cuts is more -- or less -- likely to push our country toward the sort of crisis we see in Greece?"
Another IQ test. I believe all the Lieberals will fail.
Greece is only the beginning. If the taxes on the rich are not brought back into alignment with what they were when this country was successful, we will see our own austerity sooner than later. And I fear it will come down to a war between the rich and the hungry. It is impossible to anti-spend our way out of this. If you do not have the money to spend in the first place, not spending it, saves nothing and solves nothing.
With the Fed able to create "new money" with a few key strokes, it becomes almost impossible for any of us to fully comprehend where this road will take us. The obvious presumption is that the direction is downward.
Nucanuck--
I agree with your point. You might want to rethink your position.
Or login with:
New Account