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November 4, 2011
As Goes Greece
Topics: Political News and commentariesFrom Richard Fernandez' piece at PJM titled Endspiel (emphasis added):
CNBC says that "the eyes of the world have been trained on Greece for most of this week, but, as the Hellenic crisis approached breaking point, signs are that Italy will be the next focus. ... The key issues which a new government needs to address include a large-scale privatization plan and reform of the labor market." That makes Italy and indeed Spain precisely like Greece in that, with the last hope of financial escape shut in their face they find themselves left only with the alternative of weakening the unions, reducing their welfare levels and restoring competitiveness to their economies.Doesn't seem like too much of a leap to recognize that the U.S. is facing pretty much the same problems ... and in need of very similar solutions. Meanwhile, we have a president and his party that continues to strengthen unions, expand entitlements and the size of government, and decrease competiveness through policies of increased bureaucracy and regulations while causing our national debt to continue increasing ... all of which are certain to move us ever closer to the predicament facing Greece, Italy, and Spain.
Related: Helping to Explain Greece's Collapse in a Single Picture: (Politicians in Europe have spent decades creating a fiscal crisis by violating Mitchell's Golden Rule and letting government grow faster than the private sector.)
Posted by Richard at November 4, 2011 2:51 PM
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- As Goes Greece - Nov 04, 2011
