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I wonder what economic policies led to this?
more...I can’t remember a major financial story which has been covered so inadequately by the financial press. All the incomprehensible eurospeak seems to have worked, along with the fact that the deal was announced in Brussels, where the general level of journalistic financial literacy is substantially lower than it is in London or New York or Frankfurt. On top of that, statements are coming from so many different directions — Eurocrats, heads of state, the Ins ute of International Finance, Greek officials, Portuguese and Irish officials, you name it — that it’s extremely hard to put it all together into one coherent whole.
I wonder what economic policies led to this?
I'm sure a certain poster from Arkansas will be along shortly to sort all of this out for us.
When Greece was campaigning to join EU, lots of people knew Greece was a basket case back then, unsuitable infrastructure, widespread corruption, inadequate legal system, political system, financial system, to be true Western country. Tax collection is a joke.
Doubters were right.
Of course, Wall St/Goldman was in there showing the Greek govt how to hide debt off books in risky, now disastrous, financial instruments.
Lets hope italy, portugal and spain is fkn next!!!
Italy is also VERY wobbly.
Too much spending without enough tax collection?
Right. Too much spending without enough tax revenue.
These:
Generations of Pork: How Greece's Political Elite Ruined the Country
Balkanska posla (Balkan business)
tbh, all those rich greek basketball teams paying stupid money for ty greek talent have something to do with it too
"Generations of Pork: How Greece's Political Elite Ruined the Country"
UCA political/financial elite have ruined the USA for Human-Americans. In that sense, UCA is just like Greece.
Just wait until the baby boomers all retire, we grow the non-taxed class to 55%, and 1 in 4 workers is employed by the state. That is when we'll be truly ed.
Overly generous promises to penioners.
Rampant tax avoidance caused by weak tax enforcement.
Lots of red tape that cause labor market to be inflexible
borrowing too much during credit crisis
corruption in the government
Among others.
(edit)
Here is a search of the economist coverage, it is pretty thorough:
http://www.economist.com/search/apac...mic%20problems
"Just wait until the baby boomers all retire, we grow the non-taxed class to 55%"
YOU LIE
It’s A Myth That 47% Of Americans Pay No Taxes, In Truth 86% Pay Taxes
The 51 percent figure is an anomaly that reflects the unique cir stances of 2009, when the recession greatly swelled the number of Americans with low incomes and when temporary tax cuts created by the 2009 Recovery Act — including the “Making Work Pay” tax credit and an exclusion from tax of the first $2,400 in unemployment benefits — were in effect. Together, these developments removed millions of Americans from the federal income tax rolls. Both of these temporary tax measures have since expired.
Let me explain—repeat actually—what this means: About half of taxpayers paid no federal income tax last year. It does not mean they paid no tax at all. Many s ed out Social Security and Medicare payroll taxes. In fact, only 14 percent of Americans didn’t pay either income or payroll taxes. Some paid property taxes and, it is fair to say, just about all of them paid sales taxes of one kind or another. So to say they pay no taxes is flat wrong.
However, this class warfare-like rhetoric plays to a perception that the income tax is a chump tax: Only hard-working folks like us pay it. The welfare queens don’t. The super-rich don’t. It is a powerful emotional argument. It is also flat wrong.
http://www.politicususa.com/en/half-...iticus+USA+%29
Barack Obama Is Now The Biggest Tax Cutter In American History
http://www.politicususa.com/en/obama-great-tax-cutter
The one financial person who did speak out against it was attacked personally by the WH.
You cannot compare the USA to Greece. There is a difference between being in debt and choosing not to pay it and being in debt and being unable to pay it. America is the former and Greece is the latter.
The coming oil crunch will create quite a few jobs in the energy sector, along with acting as an informal "tax" on goods that have to travel too far from where they are ultimately consumed (read: imported goods).
As the US imports less and less energy in the form of oil, and fewer goods, manufacturing will pick up some slack.
All is not doom and gloom padawan.
We can also throw open the doors for immigration at any time and create as many new workers as we want to.
Yeah, I went there. Hablas espanol? Takelmna Arabie?
Agreed.
Stats without context.
Maybe our resident context expert can tell us why these don't really mean much.
Somebody fire up the Cobra Signal!
Alternately, you can try to tell me what important data is missing here. I can, but will give you the chance to do the honest thing.
"manufacturing will pick up some slack."
no, it won't. Cheap mfrs like Taiwan, China, Indonesia, India continue to increase their mfring expertise and capability.
China continues to screw the world by holding their currency artificially low-vs-$US to boost their exports.
Mfrg in USA is long gone, and it and its jobs ain't coming back.
China is beating US in cost of solar panels, wind turbines.
A huge slice, 1000s of tons, of the SFO Bay bridge was shipped from Korea recently. Buy American? Even US govt doesn't do that, unless forbidden from buying overseas.
Against what?
Who?
Ouch on both accounts.
That figure is federal income taxes only. It doesn't count Social Security, Medicare, state, local, sales taxes, fees, etc.
Why does the left continue to lie? It never was said to be more by those generating those numbers.
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