Most people have heard that Greece's budget is a nightmare; that they have spent far more on pensions and entitlements than they have; that Europe (particularly Germany) is being forced to bail them out; that their austerity measures are producing violence among the young who will not receive the same entitlements as their parents.
What is not so well known is that these austerity measures will bring spending in Greece down to 120% spending of their gross domestic product by 2020. That is still an unacceptably high ratio of debt to production.
The United States debt ratio has just surpassed 100% debt to GDP.
Yet the POTUS has submitted a budget which he knows will not pass that will increase taxes on the productive, not enough to help but make things "fair," make superficial cuts that will not happen in increases, steals from Medicare and yet increases spending on union giveaways.
From Powerline:
After three years without a federal budget, in violation of the Congressional Budget Act of 1974, the Democrats are desperate to rationalize their irresponsible conduct. This morning on two news shows, State of the Union and Meet the Press, Obama’s Chief of Staff Jack Lew lied–I use the word advisedly–by trying to blame the Senate’s three-year failure to pass a budget on Republican filibusters:Hinderaker at Powerline goes on to quote Lew as blaming the Republicans for filibustering and resisting the Obama budget, even while knowing that a budget resolution needs only a 51% majority to pass and cannot be filibustered.
So while Greece burns, we wonder why the POTUS is increasing the likelihood of the future America looking like Greece.
Is this our destiny?
From The Guardian:
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