Don't repeat Greek failure

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Greek journalist Takis Michas has written a historical background to the Greek debt crisis in which he stated: “Since the 1930s, political patronage has been disbursed through increases in public sector employment, regulations that limit competition, and the imposition of levies on transactions that benefit third parties. This system has encouraged corruption, discouraged wealth creation and affected popular ideological narratives. The view that the state is good and that markets are bad is widespread across the political spectrum.”

President Obama’s policies are dangerously close to failed Greek policies and will lead us to a similar fate.

Take, for example, the recent move by his administration to increase public-sector dependence on government through the elimination of work requirements found in the Personal Responsibility and Work Opportunity Act of 1996 on welfare reform. Obama and his Democratic administration have used an esoteric bureaucratic device called a Section 1115 waiver to declare work standards void. The fact that welfare recipients have declined by more than 63 percent since 1996 has been ignored.

The Dodd–Frank Wall Street Reform and Consumer Protection Act, passed in 2010, is a burdensome regulatory law crippling our financial sector. This legislation is extraordinarily complex, requiring almost a dozen federal agencies to complete 240 to 540 new sets of rules. According to the Government Accountability Office, regulator positions will be increased by 2,849. Additionally, Dodd-Frank grants administrative agencies, such as the Financial Stability Oversight Council, broad and unchallengable discretionary authority.

With Obama’s latest budget explicitly rejecting “austerity” and adding some $7 trillion to the national debt over the next 10 years, his direction for America becomes clear. Our economy will become highly regulated, and many Americans will be dependent on big government for a living. Luckily, America is not yet fully committed to repeat the Greek story. The November elections could save us.

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Jon Lester
Jon Lester 08/08/12 - 12:02 am
Would you care to comment

on the consequences of repealing the Glass-Steagall Act?

carcraft 08/08/12 - 04:25 am
Care to comment on Fannie Mea

Care to comment on Fannie Mea and Freddie Mac under Obama buddy Raines?

nofanofobama 08/08/12 - 05:16 am
it dont matter to the obumler

it dont matter to the obumler fans...destroy the greatest nation on earth by causing masssive budget no problem...but the piper will have to be paid...either we try a soft landing ...or wait til we drive over the cliff..those who live off the govt will be hurt either way.. gotta grow up either we do it right or drive off the cliff...

southernguy08 08/08/12 - 06:55 am
Obama and our problems

Haven't you all heard? ITS ALL BUSH'S FAULT!!

allhans 08/08/12 - 08:18 am
Obama don't care 'bout no

Obama don't care 'bout no debt.

You don't hear him singing "This is my country, land that I love".

Angie H
Angie H 08/08/12 - 08:21 am
I'm surprised you don't hear

I'm surprised you don't hear him singing "This is my country, land that I love." It wouldn't be the first time he lied to the public.

dichotomy 08/08/12 - 09:16 am
We already ARE Greece. We are

We already ARE Greece. We are just too stupid to realize it. We have been headed down the path to being Greece since the '60s and it's the fault of ALL politicians and ALL parities. But Obama has carried it to the extreme. He has brought the inevitable "cliff" much closer....probably within the next 10 years or so. Even the harest core Obama supporters and left wing Democrats admit that "taxing the rich", even if we took every penny of their earnings, would not make a teeny dent in the deficit. But the Democrats refuse to discuss CUTTING SPENDING. They refuse to talk about eliminating useless government agencies and programs. They refuse to discuss tax reform.

We are already Greece. The ONLY way to avoid the cliff is to CUT SPENDING. No matter what anyone says, the ONLY way is to cut spending. The ONLY way out is to spend <= what we bring in and if you don't understand what that means you probably are not smart enough to be voting.

soapy_725 08/08/12 - 10:21 am
thank you dich for the great points of fact

but sadly the frog has been boiled. we have crossed the Rubicon. we have more citizens and representatives who bask in the "glory of the state" than want to be free. we have ignored the totalitarian states of the world, how they came to power and now it is us. We have played with a mix of religion and political representation while both have been corrupted. The "visible church" always sides with the government. Why? Because of their shared addiction and love of money.

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