Wednesday, July 6, 2011

Matthews:"This country risks becoming... Greece"

Wahhabis of American Government???

But Matthew would be right in his assertion that we risk becoming another Greece. For you see the very same political ideology that is running Greece these days is the same type of ideology Obama wants for America.

In 2009, Greece had the EU's second lowest Index of Economic Freedom (after Poland), ranking 81st in the world.

The 2009 budget deficit stood at 15.4% of GDP. This, and rising debt levels (127% of GDP in 2010) led to rising borrowing costs, resulting in a severe economic crisis.
Greece was accused of trying to cover up its massive budget deficit in the wake of the global financial crisis. This resulted from the massive revision of the 2009 budget deficit forecast by the new Socialist government elected in October 2009 went from "6-8%" to 12.7% and later revised to 15.4%. 
Between 2009 and 2011 unemployment skyrocketed, from 10.3% in 2009 to 16.2% in March 2011.
Income tax brackets in Greece for the year 2008 were 0% for up to 12,000 euros ($17,100) earned, 27% for 12,001 to 30,000 euros ($43,000) , 37% for 30,001 to 75,000 euros ($107,400) and 40% above 75,000 euros and those tax brackets, still to this day, remain at those levels.
With these high income tax rates, they still can't manage their debt, to bring it down! And now they intend to raise them again.
Corporate taxes Beginning in 2007, the rate of corporate tax is 25%. Starting in 2010 the corporate tax rate will fall 1% annually until it reaches 20% in 2015.
Greece has a VAT tax which is 4.5% to 23%. For all goods not belonging to any special category, the VAT is 23%
So you see, raising taxes, as the left and Matthews suggested doesn't work.

27% for those making $17,100 or above, to 40% making over $107,400 and a 16.2% unemployment rate, with a 127% of GDP debt (which we are fast approaching) will cause the very same problem here in America that we see in Greece, unless we change the path BACK to capitalism.



Christopher - Conservative Perspective said...

This from the guy who supports the Food Stamp POTUS?

He does not realize we are already there due to policies his party supports,,or does he?

Silverfiddle said...

That dumbell Matthews just now noticed? Obama is the prime minister

Unknown said...

LOL, Silver. Yep, you wonder where he has been the last 3 years.

He knows it full well, Christopher. Just tough for him to admit it! :)