Greece’s poor are back to where they were in 1980
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Daughter of Yorkshire


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Post: #1
Greece’s poor are back to where they were in 1980
Quote:[Image: Greece-Living-Standards.jpg]

In the last seven years, Greece's economic collapse has wiped out all the progress its poor had made in the previous 28 years.

Now there are a lot of ways to think about how historic Greece's recession has been. Its economy has fallen about as much as the U.S.'s did during the Great Depression. Its unemployment rate peaked at 28 percent. And, as Derek Thompson points out, its cities have become filled with smog during the winters, because its people can't afford to heat their homes any other way than burning whatever they can get their hands on. But think about this last one. It probably gets us the closest to having a real idea what it's been like to live through Greece's slump.

Well, other than the chart above. It shows how much money Greek people from the richest to the poorest 10 percent have had after accounting for taxes and inflation the past 40 years. The simple story, as you can see, is that there was a big jump for everybody after the junta was pushed out in 1974, a big stagnation from the mid-80s to the mid-90s, an even bigger jump, especially for the rich, after that, and then a big crash that's erased 30 years of gains—or more. Greece's rich have done a little better than the rest, with their real disposable incomes "only" falling to 1985 levels. But its poor have fallen even further, all the way back to where they were in 1980.

That's why it's no exaggeration to say that Greece really does have a humanitarian crisis on its hands. The left-wing Syriza government has made this a priority—they want food stamps for the hungry, healthcare for the sick, and electricity for people who can't afford to keep on the lights—but even with a limited victory in its first round of negotiations with Europe, it's not clear where the money's going to come from. Or if it will even have what it needs to pay back its creditors. It hasn't helped that all this political uncertainty has killed what was a nascent recovery—which in this case, was a very relative term—and sent its economy back down again.

It's going to be a long, long time before Greece is back to where it was in 2008. But at some point it will, right?
2015 Apr 12 10:20
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W. R.
cannibalish chauvinist


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RE: Greece’s poor are back to where they were in 1980
The last balanced budget Greece had in 1972, under the military junta.

An old Protestant saying says that to be rich all you need is to spend one penny less than you earn. As simple as that. Greece has failed at this and now it must suffer. No mercy for people who vote leftist.

[...] just as it is not left unto us to choose our ancestors, so we may not choose our nation; we can only fulfil, or not fulfil, the obligations that come from being a member of our people’.
© Dr. Jan Stankievič ‘From the History of Belarus’

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2015 Apr 12 16:36
Factionist of the forlorn


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Post: #3
RE: Greece’s poor are back to where they were in 1980
Unfortunately one does not become rich from playing backgammon in street cafés all day, otherwise they'd all be millionaires.

Not in haunts of marble chill,
Temples drear where ancients trod,—
Nay, in oaks on woody hill
Lives and moves the German God.

2015 Apr 12 19:47

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