Quote:
Originally Posted by MTI
According to John Dimsdale of American Public Media's radio program, Marketplace:
Imagine if the federal minimum wage dropped from $7.25 an hour to $5.50, plus the eligibility age for Social Security jumped to 70. And 450,000 government workers lost their jobs and health benefits over the next three years. That’s close to how the latest Greek cutbacks would feel in this country.
Makes it a bit easier to understand the Greek public reaction.
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I think there are some other factors to be considered as well, such as:
Who pays for health care?
What's the cost of living like?
What's the "bread basket " of essential products and services like?
What's the unemployment level?
What's mass transit like and how available? what cost?
What's the climate like, impacting the necessity for home heating oil?
What are mandatory insurance costs?
What public programs exist as welfare or for the indigent?
Without knowing these things and others, it is difficult to have a complete picture of the Greek situation.
Look at Alaska: wages are higher but so are the costs to just survive.