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Greece?

by: bloomingpol

Thu Apr 22, 2010 at 16:50:12 PM EDT
He's getting desperate!  He's talking about discipline.  He's so, so concerned about the deficit.  He's even comparing the USA to a small European country that got scammed by Wall St.

Sen. Judd Gregg (R-NH) ripped the Democrats' budget proposal on Fox News this morning, calling it "worse than ugly," and suggesting that the United States is on a path to Greece-like fiscal catastrophe.
bloomingpol :: Greece?
The poor, poor man, so upset.  

I wonder what he must have been thinking when he helped pass the Bush tax cuts for the rich, start the Iraq war, and create the Medicare D donut hole?
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Greece? | 4 comments
Unlike Greece, which has no control over monetary policy (the Euro), (4.00 / 1)
We have total control over our monetary policy, amplified by the fact that it's the world's reserve currency we're controlling.  We're also much bigger, and our debt is about half as large a percentage of our GDP as Greece's debt is of its GDP.  And people pay their taxes here.

But why let facts get in the way?

--
Hope 2012

@DougLindner

Although there is little hard evidence because nobody's (0.00 / 0)
keeping track of the numbers, it's thought that the size of the underground or shadow economy in Greece (30%) and the U.S. (8%-30%) might be about the same.  Conservatives are concerned about the shadow economy (transactions which aren't reported as income and on which no sales, employment or income taxes are paid) because they are "out of control" and in Greece, for example, if those taxes were paid, the national deficit would be covered.  
In the last week, the transactions by banks and brokerages on Wall Street (gambles) which are to be curtailed by the reform legislation have been referred to as the "shadow economy."  It's my guess that the term was used to get conservatives' attention since it's something they're used to worrying about (the income from illegal drug sales, prostitution, illegal gambling being a major component, but not nearly all).  It may actually be the case that the money that went into hedges and derivatives, etc. actually went untaxed and the idea of capturing those dollars for taxation is what's attractive to conservatives.
If the economy is simply defined as trade and exchange, then what this collapse has revealed is that, in addition to the cash transactions of the poor and near-poor (ebay and yard sales and flee markets also come to mind), there's the financial instruments market that's unregulated by the government for the purpose of collecting revenue.  You could say that two third of the market is free of taxation.  But, that would not be pleasing to a conservative ear.  That would be upsetting.  :)
Well said, brother (4.00 / 1)
"I wonder what he must have been thinking when he helped pass the Bush tax cuts for the rich, start the Iraq war, and create the Medicare D donut hole?"

Don't forget his unyielding opposition to President Clinton's budget, which eliminated the skyrocketing deficits that Gregg and his Reagan/Bush buddies created during the '80s.  

Last I checked, Judd voted to raise his own pay, too.  Am assuming that's a higher priority than, say, increasing Pell Grants.  (Judd didn't need 'em.)

Pell Grants were increased in the Reconciliation Act. (0.00 / 0)
He voted Nay.

--
Hope 2012

@DougLindner

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Greece? | 4 comments

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