From Mark Landsbaum at the Orange County Register:
The word in Athens is that Greece “took a big step toward overhauling its debt-plagued economy” Thursday with a pension law to “sharply pare down the country’s welfare state by increasing the retirement age and reducing benefits.”
So says the New York Times, which as we all know must find that a tough pill to swallow, enamored as the paper is with welfare statism.
The bill “represents the beginning of the end of the cradle-to-grave state compact” Greeks have embraced since the early 1980s. Gulp.
“This is our passport out of hell,” proclaimed economist Yannis Stournaras, advisor to “past Socialist governments,” the Times reported.
Indeed, the changes in pensions are astounding. An end to retirement before 50, but now 65 instead. Pension payouts based on lifetime income, as opposed to a worker’s highest pay. Wow. Try to sell that in Sacramento. Or Washington.
Which brings us to the point of this piece. Even socialist Spain, beginning to feel the inevitable bankruptcy of its tax-and-spend policies, has sense enough to fashion a “passport out of hell.”
How about the U.S. of A. under socialist-and-chief Obama? When Obama recently tried to persuade European leaders to follow his deficit-spending mania, what was the reaction?
European Union President Czech Prime Minister Mirek Topolanek said Obama’s stimulus and spending policies are “the road to hell.”
The European socialists recognize economic hell when they see it. Obama would drive us even further down that road to perdition.