You and I are paying to bail out Greece.
Greece’s profligate spending on social programs has taken it to the point where its Debt/GDP (Gross Domestic Product) ratio exceeds 150%.
The Greek deficit is growing out of control and its increasing inability to repay its debt threatens the fiscal stability of the Eurozone to which it belongs.
On October 26, 2011 the European council announced a plan to solve the Greek debt crisis:
The plan involves the European Union (EU) and the International Monetary Fund (IMF) contributing 100 Billion euros (€).
A euro equals 1.421US dollars so the IMF could end up paying as much as $142.1 billion,
The United States pays 17.7 percent of the IMF budget so the U.S. could end up contributing as much as $25.2 billion.
The Congressional budget office estimates the 2011 U.S. revenues will be $2,228 billion. Thus the U.S. portion of the IMF contribution for the short-term fix for the Greek debt could be 1.1 percent of U.S. revenues.
So as much as $11 of every $1,000 you and I paid in taxes this year will go to bail out Greece. For many of us that is more than the cost of a ticket to Greece.
We will not be going buy our money will.
If Greece and the other European countries want to give out goodies and live irresponsibly above their means, more power to them. But why do I have to pay for their excesses? Why don’t they take responsibility for their actions?
Our country is also going bankrupt. We cannot afford Obamacare and regulations and other goodies of Obama’s socialism (“Obamalism”). The fed is printing money, we are suffering inflation from Obamalism and we can ill afford to bail out Europe.
I have not seen anyone in Europe offering to pay for our Obamalism.
Our legislators need to kill the system that allows Europe to increase our debt load.