Greece, Spain, and Portugal... All being run by socialist governments are on the brink of collapse and might bring the Euro down with them..

*** Socialism doesn't work.. has never worked... will never work ***

If we keep traveling down the path of trillion dollar deficits this is where we are going to end up..


All eyes have been fixed on Greece since the newly elected government announced in October that its budget deficit was far larger than previously estimated -- 12.7% of the country's gross domestic product, more than four times the limit allowed under rules set for the "eurozone," the club of 16 nations that use the euro as their currency.

The Greek Socialist government's new austerity plan calls for pay cuts and hiring freezes in the public sector, cuts in welfare spending, higher taxes on fuel, a rise in the retirement age and a crackdown on the endemic tax evasion and corruption.

Officials say the measures will cut the big fat Greek deficit down to 3% by 2012, although some analysts describe that as wildly optimistic.

The EU has given its seal of approval but, in an unprecedented move, has essentially put Greece under supervision, demanding regular progress reports from a country with a reputation for fiddling with its economic figures.

Because of investor fears, Greece's credit ratings have been slashed, making borrowing much more expensive. That's bad news for the government, which must raise about $32 billion over the next few months to service its debt.

One in six Greek workers is employed by the state, usually in a job guaranteed for life, meaning that any attempt to slash the public payroll is guaranteed to run into a buzz saw of resistance. Layoffs are political dynamite; no government, not even the present one, which was elected by a landslide in the fall, dares to suggest a big shedding of jobs.

Others dependent on the public purse are also not afraid to lash out when feeling threatened. Farmers demanding higher prices for their goods have blocked highways in northern Greece for weeks, at one point shutting down the border crossing with Bulgaria.

The question is whether Greece's leaders will maintain their resolve in the face of public opposition.

http://www.latimes.com/news/nation-and-world/la-fg-greece-crisis10-2010feb10,0,6844581.story

We will never be socialist so we have no worries there.

All the socialist crap is scare tactics.

Only the uninformed would be scared by it.

It isn't so much about becoming socialist, because I agree it will never happen.. What is relevant, is the % of debt compared to GDP. The loss of credit rating. The massive expansion of government jobs.

If we continue our deficit spending we could very well see ourselves in the same position. That is not a scare tactic, that is basic economics.

well pardon me ( WHATS WRONG WITH Socialism ) IN TRUTH IT'S ALL WORKS GREAT IF YOU BALANCE IT OUT . STOP THE CHEATS .to qoute the great philosopher .Rodney king Can't we all just get a long ?

its been a few weeks, but I was reading a article a while back about how their health care system is on the verge of collapse

Our economy is in the tank.

Economist have said that we cannot worry about our deficit while we are in recession.

It has to be worried about after we are back on track.

So all the scare tactics about the deficit are just more rhetoric too.

We will have to worry about the deficit later.


Now these bailouts, I don't agree with them so much. I do not think they are helping as much as would be expected.

But as for worrying about all the spending elsewhere to get the economy going, I agree with.

I am willing to pay more taxes even to help it happen so that the recession will last a few years less.

They have no money to pay for any of their social programs. They have a social welfare program that pays people not to work.. Pretty sweet..

The administration and the CBO have both projected 10 more trillion in deficits from 2011-2019.. That has generous growth projections and the end of the Bush tax cuts included. We can't worry about it later. It's already becoming too late.

There will not be a "too late" that is the scare tactics.