Final Word from Thursday, May 31, 2012
We're told the citizens need more financial training so they can
make better money-related decisions, but it's the politicians who
are most in need of help. They don't have to earn fancy
economics degrees from high-priced schools, because we're
living through the problems caused by all those Ph.D.'s. No, they
just need a few lessons in simple socio-economic logic. For
example, if you squeeze certain parts of the population by
raising VAT and other taxes and by lowering the benefits people
have come to depend on, you're going to get some extra revenue
... but you're also going to get a huge backlash. Especially if the
taxes are raised and the benefits lowered so that those at the top
can maintain their usual level of theft. If you want those at the
bottom to accept the pain without marching through the streets,
those at the top must also feel some pain. This isn't prize-
winning economics, but the politicians just don't get it.[Czech Republic strike protests]
Glossary of difficult words
to squeeze someone - to put financial pressure on someone;
backlash - a strong and adverse reaction by a large number of people;
pain - (in this context) economic hardship;
to get it - to understand something.