What's responsible for the situation in Greece? Government.

What's responsible for the situation in Greece? Government.

The average government job pays almost three times the average private-sector job. Eventually things were so out of hand, they limited the monthly salary of government employees. To get around that the Greek government would simply invent a 13th and 14th month. They were inventing months.

Boomerang by Michael Lewis outlines the situation better than any book I've read on the financial crisis. It's well worth your time. Some highlights:

--In 12 years public sector wages doubled.

--Their Amtrak has revenues of 100m Euros. They spend 4 times that just on wages, along with another 3 times revenue in other expenses.

--There's a great quote from businessman/minister of finance Stefanos Manos noting it would be cheaper to put all Greece’s rail passengers into taxicabs: it’s still true.

--Their education system employs 4 times as many teachers as Finland. Finland is 1st, Greece is near the bottom.

--The retirement age for Greek jobs classified as arduous as low as 50. What is an arduous job? There's more than 600 of them like "hairdressers, radio announcers, waiters, musicians, and on and on and on." (Authors note: radio announcer is really arduous.)

--I love this one: “The Ministry of Agriculture had created had created an off the books unit employing 270 people to digitize the photographs of Greek public lands,” the finance minister tells me. “The trouble was that none of the 270 people had any experience with digital photography."

-- "a projected deficit of roughly 7 billion euros was actually more than 30 billion. The natural question-how is this possible?-is easily answered: until that moment, no one had bothered to count it all up. 'We had no congressional budget office,' explains the finance minister. 'There was no independent statistical service.' The party in power simply gins up whatever numbers it likes, for it’s own purposes.”

It's a striking story, but is it really that different than us? Yes, Greece is further down the road-- but we can see the tail lights.

USA Today, WSJ, and the NY Post have noticed plenty of simularities:

-"Including the amount owed to Social Security, the U.S. Treasury is $18.2 trillion in hock. That puts the United States, along with Greece, in the select group of nations with debts exceeding 100% of annual economic output." 

We're at 101%, Greece is at 177%. But our number is worse than France or Spain.

-"Like Greece, the driving force behind our debt is the growing cost of entitlement programs for health care and retirement. If one includes future unfunded liabilities for Social Security and Medicare, our real debt exceeds $90 trillion. That’s more than five times our GDP. Greece is still in worse shape — their unfunded liabilities top 875% of GDP — but we’re gaining."

-"Our government is far smaller than Greece’s today. Federal spending is just 20.5% of GDP. But, according to the Congressional Budget Office’s alternative fiscal scenario, that could rise to almost 34% by mid-century. Factoring in state and local government spending, which already accounts for roughly 14.4% of GDP, total government expenditure in the US could reach 48% to 50% in 2050, roughly Greek levels."

A lot of people mocked Greece for being in their situation and electing a leftist leader while rejecting austerity.

But, didn't we do the same thing in 2012?

What's responsible for the situation in Greece? Government. The average government job pays almost three times the...

Posted by Stu Burguiere on Tuesday, July 7, 2015

Featured image: ATHENS, GREECE - JULY 07: A senior citizen leans against the door of a closed bank as he queues up to collect his pension outside a National Bank of Greece branch in Kotzia Square on July 7, 2015 in Athens, Greece. Greek Prime Minister Alexis Tsipras is working on new debt crisis proposals and is due to present them at a Eurozone emergency summit today. (Photo by Christopher Furlong/Getty Images)

Apparel company The North Face recently stated that it would no longer make jackets for oil and gas companies because it doesn't want to be associated with the fossil fuel industry. In response, Colorado-based oil and gas company Liberty Oilfield Services rented full billboard ads to remind The North Face of the truth: "Globally, 60% of all clothing fibers are made out of oil and gas. For North Face, it is likely 90% or more."

Liberty CEO Chris Wright joined Glenn Beck on the radio program Tuesday to discuss just how much of our economy — beyond outdoor apparel and energy — wouldn't exist in a world without fossil fuels. And he warns that many companies are now deeming this truth to be "controversial."

"I have been for years, trying to get a real, honest dialogue about energy going," Chris told Glenn. "So we took this opportunity to point out that North Face jackets are ... almost completely made out of oil and gas. How can you choose not to associate with the essential material your equipment [is] made out of? So we put a billboard up ... the billboard says, 'That North Face puffer looks good on you. And it was made from fossil fuels.'"

