While all the intracacies of the Greek-Spanish-Italian etc financial mess sometimes elude me,certain things not only form a pattern,but impact on our election.
i think it can be summed up by the different approaches of the NYTand the WSJ.
The left -Obama want to keep spending money we do not have,because it will provide govt. jobs.The defecit is not as impt as more jobs,and we can tax high earners.There is no limit to the power of govt unions,and where local cities have to lay off employees, the answer is more federal funding.There is no real talk about changing pension plans or the power of unions.
The right believes that jobs are created by the private sector,which needs stability and lower taxes in order to hire more.The entitlement state that we see in Europe has proven that you cannot live beyond your means forever.More taxes mean that those who hire will not do so.The defecit must be addressed by lowering taxes, less govt intrusion and allowing market economies to work.The example of Wisconsin when compared to Calif. is plain to see. If we are to save Medicare and SS there must be a serious bipartisan approach without resorting to pictures of throwing grandma off the cliff.Everyone knows that noone is advocating any changes to the plans of current seniors.when local govt. addresses the power of the municipal unions,and reduces their onerous work rules, early retirements, double pensions,building up double time in the last year of employment,getting rid of phony retirements on disability and so on the system will once again work.The concept that every American should be on food stamps ,or be on unemployment forever is not sustainable
Finally the housing bubble brought on by selling homes to individuals who could not afford the mortgages sold to them, or lied on their applications has to be brought to a conclusion.The banks should complete those foreclosures and sell the homes and not allow them to get more run down.Theu should try to rent the homes even to current occupants.Until all these problems are solved, we cannot begin a new chapter in the housing market.