Wolfman Report: Socialism; a loser?

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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.

Wolfman Report: June 21, 2011

 

 

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After the game

Wolfman Report: A New Kind of Tsunami

Some rights reserved by Mark A. Miller

An economic tsunami is threatening the United States.
We have borrowed money, but now our credit rating is in danger. The time may come where borrowing will not solve our problems.
We have printed money, and may print more. There is a limit though, as has been proved in other nations that printed money irresponsibly.
Then there is “tax the rich”. There is a limit to that too. I get the impression that some believe that “tax the rich” is a magical solution to money problems. I would like to point out that Greece has run out of money. Are they “taxing the rich”?  Answer: no.  In fact the taxes on smaller incomes are increasing in Greece; how can that be?

Greeks on modest salaries are furious that they have to pay ever higher taxes in the drive to reduce a towering budget deficit, while they believe the self-employed such as doctors and lawyers are guilty of flagrant tax evasion. Greece

If I was a "rich" person in Greece, I would leave. Also, if Greece "took" all the money from the "rich", it would not be enough to solve their debt problem, and they know it.

• So borrowing is limited
  
• Printing money is limited
  
• Taxing the rich is limited

When the limits of all three are reached, the tsunami hits. No more social security checks, no more Medicare, Medicaid, or food stamps. No military.
None of these:
Federal Department of Education, Department of Energy, Small Business Administration, Securities & Exchange Commission, Peace Corps, Office of Personnel Management, Occupational Safety and Health Administration, Nuclear Regulatory Commission, Consumer Product Safety Commission, Drug Enforcement Administration, Environmental Protection Agency, Federal Aviation Administration, Equal Employment Opportunity Commission, Federal Communications Commission, Federal Deposit Insurance Corporation, Federal Election Commission, Federal Emergency Management Agency, National Aeronautics & Space Administration, National Endowment for the Arts, National Endowment for the Humanities, National Highway Traffic Safety Administration,National Security Agency, Voice of America, and last but not least; The Social Security Administration,Fannie Mae, Freddie Mac, HUD, FHA, VA.
Several million government employees would be out of work.

As the government struggles to prevent Greece from defaulting on its debt, the Socialist cabinet will discuss informally on Monday the medium-term economic plan which will impose 6.4 billion euros ($9.37 billion) of extra austerity this year alone. Greece