Today I woke kind of pessimistic, having been mulling the general state of the economy both nationally and globally ,probably from listening to too much news coverage, or it might be me just getting up in a funk but there are many indicators that may warrant my malaise.

Obviously, everyone is aware of the increasing calamity of Europe’s countries finances and their methodically going over the proverbial financial cliff. They have over spent on entitlements for decades, continued with a declining birthrate and an increasing aged population, increased unassimilating immigrant population hooked on the welfare system and with the resulting decreased number of people for the revenue base it is a recipe for disaster.

Greece will be the first domino to fall, followed by most of the southern European countries. The scary fact Is that the United States is right behind Greece in fiscal insolvency, with its high debt to GNP ratio.

Bailouts by more successful countries will just delay the inevitable economic collapse. Germany cannot be expected to bailout the faltering countries in the EU, nor is it capable of doing so. Indications are the ailing countries are still reticent in making any alterations in their lifestyles, whether it is in denial or stubbornness they will head towards a financial Armageddon.

Europe in crisis is important to all of us because we are a global economy, fiscal calamity will be felt by all. Europe’s only solution so far is make the affluent pay more in taxes or raise corporate taxes, which will only help minimally their debt issues temporarily making no attempt to address the true problem of reckless spending.

The result of this approach can already by seen, the successful job creators are fleeing in masse elsewhere. The fact is that people and money are profoundly liquid and will find other places to reside, it is an integral part of the human condition that people and their economic ventures will seek a more fruitful and accommodating location.
So, in essence the day of reckoning in fast approaching all of us, here and abroad are we going to continue to navel gaze or are we going to be constructive in altering our lifestyles and rein in our reckless spending, and adopt more realistic entitlements so we all can insure a prosperous future? Are we going to act rationally or will we act like a petulant child? The ball’s in our court, it’s our move, ok enough with the sports metaphors…..

Mark Pitzner
Burien