The chicken or the egg. What came first?
Did the Western World as a whole trigger the culture of spend, spend, spend as we sought to improve our living standards or has it been government driven in the ongoing pursuit of economic growth? I suspect a combination of both and now we will all have to bite the bullet and reign in our spending further, governments included.
But, just how willing are we to do so. The population of Greece via their rioting have shown a fair amount of reluctance to accept any austerity measures and with Australia's current culture of expecting the government to provide subsidies and handouts to all, not just the needy, I suspect unwillingness here too.
Australia the lucky country. Just maybe that we have had an easier time economically so far.
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