Greece takes steps to solve its problems, - WSJ.com:
"All of the socialized countries find it hard to deal with the 'labor conundrum' - i.e. paying workers only a pittance of their real productivity in order to fund the profligate and proliferating role of non-producing government employees and social leeches (retirees, etc.).
Then, in surprise, they wonder why the public can't spend the money they never received.
Meanwhile, the economic utility value of $10 has been raised to $40. Gee - SURPRISE - people don't want to pay $40 for something worth $10.
Oh yes, it cost $10 to produce and distribute, but government needed the $30 ($40-10 = 30) to give to unproductive government employees, retirees, etc."
Monday, March 15, 2010
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