A Nation of Moochers" from Charlie Sykes' new book. Talk about spot on analysis for what's happening in Greece today. And doesn't this sound eerily to familiar to Madison, WI. one year ago today? "Athens, the Madison of Europe!"
We're all Greeks Now:
Americans got a glimpse of their fiscal future when European markets, currencies, and politics were roiled over the impending bankruptcy of some of their profligate nations, most notably Greece, which had made a science of the easy life. Greeks who worked in so-called “arduous” jobs retired at age 50 for women and 55 for men. More than 60 jobs qualified for the early retirements, including musicians, radio personalities, waiters and hairdressers.
A Greek was even luckier to land a government job. As Michael Lewis reported in Vanity Fair:
“In just the past decade the wage bill of the Greek public sector has doubled, in real terms—and that number doesn’t take into account the bribes collected by public officials. The average government job pays almost three times the average private-sector job. The national railroad has annual revenues of 100 million euros against an annual wage bill of 400 million, plus 300 million euros in other expenses. The average state railroad employee earns 65,000 euros a year. Twenty years ago a successful businessman turned minister of finance named Stefanos Manos pointed out that it would be cheaper to put all Greece’s rail passengers into taxicabs: it’s still true.”
Columnist Mark Steyn described the attitude that helped create the fiscal disaster:
“[In Greece] public sector workers have succeeded in redefining time itself: Every year, they receive 14 monthly payments. You do the math. And for about seven months' work: for many of them the work day ends at 2:30 p.m. And, when they retire, they get 14 monthly pension payments. In other words: Economic reality is not my problem. I want my benefits. And, if it bankrupts the entire state a generation from now, who cares as long as they keep the checks coming until I croak?”
While the specific practices differ, how is that attitude any different from the American public sector? Despite cratering budgets and the prospect of mass teacher layoffs, teachers unions in Buffalo continued to fight for taxpayer funded cosmetic surgery; while the union in Milwaukee went to court to get coverage of Viagra. Exploding class sizes? Kids who can’t read? Budgets careening toward fiscal black holes? Not my problem… as long as they keep the checks coming until I croak.
