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They spent way beyond their ability to repay it all back. Having run out of money they are no longer able to continue their reckless spending. Is that "bad" for them? Yes, but that is life.
If this was an individual we would call them irresponsible.
The answer is to continue spending money they do not have? How does that work? Confiscate 90% of what people earn? I find articles like this funny when they make it seem like they have any choice.
They never made any serious spending cuts and just used this economic problem as an excuse to raise taxes. Cut taxes, cut spending and reduce the regulations and the EU will thrive.
They never made any serious spending cuts and just used this economic problem as an excuse to raise taxes. Cut taxes, cut spending and reduce the regulations and the EU will thrive.
Is there any level of debt to GDP ratio that would cause concern among the liberals on this site?
CARACAS, Venezuela — As perishable foodstuffs rotted on cargo ships that had waited three weeks to unload at Venezuela's largest port, unsettled consumers this week found shelves at Caracas' main downtown market devoid of rice, cooking oil, sugar and other items.
Widespread scarcities and chaos at the nation's main ports, including Puerto Cabello, are just some of the problems Vice President Nicolas Maduro will face as he takes the reins of power in the absence of President Hugo Chavez.
If austerity is bad why not have hte govenment write a $100,000 check to every family to spur the economy onward? You know, forward?
Communism, it's only killed 100 million people and never worked in history but that's no reason not to try it again!
When you go over the cliff, it is already too late to correct it.
You are seeing the effects of the banks cutting off your credit card.
No, you and the government will not be able to borrow. Yes, that can hurt the lifestyle you have come to expect when living on credit all the time and never paying it back.
They've only had four years of their austerity. The fact that it's just made things worse is no indication that if it continues for the next four years, things won't get better.
Many of those European nations have unemployment rates as high as ours -- and the governments are feeding and giving free health care to their unemployed. That's not really austerity. Austerity means the people get off their hind ends and start working for a living.
You don't cut government spending when your economy is in a bad recession. Government spending accounts for 25% of total GDP.
The best policies are balanced. In a recession, spend on government programs that are on long term investments--infrastructure, education, R and D. Then when the recession ends, you scale back on government spending in measured steps, not all at once in a drastic fashion.
An austere government in a bad recession is probably the worst strategy you could pursue and will just prolong and worsen a recession and could have severe social consequences that can disrupt the fabric that holds a society together. Just look at Europe.
Europe got into a lot of debt after the world economy collapsed just like the US. It's amazing how the people and organizations responsible for 2008 STILL have not been arrested. And look at all the continuing suffering they've caused all over the globe--still 5 years later.
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Austerity Has been a disaster for Europe
