Rich Lowry on the Greek meltdown.......
The European Union and the International Monetary Fund have extended Greece a $145 billion bailout over three years in exchange for a budgetary clampdown so severe it would make even fiscal ascetics yelp in pain. As the financial analysts say, there's considerable "implementation risk." In other words: Don't hold your breath.The Greeks got to this point the old-fashioned way: They spent more money on the public sector than they possibly could afford, and then lied about it. Last year, they announced that their deficit wasn't 3.7 percent of gross domestic product as advertised, but 12.7 percent. Only in Athens does a multiplier of more than three qualify as a rounding error.
Rich, did you see the numbers on the Healthcare bill?
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