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Wednesday, May 5, 2010

Don't feel sorry for the Greeks

At least, for the public sector employees...Private sector...well, that's a different matter:
The problem with not cutting back on spending is the government will default on its loans in March and send the country into a depression. There is no question about what will happen but the public sector unions do not seem to realize the situation and the part they play in the problem. Public sector employees are paid 14 months of wage every 12 months; this essentially is a mandatory bonus the government pays. In addition all government employees pay 10% less taxes then their private counterparts. One in three workers in Greece are civil servants and these workers can retire as early as 54 with 96% of their post-pension wages. These civil servants are earning full payment for being retired. The private sector workers can't retire until 62.

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