Your Opinion: Lessons to be learned from Greece

Dear Editor:

If we refuse to learn from the example set by the PIIGS nations of the European Union, or even from some our own states, we are doomed to suffer the devolution of the United States. We baby boomers, nor even Gen X'ers, will suffer the consequences of electing those who think bigger federal government is the answer to every question, but our grandchildren will.

I am astounded when I hear many Greeks blame others for Greece's woes. Self-serving Greek politicians were elected because they promised Greeks more goodies from federal coffers, goodies with costs far beyond the government's ability to fund. How is it possible for Greeks to be so delusional that they think others should suffer because of the poor decisions made by Greeks.

Greeks were not forced to take out massive loans; a gun was not held to their heads. If they did not want to adhere to the stipulations in the loans they should not have taken the money. They could have declared bankruptcy back in 2010.

The 2010 EU loan agreement was for $110 billion euros. About a year later the EU approved loaning Greece an additional $130 billion euros. In 2012 the loan was increased by another 8.2 billion euros. Now the International Monetary Fund says Greece will need another 50 billion euros over the next few years. Private investors already took a 53.5 percent haircut. As Margaret Thatcher said, "The trouble with Socialism is that eventually you run out of other people's money."

Will the Greeks not be happy unless their entire debt is forgiven and they are allowed to continue on with their profligate ways? Greeks has one of the lowest average retirement ages in Europe. If you are a woman in a hazardous profession, such as a hair dresser (there are many such hazardous professions, according to the Greek government), you can retire with full benefits at 50.

We have similar examples of self-serving, run-away government spending in the U.S. cities such as Detroit and Chicago and the state of Illinois are prime examples. Nationally it will be interesting to see whether Bernie Sanders or Hilleary Clinton offer the most give-aways in an attempt to get elected.