This is what happens when socialist governments run out of other people’s money.
Greece’s economic train wreck has led to virtual bankruptcy, and there’s rumbling for an exit from the Euro currency. If Greece quits the Eurozone, the reinstatement of the drachma and a new system would be difficult. On the other hand, if Greece learns from its mistakes, it will create a more responsible government, start operating with a balanced budget, and encourage its citizens to wean themselves off the public dole.
Germany, one of the most stable countries in the European Union, has handled the euro zone debt crisis pretty well, thanks to Angela Merkel’s disciplined fiscal policies. Unfortunately, the leftwing Social Democrats (SPD) beat Merkel’s conservative Christian Democrats (CDU) in a recent showdown, and they’re feeding a backlash from the disgruntled beneficiaries of a long standing welfare state.
The United States isn’t faring much better, especially in the financially wrecked state of California. As of this year, California’s huge shortfall totals about $16 billion, and that’s probably a low estimate. Governor Jerry (Moonbeam) Brown is going the typical Dem route by pushing taxes to make up for decades of wasteful spending, much of it on “social services”. California is a microcosm of what happens when a state is controlled by a cabal of leftwing Dems, anti-capitalists, unions, and welfare proponents.
The entire country is reeling from years of government waste and gluttony. During the last 3.5 years of Obama’s socialist kleptocracy, America has fallen deeper into an economic abyss. It will take decades to recover from this.
The Europeans and the United States have cultivated a government Nanny State. Now that the consequences have hit the fan, we are witnessing the tantrums of an entitlement culture in response to austerity measures. The teat’s run out of milk, children. Time to grow up and live in the real world. Demand that your government does the same.