Greece is a country going through a very difficult period, a socialist society unable to pay their bills, as a result of over promising public services. It has finally reached the point they can not borrower the money to meet the social obligations, debt and accumulating interest. Services and spending must be cut and a many of the people are completely dependant upon the government for everything. The people gave up their self reliance for a meal ticket years ago.
It is public health care, social welfare, public sector jobs, government employee pay, education, and government retirees pensions that must be cut. Today the Greece ten year government bond (the government’s credit card) yield is over 32%, you think the interest rate on your credit card is high! It will dramatically affect the life styles of every person in the country, and lower the standard of living for nearly all.
The problem is, there is not enough revenue coming into the government because they committed to spending it faster than they can tax away from the people. The spending problem is a result of the people of Greece depending on their government to provide for all their needs and giving away the control of health care, pensions, and social welfare. Totally dependent people are, to a degree people who have given up their liberty. Many may leave Greece seeking opportunity else where.
Economic growth alone will not pay off the massive debts, only great sacrifice, smaller government and lower standards of living, which will be required for many years.
Does moving to a “Land of Liberty” and opportunity sound familiar to you? Our Great Nation was built on the Freedom and Liberty of capitalism, free enterprise, self reliance, open competitive markets creating opportunities. Freedom to try anything and fail if you will. At the same time that Liberty allows us our freedom for our independent spirit, enterprise, innovation, and labors which can lead to fabulous success and reward.
America is being taken down the path of massive government spending policies accumulating huge debt service or payments and many promises of future government support to the masses, just as was Greece. It can be compared to looking into our future, except ours is a much larger scale of over regulation, taxation, and the government’s desire to control our health care, education, industry, research and development.
Picking winners and losers through government grants, loans, and bailouts. From huge banks to auto industries, energy sectors, education, and health care. Social promises made for social security, Medicaid, Medicare, public sector employees payrolls and their future care including complete dependency for income and health care, as well as all future veterans benefits. Like Greece, the government is doomed to fail.
For those of you working in the public sector, all of you folks completely dependent on the government for your job and your future retirement security and health care, it is time to wake up. They have yanked the rug out from under the peoples’ of Greece, and they have no other options. Austerity is coming to America. Today we must choose to start the difficult task of fixing this massive hole. We are far from the first generations’ of Americans to face great sacrifice, although our public schools may have failed to teach us this history. Public sector employee unions are of no help to the people of Greece and they won’t be in America.
We are borrowing forty cents for every dollar the American government spends today. We owe the principal plus interest on the debt, now over $15,350,000,000,000. We are committed to larger future obligations than we can afford today. We must shrink future commitments, shrink government, and shrink spending.
The current administration keeps expanding the spending. More agencies, more regulations, more social programs, expanded health care, more money to education, more subsidizes, more grants and government loan guarantees. Today government funding is virtually the only secondary market lending today, (Fannie Mae and Freddie Mac) those who loan the banks the money to loan to the people for residential home mortgages, then there is also FHA, VA, etc., all government backed loans. No private money is going to be loaned as long term mortgage money at today’s interest rates, and the Federal Reserve is keeping interest rates artificially low, they say for the extended future. The market and time will fix housing, the government can not fix housing, period.
You must vote, it is your responsibility, to your freedom, to your children and grandchildren, so as you go into the voting booth this fall, remember what America was founded on, the principles of Life, Liberty, and Pursuit of Happiness. Freedoms we can not afford to take for granted.
This election must be based on what has happened in America over the last few years, understanding that this could be the most important vote we all will cast in our lives‘. We must elect fiscal conservatives, men and women who believe in smaller government. Much will be asked of them, to be bold, brave, and unwavering in principle, just as much was required from our founding fathers and many generations since then.
America’s bright future can be restored, but today we are going the wrong direction. Today in America there is still middle ground between Total Austerity and staying our course, but like Greece this opportunity window will close.