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Today in Greece the people are rioting because of planned huge cuts in spending on social programs, pensions and civil service salaries. They were forced to cut their spending due to huge budget deficits and a bail out by the EU. They say other European Countries with huge budget deficits are next.
In a few years when America has to finally cut social security, medicare and other social programs do you expect riots to break out here?
It depends on the extent to which our own demand for entitlement grows. Greece is the perfect example when you try to run a domestic policy on rainbows and unicorns. 1/3 of the population works for the federal government and the work ethic seems to end at 55 (or whatever the entitlement age is over there). So naturally, you're going to get a government that spends a lot more than it should, both on its employees and on its entitlement benefits. The anarchists who are blaming this on capitalism probably don't have a clue about how economies works outside of their Karl Marx pamphlets.
Hopefully the people in power in Greece will ignore the collectivist rabble-rousing and listen to good economic logic by continuing to make cutbacks. Unfortunately, the US seems to want to head in the same direction. Our situation isn't going to get any better unless we can make some deep budget cuts ourselves.
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