Wednesday, February 24, 2010

Old Europe Has Some Strikes, Eeyii Eeyii O!

Why do North and Latin Americans and Asians visit Old Europe? Mainly to see Museums, Monuments, Churches, and Castles. But it’s hard to see these cultural attractions (relics?) if airlines, taxis, trains, and buses are shut down or disrupted by strikes by civil servants and union members objecting to cuts in pay and benefits to reduce gaping, unsustainable fiscal deficits.

How to solve the Greek situation and similar budget problems in other Old European countries? Easy. Set up separate accounts for the payment of wages, health care, and retirement benefits dedicated to civil servants and union members. Use the proceeds in these accounts to meet all current compensation and retirement benefits to these individuals. Advise civil servants and union members that if they fail to accept lower wages, longer working hours, and later retirement, the money is these accounts will not be sufficient to pay retirement and health benefits in later life. When funds are exhausted, these individuals will have to depend on the poorhouse, transforming "social" justice into "reality life."

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