Read the following paragraphs, both from the same NYT article.
First we have understating deficits for years (because of generous social programs and tax evasion). And then we have the austerity for ongoing problems. So what is the actual problem?
This rationalization is just like our Great Recession. We blame the banks, but in fact the root cause was government policy promoting home ownership for subprime borrowers and home equity borrowing to excess.
So what is the common denominator? It’s people enjoying unaffordable excess.
And it’s politicians encouraging them to do so, … and that’s the truth😢
Greece became the epicenter of Europe’s debt crisis after Wall Street imploded in 2008. With global financial markets still reeling, Greece announced in October 2009 that it had been understating its deficit figures for years, raising alarms about the soundness of Greek finances…
Many economists, and many Greeks, blame the austerity measures for much of the country’s continuing problems. The leftist Syriza party rode to power this year promising to renegotiate the bailout; Mr. Tsipras said that austerity had created a “humanitarian crisis” in Greece.
Greece’s Debt Crisis Explained By THE NEW YORK TIMES UPDATED July 10, 2015
QUINNSCOMMENTARY 
ps. i read your e mail everyday. great work (even if dont always agree) keep goin!!!
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Thanks
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Since 2008, the European austerity policies have failed miserably while our President’s policies have succeeded very well. Admit it. Teapublicans continue to promote austerity policies ala Europe while we prosper with progressives in charge. I am really enjoying watching the Teapublican Party struggling to try to contain bellicose Trump and to preserve their “brand” (as if they even have one?)! I’m lovin’ it!
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Rich, I love how people who are enjoing social benefits such as ss and medicare want to deny it for the rest of us. As you well know and facts support,young people today are not saving neatly enough,,,, and frankly , I dont think even think they just might, maybe ..naaa get old some day.I can speak for them because I was one of them..until my elder peers and mentors would YELL AT ME telling me I coundnt afford not to save!!!!
i think now that maybe.. should have done the same for those that came behind me….I did for some .. but I think now that I could have been more resolute I
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We can yell, but there always seems to be an excuse not to save. Perhaps it’s the $2.3 billion spent on tattoos each year. 😝
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How true,alas …….since WE cannot seem to teach them…perhaps we can force them (ie,TAXES) so a least they will be paying a portion of their costs… lol
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