President Barack Obama Message Board

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Politics : President Barack Obama

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To: mel221 who wrote (125538)	10/29/2012 12:15:35 AM
From: tejek	Read Replies (1) of 149317

> Tell me what are the fiscal actions that Spain did to get into trouble? Bottom line... Deficit spending. Not enough revenue to fulfill their social spending commitments. Nope. Wrong Mel. It wasn't deficit spending. In fact, Spain's deficit to GDP ratio was the smallest in Europe and better than even the US's. Spain's banks did exactly what the banks in this country did...........over extended themselves in a housing boom thru creative mortgaging. Yup, Mel, wingers brought the house down in Spain just like they did in this country Silly social commitments like their rules on early retirement. Nope. Silly and greedy conservative bankers trying to get rich in a short period of time. Typical winger behavior. Prime Minister Mariano Rajoy is completing new rules that mean banks won’t be able to fire employees aged over 50 and count on the state paying them two years unemployment benefit before they take early retirement and a state pension. http://go.bloomberg.com/euro-crisis/2012-06-21/spain-closes-early-retirement-loophole-used-by-banks/ A nation that gives state pensions to 50 year olds and lasts for many decades is going to have deficit problems eventually. There are many other examples. The state pension is supposed to come at 65.........early retirement is what the banks are pushing. They have too many employees and their more expensive employees are the older ones. Hence....their push for early retirement. Its another banker scam which would force the gov't to pick up the cost of two years of unemployment benefits before their state pension kicks in. >> Austerity may not have caused the problems but its not the solution either. The best solution is to wish it never happened. The next best solution is to get free money from someone else. (the current plan) The last solution is the only real option which is to live within one's means. The last option needs to be the first but because it wasn't done that way originally, it will have to wait a while before it can be implemented.

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