Posted on 04/19/2013 8:08:35 AM PDT by DeaconBenjamin
The disposable income of Greek households decreased by 8.3 percent in the final quarter of 2012 compared to a year earlier, according to figures published by the Hellenic Statistical Authority (ELSTAT).
Household final consumption also fell 11.2 percent in Q4 of 2012, to 30.2 billion euros from 33.9 billion in the same quarter in 2011, ELSTAT said.
Disposable income fell from 35.4 billion euros in the fourth quarter of 2011 to 32.3 billion euros in the same quarter last year.
ELSTAT attributed this decline to a reduction of 13 percent in employees’ compensation and an 8 percent rise in tax on household income and property. Social benefits also fell by 5 percent during the period in question.
If the government allows the economy to correct itself, it may do so.
Here in NJ disposable income must be near record lows; I’ve never seen so many empty restaurants and stores (never mind the closed ones).
Socialism doesn’t work.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.