Greek Politicians have Operated a welfare state for years. Less than 56% of the Greek people don't work, and the government has grown. In order to secure votes, Greek politicians have been forced to increase handouts to people. After the last Greek default and subsequent bailout, Greece did not cut spending or handouts one bit. They spent the money loaned to them on socialist programs to support the government and people who don't work. Needless to say, Greece is out of money and cannot pay back its debt. Banks in Greece are closing after Friday's run on the banks. Monday may well see rioting and a collapse of the entire monetary system.
Sound familiar? The US, under Liberal leadership for the 20 years have engaged in the same practice, buying votes through handouts and social programs. Further exhausting the system, the government has imported vast numbers of dependent immigrants that have immediately been dumped into the welfare system. Currently over 35% of the US households are on welfare. If things don't change, the US is going to end up in the same place as Greece. Your opinions? http://finance.yahoo.com/news/greek-parliament-gives-green-light-000712713.html
Most Helpful Guy
You know that many left wing economists are saying that it is the right wing, neo-liberal economics prescribed by the troika that have crushed the Greek economy and created the humanitarian crisis? Though I agree that the Greek situation was ridiculous, it is more to do with corruption and incompetence than them being a welfare state.
Left and right wing economics I think are both effective at what they try to do. There's no right answer. Personally, I prefer a left wing approach.1
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