of thousands of protestors looting, pillaging, wantonly destroying property,
chanting anti-government slogans, and cursing the president. The images are not
pretty, as even the mainstream media are finally covering the monumental story.
With obvious regret that it isn’t the Tea Partiers being covered, international
media are reporting the meltdown of a socialistic economic system.
president of Greece has warned that his country stands on the “brink of the
abyss” as anti-government mobs protest government efforts to reduce government
spending, entitlements, and wealth redistribution. The mob is comprised of
employees of the government they’re protesting. Civil servants and public
employee unions have mobilized in opposition to governmental efforts at
though Greece is relatively small on the global economic scale, it figures
prominently as the portent of eventual European Union dissolution. The nation
has only 11.3 million people, and its GDP is estimated at roughly $333 billion.
Thanks to EU and U.S. taxpayers, Greece is in the process of being bailed out.
First indicated at $60 billion, then $100 billion, then $120 billion, and
finally $150 billion is now being promised by the U.S. funded International
Monetary Fund and EU member nations to bail out the nation.
impossible to know where this will all end. Portugal, Spain, and Italy are in
nearly as bad of shape, as their appetite for spending has also far exceeded
their ability to generate the revenue to finance it all.
states in the U.S. are in just about as serious of financial disorder.
California, New Jersey, and New York are not in much better shape than Greece,
and will undoubtedly be beating a path to Capital Hill to panhandle Congress on
behalf of their debt-laden state coffers. Taxpayers will be hit up yet again to
bail out those who have no logical grasp of reality or comprehension of simple
laws of economics who have sought to create dependency on the government at the
expense of those who really produce.
of the most pathetic aspects of this mess is the fact that even the United
State of America is rapidly approaching that same break-point. The Social
Democrats in the European countries most in trouble have not only spent their
nations to the brink of bankruptcy, but their promises for entitlements and
continued wealth redistribution ensure financial instability and sovereign
insolvency at some point in the future.
Social Democrats in Washington have proven as adept at illogical financial
excess and fuzzy math as their European counterparts. Not surprisingly, since
they took control of Congress in 2006, the nation has lurched into a left wing
nose-dive. If not corrected by a more reasoned and logical congress in
November, the U.S. will be facing the same prospects as Greece, yet with much
more catastrophic consequences. A report issued in March by the Congressional
Budget Office indicates that Obama’s 2011 budget will generate nearly $10
trillion in cumulative budget deficits over the next 10 years, $1.2 trillion
more than the administration projected!
a third of Greeks work for their government, a figure not that far out of the
realm of possibility for the U.S. The “stimulus” from last year has proven to
be stimulative only to government growth. And like their Greek counterparts,
American civil servants are the most represented segment of the workforce
organized into unions. And as economic historian John Steele Gordon points out,
“Federal workers now earn, in wages and benefits, about twice what their
private-sector equivalents get paid. Government workers often have Cadillac
health plans and retirement benefits far above the private sector average: 80
percent of public-sector workers have pension benefits, only 50 percent in the
private sector. Many can retire at age 50.” While private employers were
shedding jobs during the recession, state and local governments hired 110,000
Charen, in a Wall Street Journal column noted last week, “And in a corrupt
feedback loop that may not be so very different after all from the Greek
practice, public employee unions give generously to Democratic candidates, both
in cash contributions and by manning phone banks, getting out the vote, and so
on. It's no coincidence that the states with the most powerful public sector
unions -- New Jersey, California, and New York -- are facing the most severe
nations’ politicians have got to get a grasp of reality, shake off the
imprudent and fallacious Keynesian notion of a nation spending itself out of a
recession. And unlike the
anti-government demonstrators in Greece, who are employees of the state and are
fighting for continued excess, American Tea Party demonstrators are speaking
out in opposition to the kind of spending that is giving new meaning to “Greek
ruins,” in hopes of staving off the same fate in our country. The Social
Democrats in our Congress, of both parties, must be removed from office and
replaced with people who know how to balance a checkbook.