Now comes the IMF, the International Monetary Fund, telling us we all need to work longer. In the words of The Washington Post, the IMF has tough words for Western nations.
To keep the global economy on track, people in the United States and the rest of the developed world need to work longer before retiring, pay higher taxes and expect less from government. And the cheap imports lining the shelves of mega-chains such as Wal-Mart and Target? They need to be more expensive.So, I am working part time, trying to do my bit.
But, the issue is, each of the Western nations is heading toward the kind of crisis Greece♠ finds itself in right now. The solution to Greece's problem seems to require the support of the other EU nations and it is not an easy answer.
So, still working seems to be the patriotic thing to do.
Regards — Cliff
♠ To get a sense of where Greece fits in the jigsaw puzzle, it has a population of around 11.3 million (Massachusetts has 6.6 million). The Greek GDP is about $333.5 billion ($29,881 per capita). In contrast, Massachusetts had an 2007 estimated GDP of $351 billion ($47,702 per capita).