More proof MSM memes are never true. Greeks work harder and owe less than Germans. CHARTS

[Joanne98]

Sunday, May 16, 2010

German Households Owe More Than Greece’s Do

Be careful about your cultural stereotypes! From Bloomberg, via Marshall and Andrew:



http://www.nakedcapitalism.com/2010/05/german-households-owe-more-than-greeces-do.html



May 14, 2010

"About That Mediterranean Work Ethic"

Do Greeks work less than Germans?:

About That Mediterranean Work Ethic, Twenty Cent Paradigms: According to many accounts of the financial crisis in Europe, one reason intervention has been slow is that it is hard to convince Germans, widely seen by themselves and others as hard-working, thrifty and virtuous, to "bail out" those lazy, spendthrift Greeks.


This bit of OECD data on hours worked per worker (via Economix) runs contrary to the stereotypes:



That is, according to the OECD, the average Greek worker logs 2120 hours per year - 690 more than a German worker.

http://economistsview.typepad.com/economistsview/2010/05/about-that-mediterranean-work-ethic.html

[dmallind]

1. Since when was this the"meme"?

Of course Greeks have less debt. If Americans, or any nationality, were paid 14 months' pay for 12 (sort of) months' work they would be able to pay down their debts better too.

The "meme" never has been that Greek workers owe a lot of debt. It's that the government incurred unsustainable debt overpaying those workers without generating appropriate tax revenues to afford it. Personal finances are immaterial.

Strawman from start to finish.

[ParkieDem]

2. Yep.

Kind of hard to ignore the "public debt" portion of that chart.

I'll admit that I am perplexed by the average hours worked number, but I can only assume it stems from a huge disparity in working hours of public and private sector workers in Greece. When you throw in Greece's super-low retirement age, I also smell a straw man.

[girl gone mad]

5. Greece's problem is not unsustainable public debt.

The government has been cutting back for years, but their situation has only worsened.

[upi402]

3. The meme I hear is that Greeks demand socialist handouts

But that's not on actual media, just US media.

[Kringle]

4. the Greek economy produces nothing

you cant run a countries economy
like Disneyland and expect otherwise

[girl gone mad]

6. Greece produces something..

most essential for the Eurozone export countries.

And the idea of any American lecturing Greeks on how to run their economy is preposterous.

[Joanne98]

7. Neither do we!