Hell, I’d Riot Too
…if they tried to make me work past 53
Announcing the deal yesterday, prime minister George Papandreou told his people to prepare for ‘great sacrifices’ after violent clashes between police and protesters opposing the cuts at the weekend.
He unveiled austerity measures and tax rises worth 30billion euros (£26billion) including:
* ˜An increase in the retirement age from an average age of 53 to 67;
* ˜Government workers to lose annual bonuses worth an extra two months’ pay;
* ˜Ten per cent tax rise on alcohol, cigarettes and petrol;
* ˜Three-year wage freeze in the public sector;
* ˜Early retirement will be limited or abolished altogether;
* ˜VAT increase from 21 per cent to 23 per cent.
Things may get a bit nastier over there…
Nanny State, People, Politics | Mr. Bingley | 
May 3, 2010 2:31 pm
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Hmmmmm, in order….
* ˜An increase in the retirement age from an average age of 53 to 67;
I’m trying to wrap my arms around this. I’d need to study the Greek retirement system to comment intelligently, but it sounds like the Greeks have a really nice retirement system. Maybe TOO nice.
* ˜Government workers to lose annual bonuses worth an extra two months’ pay;
Jeez, TWO MONTHS!!?!?!?!?!? From the context, this is the standard, not the exception. On the whole, US federal goobermint civilian employees are lucky to get half of a paycheck as a performance bonus.
OTOH, I have to wonder just how many bennies Greek goobermint employees get. If they’re like the US, a lot. I hope those are getting a close look at as well.
* ˜Ten per cent tax rise on alcohol, cigarettes and petrol;
OUCH! It’s a good thing you don’t live in Greece, Mr. B; you’d have to give up gasoline and cigarettes.
For a Greek? This must be a terrible decision on what to give up.
* ˜Three-year wage freeze in the public sector;
Hmmmmmmm…….what does this mean? No promotions? Or just no cost of living adjustments? If the former, it’s draconian, but probably necessary given their problems. If the latter, they must get some really healthy COLAs.
Or just a shell game for the EU’s benefit?
* ˜Early retirement will be limited or abolished altogether;
With the current age apparently at 53, just what do they consider “early”?
Still, the Greek retirement system sounds really cushy.
* ˜VAT increase from 21 per cent to 23 per cent.
Any VAT sucks, but this demonstrates the inherent idiocy of any VAT system: it’s progressive without thought on the economic impacts.
Things will get nasty over there, but it sounds like the Greeks brought it on themselves.
Which they will never admit. I’m just wondering how much the Greek goobermint will cave on this.
All I can think of when reading this list is that we have to fight our financial fight NOW, the way Christie’s doing in Jersey – or we will eventually wind up fighting far worse.
Correct, ‘fly. Time to start cutting spending. NOW.
The party’s over and that right there is the hangover. Back to reality.
I should mention that retirement from the Federal goobermint as a civil servant at 53 is possible, although it’s discouraged by reducing the annuity if you retire before age 60 or so. At least under the “Federal Employee Retirement System”. I don’t know about the older system, but that’s close to being phased out entirely.
Some states in the US have pretty sweet retirement packages. So we are part way to being Greece. Yays.