Sunday, February 19, 2012

Really?

From today's NYT Magazine:

The latest austerity plan meant to satisfy Greece’s creditors and allow for new infusions of financial aid may have averted involuntary default — and a global economic downturn — but will nonetheless make life for ordinary Greeks even more difficult. The plan reduces the minimum wage by more than 20 percent ...
If reducing the minimum wage by 20% will make life for ordinary Greeks so much harder, then obviously the Greeks should quintuple it instead.

2 Comments:

Blogger Susan's Husband said...

On NPR this morning they interviewed Greeks who were asking "where did all the money go?". I kept waiting for the NPR drone to point out that Greece's budget is still not in primary balance, that is even without interest payments it's not balanced. So they could look at the current budget (for which any cuts are horrible) to see. But nobody will.

February 19, 2012 8:26 PM  
Blogger Hey Skipper said...

In the NYT, on the same day as this article, was an editorial calling for Albany to increase the state minimum wage.

I'll bet not one of the lackwits on the editorial board (yes, I know I am insulting the honor of lackwits the world over) got a passing grade in Econ 101.

February 20, 2012 8:12 PM  

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