^ Oh yeah, I don't disagree. Regardless of what they do, it's gonna hurt and people are going to whine. For years they've just kicked the can down the road. Even the last few years has been similiar - the cuts really aren't big enough financially to turn it around (very quickly) and yet people are so upset already.
Long term they're boned in any case. Unless of course they can somehow convince other countries to fork over money to pay for their high standard of living that they can't afford themselves.
Obviously not comparable, but I find it interesting to watch the deleveraging process and how it might relate to households here and in Europe.
|