Greeks off the coast- no warning⁉️😨

“How can some­thing like this hap­pen with­out prior warn­ing?” asked An­ge­liki Psarianou, a 67-year-old re­tired pub­lic ser­vant, who stood in the driz­zle af­ter ar­riv­ing too late at one empty ATM in the Greek cap­i­tal. “I want Tsipras to tell me how I am go­ing to make it through the week with €10 in my bag with rent com­ing up. It has never been as bad as this.”. WSJ 6-29-15

Greece is in trouble, is there anyone who doesn’t know this, except maybe the Greeks?

The ex­pi­ra­tion of cor­po­rate tax breaks in 2006 prompted an ex­o­dus of phar­ma­ceu­ti­cal and other manufactur­ers, nudg­ing the is­land into a deep re­ces­sion…

The econ­omy, mean­while, faces big struc­tural prob­lems. Sprawl­ing bureau­cracy and high elec­tric­ity costs stunt busi­ness in­vest­ment. Tax evasion runs ram­pant. Un­em­ployment is high, at 12%, and fewer than half of all civil­ians are in the la­bor force, com­pared with around 63% on the main­land.

Econ­o­mists say a bloated wel­fare state dis­cour­ages work—the share of the working-age pop­u­la­tion on disability is nearly 50% higher than in the 50 states —while a min­imum wage that is high rel­a­tive to productivity and local income re­duces job op­por­tu­ni­ties for young and low-skilled work­ers.  WSJ 6-29-15

Are there lessons to be learned in all this?  Read the above paragraph. It’s the classic I want more, but let somebody else pay for it. In other words the drum beat of the liberal left. If you want all the “free” stuff and generous benefits being promised by the likes of Old Brrnie and Old Liz, you better also ask how it will really be paid for …. but of course, you probably won’t ask; no sense moving beyond the good news. But you may want to consider why tax evasion is so high in these situations. 

PS Just so you know, those second two paragraphs above are talking about Puerto Rico 😂