Greek Bailout will make everthing worse.
After receiving a $145 billion bailout in May 2010, Greece is now seeking a second larger bailout from the European Union (EU) and the International Monetary Fund (IMF). Here we go again. Of course, throwing even more money at the European welfare state won’t solve its problems. The Greek government created their own problems by rapidly expanding the welfare state over the past couple decades. A second U.S. taxpayer-financed bailout of Greece will only make the debt situation worse in the long-run.
Greece is a prime example of how socialism doesn’t work in practice. As U.K. Prime Minister Margaret Thatcher said, “the problem with socialism is that you eventually run out of other people’s money.” Greece’s government debt as a percentage of Gross Domestic Product (GDP) is a staggering 140 percent. The size of Greece’s bloated public sector is unsustainable. One out of every five Greeks is employed by the government. Some employees in the Greece Parliament do not even bother showing up to work because there are not enough places for all of them to sit, according to the New York
