How many college kids do you know who racked up some credit card debt? Forget college kids, how about kids in their 20’s (note that the Obama administration thinks you’re a dependent child until you’re 26)? Here’s how it usually goes with a spoiled child…
Some spoiled kid starts using her credit card to buy stuff. A table for her new apartment; a new outfit for that Spring wedding; a flat panel TV… She has a decent job, but the credit card cranks up to $7,000.00 – then she is 6 days late on a payment. Oh s*&t. Now the introductory interest rate of 8% cranks up to 23.99%. Of course, the spoiled child doesn’t quite understand the ramifications of this. She begins to plan a trip to Cabo with some of her sorority sisters from college.
One day the statement goes to the parent’s home (the spoiled child still uses the parent’s address). Dad opens the envelop and is shocked. He calls the child. After argument, yelling, a little crying….
Dad cuts a check.
He covers five grand of the $7,000 owed and makes the spoiled child promise to buckle down and pat the rest. He will also cover the cost of her vacation – how could he say no? She had already been planning it and all.
6 months later – the spoiled child buys a new car and a new bedroom set. The credit card is back up – this time to $8,500.00.
Greece is the spoiled child. Here’s a country where some 25% of the population has a non-producing government job. These jobs are meaningless. But since the “right to work” is codified into the constitution, these jobs are necessarily a part of life. They get 6 weeks of paid vacation a year. They work a short work week (wouldn’t 30 hour weeks be sweet!). They have college paid for. Retirement is paid for. All health care is paid for. Greece is a spoiled child.
And they are broke.
They’ve racked up half a trillion dollars in debt and they can’t pay it. So what is the EU and IMF doing? They’re going to float them some money, just like Dad did to the spoiled child. But to what end?
All of the talking heads seem to agree, “…we have to do something…”
Why must the world step in and do something? Why shouldn’t Greece be held accountable to do something for herself?
Here is my solution: Let Greece eliminate government healthcare, eliminate education funding for everything past 12th grade, write off all pension obligations for everyone under 55, eliminate government regulation of key industries, and fire 65% of the government workforce. With that done, eliminate all taxes except the VAT, which should be reduced to 15%, and used only to fund core functions of government – just enough to keep it going.
Yep – it would be an awful 2 years. But it would fix the problem. With taxes gone and a de-regulated economy, the workforce would be enabled to find meaningful, productive employment.
Okay – I get it – maybe they can’t do all of this at once. But here is the central point: It is socialism that has failed, and failed BIG. What is needed is capitalism – it is the only thing that will rescue Greece. A fortunate by product will be the restoration of some national pride and a marked increase in self-worth. As it stands now, Greeks are rioting in the name of not being able to take care of themselves – how humiliating!
Those who would deny the cause of this are either dumb, or evil.