Posted on 02/15/2010 3:55:57 AM PST by Scanian
To think that Greece's troubles are an ocean and a sea away from where we stand in North America is to have your head in the Mediterranean sand. In Greece we have
a near bankrupt, over-indebted, overspending nanny state, drowning in future liabilities; where civil servants are pampered and overpaid; in which unions are demanding a continuation of their inflated wages and entitlements; and
productive individuals and businesses are leaving for more favorable climes.
Where have we heard all this before? Ah yes: California.
California is our Greece, and New York is our Italy.
(Excerpt) Read more at americanthinker.com ...
Strangely enough....there are dozens of comparisons to the two.
The actual problems that brought both to their knees? It’s been in the works for a minimum of three decades.
Political figures from the left and right helped both countries achieve their problem.
Teachers and professors in both countries have salary structures that make you laugh. Then they retire, and continue to collect pensions that the average guy can only dream of.
Everyone wants to come and visit Greece/California, but no one of real substance wants to permanently live in either and pay the taxes.
I could go on....but why bother? The curious thing here is that Greece will likely collapse and several governments will come and go. The question is what happens with California? Will the Fed’s save them or let them crash?
Near bankrupt, over-indebted, overspending nanny state, drowning in future liabilities.Or as Obama said we can spend our way out of this.
Actually, California’s down-slide is not like Greece at all. Greece is to Europe as Mississippi is the the USA. A far better, and more ominous comparison would be to assume that it were Germany, France, or the UK in the same financial mess as California.
Concurring bump.
Economic size matters, as does the lack of Goldman Sachs credit default swaps lurking on California's balance sheet.
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