6/28/2011

Wolfman Report: Socialism; a loser?



Pittsburgh, Pennsylvania – June 28 –
I have been writing about Greece’s economic problems. They have a socialist government. Here’s an analysis of some of their problems:
From Wikipedia
The government of Greece agreed to impose a fourth and final round of austerity measures. These include:[60]
  • Public sector limit of €1,000 introduced to bi-annual bonus, abolished entirely for those earning over €3,000 a month.
  • An 8% cut on public sector allowances and a 3% pay cut for DEKO (public sector utilities) employees.
  • Limit of €800 per month to 13th and 14th month pension installments; abolished for pensioners receiving over €2,500 a month.
  • Return of a special tax on high pensions.
  • Changes were planned to the laws governing lay-offs and overtime pay.
  • Extraordinary taxes imposed on company profits.
  • Increases in VAT to 23%, 11% and 5.5%.
  • 10% rise in luxury taxes and taxes on alcohol, cigarettes, and fuel.
  • Equalization of men's and women's pension age limits.
  • General pension age has not changed, but a mechanism has been introduced to scale them to life expectancy changes.
  • A financial stability fund has been created.
  • Average retirement age for public sector workers has increased from 61 to 65.[61]
  • Public-owned companies to be reduced from 6,000 to 2,000.[61]
On 5 May 2010, a nationwide general strike was held in Athens to protest to the planned spending cuts and tax increases. Three people were killed, dozens injured, and 107 arrested.[62]
The vote on more austerity measures is supposed to take place Wednesday and Thursday. Newsvine member usa1 supplied the following links:
Comparable to kids in a candy store
Alt link to original
The situation in Greece could be duplicated in the United States of America.
If it does, austerity will take place.