The D Word
The D Word
By: Nicholas A. Dunlap, CPM
As we watch the economic crisis in Greece play out before our eyes, one can’t help but see parallels between the issues plaguing the Greeks and those facing Americans today. An over-sized Government with over-sized spending, pensions and benefits to it’s employees faces a serious issue: how do we continue to pay all of these people and award all of these benefits without collecting enough money to function and operate in such a manner? Quite simply, the answer is to make adjustments at once.
Whether you are in Greece, the US, California or the EU one must ask: where is the accountability? These officials have been elected to serve us and are serving themselves and their special interests.
These same issues are seen today in the US Nationwide as well as in California. Unemployment is at record highs and job growth is virtually non-existent in most areas. What’s more, we have seen government agencies hiring new employees and making no attempt to reign in spending. Some agencies, such as the EPA have increased their spending exponentially.
The parallels are quite clear. In Greece, the US and California, career politicians or public employees without private sector experience are at the helm and are in charge of guiding our respective countries through turmoil, the likes of which neither have seen before (well, the US did in the 1930s). And the D word, which the head bankers in the EU have avoided for so long: default, could in fact become a reality. Greeks have tried slowly to make cuts and address the deficit, but as a result, unemployment and other such expenses now pose an issue.
And so, while we watch Greece and we can hope for the best and certainly hope that a tragedy of such drastic proportions does not reach home to us here in the United States and that the global effects of this crisis do not cause damage to the EU or the US economies. That remains to be seen.