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Isn't the problem in Greece that people don't pay taxes?
That is my understanding. There's a large black market in Greece and a severe lack of tax enforcement that is the root of their problem. Apparently for years its been very difficult collecting taxes.
Even if the entire small $50 bill was approved, it would likely cost a small fraction of that due to incremental taxes derived from the activity.
Most likely cuts will be north of $500 billion over a decade. So if we assume the net cost of stimulus is say $20 bill (40% of gross), that would amount to 6 MONTHS of a ten YEAR savings from reducing government outlays.
That is my understanding. There's a large black market in Greece and a severe lack of tax enforcement that is the root of their problem. Apparently for years its been very difficult collecting taxes.
Something that will be encouraged here more with growing inflation.
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