GREECE

[Howey]

Some of you may remember lilMike's persistent and wrong comparisons of our nation with Greece.

As of this moment, that comparison is and has been in error. As I pointed out to him several times the economy of Greece is the size of Dallas/Ft. Worth.

Let's look at why Greece got in the sad shape it's in...

Greece has long lived beyond its means and spent much of the last two centuries defaulting on its debts. Joining the euro was meant to put an end to all that. However, it merely seems to have exacerbated its problems.

So Greece was defaulting on it's loans. Because it has historically defaulted on it's loans it's been charged high interest rates on the money it borrowed.

Aside from ridiculously high pension funds (nothing like those in this country), there was this problem, also:

Tax evasion, endemic among Greece's wealthy middle classes, meant that the Government's tax revenues were not coming in fast enough to fund its outgoings.

What else helped Greece get in a jam?

Ben May, Greek economist at think tank Capital Economics, said: "Their mistake was to go out, borrow money and use it to fund huge wage growth, rather than pay down its already substantial debts."

We're getting to the end. Finally. This is what caused the collapse and subsequent rescue of Greece by the EU:

Things have come to a head because the international rating agencies have cut Greece's credit rating, concerned that it will default on its debts. This has the immediate effect – just as when a credit agency cuts a consumer's rating – of pushing up the cost of its borrowing, setting off a vicious spiral.

Did you read that? Did you read the quote before it? In the first quote, substitute the phrase "two wars and a cost-prohibitive drug plan for seniors created by the pharmaceutical companies" for "wage growth".

In the second quote, substitute the word "Greece" for "the United States".

Because that's what's going to happen if the Republicans don't have a straight up/down clean vote on raising the debt ceiling.

And lilMike's dream of the United States becoming Greece will be realized.

[ekg]

Yeah it was almost a warning as to where the GOP was headed when they started the "Greece/USA" comparisons about a year ago... like a self-fulfilling  prophecy.. After all the 'waaaaaaaa' about how Greece defaulted on it's debts and has spiralled out of control because of it, a year ago, you'd think those same people would be eager to pass a clean debt-celing raise.. since they know what this country is in for..

but nope..

like Bohener said last night... This evil president wants to raise $400Billion a year in taxes on the wealthiest in this country over the next 10 years.. to offset the Trillion dollars in spending cuts and $700Billion in medicaid/medicare/SS cuts Obama gave them..

well, we can't have Gates/Buffet/Oprah/Shell/Exxon/Koch getting their tax-loop-holes closed at the rate of $40Billion a year now can we? The audacity!

[Howey]

since they know what this country is in for..

I wouldn't include Gates or Buffet in that list, but...

the only goal of the GOP is obvious

...make the black guy serve only one term as president.

[uselesslegs]

Eh, the Tea Party is ready to force "us" to take "our" medicine whether "we" like it or not.  I'll give them this much, owing to their love of all things 18th century (I mean really, who doesn't love a well crafted tri-corner hat)...the blood letting they want to do seems appropriate for the mind set.

[betteroffhere]

Eh, the Tea Party is ready to force "us" to take "our" medicine whether "we" like it or not.  I'll give them this much, owing to their love of all things 18th century (I mean really, who doesn't love a well crafted tri-corner hat)...the blood letting they want to do seems appropriate for the mind set.

i'm a bit confused here...

the tea party canidates that were elected...were elected to do their part...

are they doing what they were elected for ?

are they holding feet to the fire ?

[uselesslegs]

i'm a bit confused here...

the tea party canidates that were elected...were elected to do their part...

are they doing what they were elected for ?

are they holding feet to the fire ?

Indeed they are...but they are doing so without, as was said above, acknowledging the fallout that will positively occur if the debt ceiling is deemed an appropriate item to stand on to prove an unwavering point and our credit is downgraded. We're not going to get a pass because we're America.

This time last year, Greece was their symbol of all that is wrong with bloated Government and not spending wisely.  There is merit in their contention, but they're missing the big picture (either naively or purposely) and focusing like children on a singular aspect.  The debt ceiling is comprised of more than just overspending and the need to just cut up the spouses credit card to get the house back in order.  We're not talking about clothes that aren't necessary or tools for the garage that aren't needed.

The question that's being posed is, "Were we right to help a Senior, disabled individual, child or poor person have access to medical care and stipends to hopefully avoid extreme poverty and better health?...because it's draining our coffers and can't be sustained."  The part they're missing in that query is that even with the reform that passed, we still never actually tackled our out of control health care system (I suspect in the name of an individuals or corps. right to profit without bounds to the surrounding economic environment) nor have we in any real sense addressed the cut offs for SS and that abuse there in as well.  In essence...take away, to solve a problem that is unsolvable without the rest of the equation in tow.  

The most vulnerable will have to make due with less, in an environment that requires more...and an environment that will not be engaged in the foreseeable or distant future.  The alternative that's left as we move forwarded in an unadjusted, non-reformed atmosphere, will be even further cuts because there's no desire to seek reform where "individual liberties, i.e. capitalism" is threatened.