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Alkis Konstantinidis / EPA
Pensioners shout slogans during a protest against the government's austerity measures and pension cuts in central Athens, Greece, on July 12, 2012.
Louisa Gouliamaki / AFP - Getty Images
Pensioners march towards the Health Ministry in Athens on July 12, 2012.
Despite an ongoing heatwave, hundreds of pensioners marched in Athens and other Greek cities on Thursday to protest against the government's austerity measures and pension cuts, Agence France Presse reports.
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It is terrible that Greek pensioners are having their pensions cut but the money has to come from somewhere either through taxes or through borrowing. Since Greece is a financial basket case and will likely default on its debts any entity loaning Greece money shouldn't expect to get repaid. This puts a damper on lending so it is no wonder pensions are being cut as not enough revenue is raised in taxes to pay full pensions.
Bottom line is don't promise more that you can pay. The federal, state, and local governments here in the US need to learn the same lession before it is too late (if it isn't already too late).
Just my two cents worth.
I wonder if the "leadership" of Greece did the same thing that was done here in America? Namely, pirating Social Security and other pension funds. If the maxim is true: "That government is best, that governs least", then I submit most countries have crap government, run by thieves, liars and self-serving snake-oil salesmen.
Just my $1.50 worth - gotta keep up with inflation, you know. Written by a guy who remembers buying a loaf of bread for .19, a gallon of gas for .21, and a pack of smokes for .28 - makes me glad I quit smoking over 30 years ago. Unfortunately, I can't stop eating, and since much of America has crap mass transit, I gotta drive, too. Don't even get me started on medical care!
irate Ken wrote: "It is terrible that Greek pensioners are having their pensions cut but the money has to come from somewhere either through taxes or through borrowing."
That's the point the protestors are making: if Greece would collect the taxes that are owed but not paid by the wealthy, there wouldn't be any need to cut their pensions. We are in an age where the wealthy control the TV's, radios, etc. It's not like old times when anyone could speak out and be heard. So people are effectively brainwashed with propaganda in favor of creating oligarchies and think it normal that a citizen has to hire a lawyer to arrange to meet with his congressman, but a CEO of a company that has nothing to do with the congressman's district can meet him on an hour's notice arranged by phone.
They're broke ....
Can't get blood from a turnip ....