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.


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