"Most billboard companies did not want to run that billboard. They thought it was controversial," he added. "And Facebook put a hold on our brief video just saying the jacket looks good, this is what it's made out of. In today's world, that is controversial."

Watch the video below to catch more of the conversation:

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During a lecture at the Yale School of Medicine's Child Study Center, a New York City-based psychiatrist told students and faculty that she fantasizes about "unloading a revolver into the head of any white person that got in my way," among several other shockingly race-hating statements.

In April, Dr. Aruna Khilanani — a New York-based forensic psychiatrist and psychoanalyst — delivered the talk called "The Psychopathic Problem of the White Mind" virtually as part of the Yale School of Medicine's "Child Study Center Grand Rounds," a lecture program for "trainees in child psychiatry, psychology, and social work, faculty, clinicians, and scientists."

On the radio program Monday, Glenn Beck shared several quotes from an audio recording of the lecture provided by Bari Weiss, a former opinion writer and editor for the New York Times.

Here are a few of Khilanani's statements from the audio:

  • "This is the cost of talking to white people at all. The cost of your own life, as they suck you dry. There are no good apples out there. White people make my blood boil."
  • "I had fantasies of unloading a revolver into the head of any white person that got in my way, burying their body, and wiping my bloody hands as I walked away relatively guiltless with a bounce in my step. Like I did the world a f***ing favor."
  • "White people are out of their minds. And they have been for a long time."
  • "White people feel that we are bullying them when we bring up race. They feel that we should be thanking them for all that they have done for us. They are confused, and so are we. We keep forgetting that directly talking about race is a waste of our breath."
  • "We are asking a demented, violent predator who thinks that they are a saint or a superhero, to accept responsibility. It ain't gonna happen. They have five holes in their brain. It's like banging your head against a brick wall. It's just like sort of not a good idea."

"We must take a stand. We must speak out, because this is evil," Glenn said in response to Khilanani's shocking lecture. "I don't care who you voted for, you know this is evil."

Watch the video below for more details:

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The prices of our houses and food are already rising fast, but they will skyrocket to record highs if we don't fix the problem soon. So what's causing the inflation?

On the radio program this week, Glenn Beck said he doesn't believe it's the fault of our loggers, farmers, or truckers — many of them are really struggling. But the big corporations that control these industries are making record profits, all while the Biden administration is making some very odd decisions that could make the crises even worse.

Watch the video below for more details:

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The crisis at the border continues to worsen, with the U.S. Border Patrol recently releasing some shocking statistics that illuminate just how bad the situation has become. But Texas Governor Greg Abbott (R) is doing everything he can to prevent any additional unlawful crossings into the Lone Star State.

Abbott joined Glenn Beck on the radio program Wednesday to describe recent action he has taken to ensure that those who do cross into Texas illegally know they came to the "wrong state."

After noting that both President Joe Biden and Vice President Kamala Harris "have completely abandoned post as it concerns the Texas border," Abbott explained how "Texas is stepping up" to combat the flood of dangerous gangs and cartels, human traffickers and drugs he says are pouring into border communities.

"Beginning in March, I deployed a thousand Texas Department of Public Safety officers to the border. I deployed the National Guard to the border. And they made well over a thousand arrests of some of these criminals we talked about. They've apprehended more than 33,000 illegal immigrants coming across the border." Abbott said. "But because of the way the Biden administration has abandoned the border, we are now elevating our game. What I did yesterday, in response to more than a dozen counties along the border ... I granted their request for a disaster declaration," he added.

Abbott went on to describe how his disaster declaration gives Texas the authority to toughen penalties for lawbreakers, including criminal trespassing, smuggling, and human trafficking.

"We're going to begin arresting everybody coming across the border and charging them with criminal trespass and putting them in jail. They are coming in here, thinking they'll get the Biden free-ride, and go wherever they want to go. Not in the state of Texas. We'll start arresting them right and left, and putting them behind bars, and saying they came in to the wrong state."

Asked by Glenn if he is prepared for the inevitable "media onslaught", Abbott simply answered, "We're prepared to see a reduction in the number of people coming across the border — because Texas is enforcing the law, period."

Watch the video clip below for more:


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