This'n'That; May Seventh[US/Greece Comparison]

America Of The Future: Look To Greece!
[All it will take is a quick comparison of the figures below to see the direction we're going in.  Our European-style socialist spending practices--if left unchecked--will lead us into ruin; first society in general, then the government solvency, lastly the country itself!!  We now have families in America who brag that  FOUR GENERATIONS have never worked for one thin dime!!  These thieves are increased exponentially by illegals who enter the country and immediately plop their asses down in front of the government tit.  How can this continue with nearly 50% of America's adult population NOT paying taxes to fund these vote-buying gimics??  The federal policy that "no one can fail"-all Americans must be protected from life, itself.  The Tea Party 'patriots' have it right: Smaller government; reduced spending; reduction of the 'dependency class.']

Greece's economy, at a glance [Last Update-01/19/'10]:

Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4.0% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending.

• But growth dropped to 2.9% in 2008.
• The economy went into recession in 2009 and contracted by 2.5%, as a result of the world financial crisis, tightening credit conditions, and Athens' failure to address a growing budget deficit, triggered by falling state revenues, and increased government expenditures.

    Public debt, inflation, and unemployment are above the euro-zone average; debt and unemployment rose in 2009, while inflation subsided. Eroding finances prompted major credit rating agencies in late 2009 to downgrade Greece's international debt rating, which has led to increased financial instability.  Currently, the Greek Government is under intense pressure by the EU and international lenders to implement a medium-term austerity program that includes cutting government spending, reducing the size of the public sector, and reforming the labor and pension systems. Athens, however, faces long-term challenges to push through unpopular reforms in the face of often vocal opposition from the country's powerful labor unions and the general public. Greek labor unions are prepared to strike over new austerity measures and continued widespread unrest could lead to rioting or violence.

GDP (purchasing power parity):

• $339.2 billion (2009 est.)
• $347.9 billion (2008 est.)
• $338.1 billion (2007 est.)
• note: data are in 2009 US dollars

GDP - real growth rate:

• -2.5% (2009 est.)
• 2.9% (2008 est.)
• 4% (2007 est.)

GDP - composition by sector:

• agriculture: 3.4%
• industry: 20.8%
• services: 75.8% (2009 est.)

Labor force:

• 5.01 million (2009 est.)

Labor force - by occupation:

• agriculture: 12.4%
• industry: 22.4%
• services: 65.1% (2005 est.)

Budget:

• revenues: $108.7 billion
• expenditures: $145.2 billion (2009 est.)

Public debt:

• 108.1% of GDP (2009 est.)
• 97.4% of GDP (2008 est.)

Inflation rate (consumer prices):

• 1% (2009 est.)
• 4.1% (2008 est.)

Central bank discount rate: 

• 3% (31 December 2008)
• 5% (31 December 2007)  

Commercial bank prime lending rate:

• 8.65% (31 December 2008)
• 7.71% (31 December 2007)

Market value of publicly traded shares:

• $NA (31 December 2008)
• $264.9 billion (31 December 2007)
• $208.3 billion (31 December 2006)

Agriculture - products:

• wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products

Industries: 

• tourism,
• food and tobacco processing, textiles,
• chemicals, metal products;
• mining, petroleum

United States' economy, at a glance [Last update -02/01/'10]:

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $46,900. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. The war in March-April 2003 between a US-led coalition and Iraq, and the subsequent occupation of Iraq, required major shifts in national resources to the military. Hurricane Katrina caused extensive damage in the Gulf Coast region in August 2005, but had a small impact on overall GDP growth for the year. Soaring oil prices between 2005 and the first half of 2008 threatened inflation and unemployment, as higher gasoline prices ate into consumers' budgets. Imported oil accounts for about two-thirds of US consumption. Long-term problems include inadequate investment in economic infrastructure, rapidly rising medical and pension costs of an aging population, sizable trade and budget deficits, and stagnation of family income in the lower economic groups. The merchandise trade deficit reached a record $840 billion in 2008 before shrinking to $450 billion in 2009. The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a recession by mid-2008. GDP contracted till the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and other industrial corporations. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. Approximately two-thirds of these funds will have been injected into the economy by the end of 2010.

GDP (purchasing power parity):

• $14.25 trillion (2009 est.)
•  $14.61 trillion (2008 est.)
•  $14.56 trillion (2007 est.)
•  note: data are in 2009 US dollars

GDP (official exchange rate):

• $14.27 trillion (2009 est.)

GDP - real growth rate:

• -2.4% (2009 est.)
• 0.4% (2008 est.)
• 2.1% (2007 est.)

GDP - composition by sector:

• agriculture: 1.2%
• industry: 21.9%
• services: 76.9% (2009 est.)

Labor force:

• 154.5 million (includes unemployed) (2009 est.)

Labor force - by occupation:

• farming, forestry, and fishing 0.6%,
•  manufacturing, extraction, transportation, and crafts 22.6%,
•  managerial, professional, and technical 35.5%,
• sales and office 24.8%,
• other services 16.5%

Unemployment rate:

• 9.9% (05/01/'10)
• 9.4% (2009 est.)
• 5.808% (2008 est.)

Investment (gross fixed):

• 12.5% of GDP (2009 est.)

Budget:

• revenues: $1.914 trillion
• expenditures: $3.615 trillion (2009 est.)

Public debt:

• 39.7% of GDP (2009 est.)
• 34.6% of GDP (2008 est.)

Inflation rate (consumer prices):

• -0.7% (2009 est.)
• 3.8% (2008 est.)

Central bank discount rate:

• 0.5% (31 March 2009)
• 4.83% (31 December 2007)

Commercial bank prime lending rate:

• 5.09% (31 December 2008)
• 8.05% (31 December 2007)

Market value of publicly traded shares:

• $NA (31 December 2008)
• $19.95 trillion (31 December 2007)
• $19.43 trillion (31 December 2006)

Agriculture - products:

• wheat, corn, other grains, fruits, vegetables, cotton;
•  beef, pork, poultry, dairy products;
• fish;
• forest products

Industries:

• leading industrial power in the world,
• highly diversified and technologically advanced;
• petroleum,
• steel, motor vehicles, aerospace,
• telecommunications, chemicals, electronics,
• food processing, consumer goods,
• lumber, mining

Industrial production growth rate:

• -5.5% (2009 est.)

Til Nex'Time....