No, this isn't a post about those clowns at OWS. First here's Tyler Cowen with an excellent post at Marginal Revolution about "Why Greece is turning down the bailout":
This is a way to back out of everything, under the guise of “democracy” and ex post blame the speculators and the rest of Europe.Good heavens how I chuckled last week when this "grand deal" was announced last week to save the Euro and the markets soared. Really? Greece was going to vote to slash their public pension programs? The rest of the EU should have just tossed the Greeks out a year ago and hasten this play's inevitable conclusion.
Meanwhile, half-a-world away, Colorado voters decided they don't want to pay either: "Prop 103 falls: Tax increase measure dead"
Colorado voters have rejected an attempt to raise state income and sales taxes to fund education, The Denver Post has declared. With 61 percent of precincts reporting, Proposition 103 was going down in flames across the state, with 35 percent in favor to 65 percent against.Shocking, I know, but no less than those polls cited over and over that Americans favor raising taxes on "the rich" (read: someone else) to pay for the government. It would be nice if our leaders in Washington were honest about the unsavory outcomes ahead and take responsibility for tough choices before they're made for us. But there's no discernible action from the debt supercommittee, the Simpson-Bowles plan was shelved, and Captain Teleprompter has other things on his mind when he's not stoking class warfare.
I would much prefer that we acknowledge that if we ever want to escape the debt spiral, taxes need to rise on everyone and there needs to be a significant contraction of the government at all levels. We've run up the credit card and it needs to be paid.