Methinks that EU opted to pay for blue helmets instead of continuous welfare.
Posted on 04/30/2010 8:04:07 AM PDT by TigerLikesRooster
April 30, 2010
Greeks face tax, pensions and pay misery in austerity plan
Emily Ford
An increase in the retirement age from an average ago of 53 to 67, a three-year wage freeze and cuts in public sector pay are understood to be among the austerity measures agreed to by the Greek Government in exchange for a €24 billion (£21 billion) rescue package.
The measures include severe cuts in Civil Service wages, with public servants losing their “13th and 14th” months’ salary and pension entitlements, a reduction of state benefits and tax increases on alcohol and tobacco to help cut the deficit.
Final details were still being decided last night with officials from the International Monetary Fund, the European Commission, and the European Central Bank. A final draft should be ready for approval by the Greek Parliament next week.
(Excerpt) Read more at business.timesonline.co.uk ...
P!
There will be riots.
Bwwaaaahahahahaha. Just gotta love it when reality bites the socialists moochers, looters and loafers in the ass. It warms my capitalist heart.
Oh yes, the government will fall.
Ah, Greece...your first clue to an unsustainable welfare state may have been the average retirement age at 53! OMG.
Aha, this proves it can be done. California here it comes...
Higher tax on Ouzo ?
Say it’s not so...
Ah...but the weather is nice and the scenery is great so living on a $3 a month pension won’t be so bad. Really.
>>”There will be riots.”
Oh yes, the government will fall.<<
Yep. It’s kinda funny how it works. One of the reasons I chose to buy the small farm in central Kentucky was that I realized that when (not if) this thing gets bad, the government is gonna have to do some incredibly unpopular things as their “death thros”. Urban areas will explode. Think of the Rodney King riots only significantly more intense, and in many if not ALL major cities.
Those on farms, etc. will be mostly concerned with protecting their property And in most cases that will not be an issue. I suspect most of Montana and North Dakota will be pretty boring during all this.
But People will be pretty desperate in the cities. It is rooted in several things, but here are two:
1. The government MUST increase tax revenue, but increasing taxes, when they are already above the “sweet spot” will actually DECREASE tax revenue.
2. They will HAVE TO cut services and lay off government workers, because there is simply no money to pay them. Those with the “Greek” sense of entitlement will hit the streets. This includes anyone receiving money directly from the government, be it employees or people on welfare, unemployment, etc.
I don’t know how bad it will be, but it could be really bad. This has been festering for almost a century. Remember, during the Great Depression there was no national debt, and the average citizen had net worth, not net debt.
This time it will be very different. How different is a matter of speculation, but I expect we will find out soon enough.
Meanwhile, this cracked me up. At least we still have plenty of cool aid:
Consumer rebound gives economy solid boost in Q1
http://news.yahoo.com/s/ap/20100430/ap_on_bi_go_ec_fi/us_economy
Times do get tough when you get rooked by the financial wizards.
Methinks that EU opted to pay for blue helmets instead of continuous welfare.
Typical - a Socialist government spends peoples money like water, get into trouble then want the people to suffer more under their austerity programs?
I think it is still possible to avoid wide spread violence here in the USA if we can elect the right people next nov. Cali is toast and maybe NY too. I am hopeful Texas can avoid the worst. I will be watching Greece closely cause that might be us in a few years.
You forgot one other very large group that will be effected: Those who are nominally in the private sector but rely upon government contracts, federal state and local, for a significant chunk of their income. Engineering and design firms, paving contractors, civil construction, defense contractors, etc.... And don’t forget Government Motors and 0bama Motors. Right now, government purchase of motor vehicles is all that’s keeping the corpse of 0bama Motors going. I know; because the feds offer a “grant” or kickback to local municipalities to buy their police cruisers and other police vehicles from 0bama Motors. It makes them the low bidder and they get the purchase. Our police department’s 2010 fleet are all Dodge Magnums.
Wait till that all implodes and the mess gets bigger.
“All these should be done, but not in 2-3 years. Going from retiring at 53 to 67 in a short time (while increasing taxes and cutting your children’s salary) is just asking for a civil war.”
Asking other countries to pay for your early retirement when they work until 67 is a sure way not to get them to give you the money you want.
They need to suck it up, or just have the civil war now, before you take other people’s money.
Yes quite a generous package. Retire at 53, receive a 13th and 14th monthly paycheck.
They are still taking other people’s money, $160 Billion or $16K for each person over 2-3 years, to be exact. All these draconian cuts are just to bring the deficit down to 3% while others pay their bonds.
I am with you, but merely hinting at will keep CNN busy for a while. What’s the stock symbol for Taser :)
Where do I get one of those 14 month calendars?
And do Marxuary and Leninember both have 31 days in them?
Not only that! Government pensions for the unmarried daughters of government workers!
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