Government Failure: From Greece to Portugal to Detroit, it would seem some alien being called "austerity" has descended on their bankrupt economies. In reality, it's the consequences of socialism itself.
Socialism: Railing against "austerity," from Greece to Italy to Portugal to even Detroit over the weekend, it would seem some unwelcome alien being has descended on these once-vibrant socialist economies. In reality, it's the consequences of socialism itself.
No doubt about it, austerity is bitter medicine. From higher taxes to cuts in public spending, to the reality that some multilateral entity is now managing a state's affairs, nobody likes to live in a bankruptcy zone under austerity.
In Portugal, more than a million protesters flooded the streets of Lisbon and other cities, shouting "austerity kills," "this government must fall" and "screw the troika," a reference to the IMF, European Commission and European Central Bank, which together have demanded tough fiscal measures of Portugal in exchange for a $102 billion bailout.
The government, which is also under pressure, is seeking an extended repayment plan from Brussels, hoping to delay the pain. So far, the eurozone and IMF, now conducting their quarterly review, are considering it.
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