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Greek Myths

July 7, 2015 By Debbie Young

Greece wants to be prosperous without being competitive. It wants to run a five-star welfare state with a two-star economy; modernity without efficiency or transparency; wealth without work. Greece wants control over its own destiny—but it also wants someone else to pick up the check.

In what the WSJ’s Bret Stephens calls a flight from reality, Greece’s debt-to-GDP ratio is 177%, which means that this year Greece will produce barely half as much as it owes. Greece also spends close to 18% of GDP on public pensions, compared to about 7% in Ireland and 5% in the U.S. And this is what the Greek government calls austerity?

Bret Stephens writes, “Pride goeth before destruction, goes the proverb. So does stupidity.” Read more from Mr. Stephens here.

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Debbie Young
Debbie Young
Debbie, our chief political writer of Richardcyoung.com, is also our chief domestic affairs writer, a contributing writer on Eastern Europe and Paris and Burgundy, France. She has been associate editor of Dick Young’s investment strategy reports for over five decades. Debbie lives in Key West, Florida, and Newport, Rhode Island, and travels extensively in Paris and Burgundy, France, cooking on her AGA Cooker, driving through Vermont and Maine, and practicing yoga. Debbie has completed the 200-hour Krama Yoga teacher training program taught by Master Instructor Ruslan Kleytman. Debbie is a strong supporting member of the NRA.
Debbie Young
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