As our current administrations, both local and national, blindly race to cure all the ills of capitalism (as they see them) and solve everyone’s social needs, I hope they are paying attention to the European socialist model they view as so attractive.
There is no question where this is headed — Greece is just the first domino in the Euro self-destructive game. Massive entitlements, union inflexibility, discouragement of free market principles, excessive regulation and resultant economic stagnation, leading to unsustainable debt, is a formula being played out in front to us. Yet, onward we go, rationalizing our decisions as immediate crises rather than making fiscally responsible and prudent decisions in some blind hope that the cliff in front of us will magically change.
Next year, the U.S. debt service will become our largest budget expenditure, so the current solution is to spend more money we don’t have? Hard to imagine any more efficient way to grease the skids to junk bond status! Not a very compelling endorsement of Harvard’s economic studies department!
Ray Emery
Snohomish
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