Youth Unemployment Hits 64% in Greece as Politicians Stay Stuck on Stupid
Two out of three young Greeks can’t find a job. That alone is bad news. More bad news is that the statistic ignores the young men and women who gave up on Greece and took jobs in other countries. It ignores that the future of Greece is now permanently smaller as young Greeks start new lives somewhere else.
An economic contraction of this magnitude is not a statistical fluke. It is not an unexplained accident. It is caused by Greek politicians playing political games with their special interests to remain in power. They play while the Greek economy collapses. These politicians are not alone. We can see the same political dynamic in the US with the economic failure of Detroit. In fact, I don’t expect better policy choices from the politicians in Illinois, California and New Jersey. Their future is permanently smaller as the bleed away their vibrant young people.
Speaking of stuck on stupid, I keep hearing that the US economy is depressed simply because taxes are too low and the government has not inflated the money supply and paid its special interests enough.
Nah, I’m not buying that either. It shows our moral failure that we tolerate these foolish politicians.