Austerity for Posterity

If you are following developments on the Greek situation and phrases such as “bailout funding”, “debt to GDP ratio”, “austerity measures”, “fiscal policy”, “recession”, “debt default” etc are too technical for your liking, do take a minute to read the following list of some of the issues facing Greek people today and then try and answer the question at the bottom of the list. Perhaps then you’d probably understand exactly the actual meaning of all this jargon.  

1)    Your salary is cut by 30 per cent without any downsizing of your role or responsibilities.

2)    Your overall contribution to various state taxes increases by 20 per cent and it is possible that this is likely to increase even more.

3)    Your mortgage is locked at a fixed 5 per cent interest rate and cannot benefit from the lower interest rates of the ECB.

4)    Your monthly shopping expenses for essential goods remains unchanged.

5)    Your monthly fuel costs for your car constantly rise albeit already being amongst the three highest in the world and your only option to commute to work is with your own car.

6)    Your home’s utility bills spiral upwards as energy costs for heating almost double.

7)     Your contribution to your pension scheme for the last 25 years is unlikely to yield you a  pension once you qualify for it and even if it does it would be 50 per cent lower than the one you’d expect based on your payments.

8)     Your daily life costs remain constant

 

9)  Your hope for a better tomorrow for you or your children is against the vested interests of the political establishment and social elite of the country you live in.

What would you do if any or all of the following happened to you at the same time?