http://time.com/3947747/bobby-jindal-greece-debt/ Bobby Jindal: Sanders and Clinton Would Both Turn Us Into Greece Gov. Bobby Jindal 1:08 PM ET You can't make it impossible for business to thrive and expect the economy to grow Greece created democracy, and now the Greeks are showing us how to kill it. It’s simple math to understand what is happening in Greece right now. When Greece joined the euro, it benefited from the financial support of its more fiscally responsible neighbors in the euro zone. Rather than taking the opportunity to enact the structural reforms that could have increased growth — reforms that it still has not undertaken — Greece instead went on a spending spree funded by other people’s money. Greece has been cooking the books with complicated financial instruments for years. But the problems don’t stop there. Greece’s Rubik’s Cube tax code and rampant corruption make tax evasion widespread. Golden parachute public pensions that allow public sector workers to retire as early as 45drain dollars out of the government coffers while incentivizing a still healthy and work-age workforce to live on the public dime. It’s hard to have sufficient tax paying workers when about 75% of Greek public-sector employees retire by the age 61. After taking office in January, the Alexis Tsipras administration reversed promised privatization of state-owned assets like the Port of Piraeus. In 2011, the IMF predicted Greece could bring in 50 billion euros ($56 billion) from the sale of state assets, not to mention the savings from moving those employees off the public wage and benefit system. To date, it has raised about 3 billion euros. Business has no interest in creating jobs when crushed by government regulation. Tspiras promised to raise the minimum wage, despite the economy spiraling out of control. It’s not surprising the March unemployment rate stood at 25.6%. This is the European nightmare. The way of Greece is where Hillary Clinton and Bernie Sanders will take us. It’s simple math: You can’t spend more than you take in. You can’t make it impossible for business to thrive and expect the economy to
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