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Thursday, May 6, 2010

Beware Greeks Bearing Free Lunch

Related Link » Why Wall Street panicked
“What happened? In a word, Greece. […] The danger had been percolating in Europe for a while. But only this week did it seem to sink in with U.S. investors how closely related Greek's problems were to our own.”
— By David Cho, May 6, 2010 (WaPo)
Chances are our own Joe Sixpack is not too concerned about the daily ups and downs on Wall Street. That would be a big mistake, however. The evidence is palpable on the 6 o'clock news.

Why is there rioting in the streets of Greece, that front runner on the gravy train to national disaster? The Greeks are rioting because their day of reckoning is past due, and the free-loader majority isn't happy about paying for "free lunch".

You see, boys and girls, there really isn't any free lunch; it's a mirage that is conjured by irresponsible politicians who buy votes with promises of good-life entitlements that no one has paid for. Sooner or later the dreaded bill collector starts making inconvenient demands. And, guess what. It's Joe Sixpack who gets hit hardest, because the only way to raise enough money to pay off debts that are long overdue is via value-added taxation (VAT) and reductions in entitlements.

Reduction in entitlements affects most harshly those who have few if any alternatives. And the VAT is not, repeat not progressive, which means the poorest consumers are hit hardest.

So how's that hopey-dopey Obamacare working for ya?

You want fries with that free lunch?                              h/t Theo

Post #1,255 Beware Greeks Bearing Free Lunch

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