Is democracy good for balancing a budget? For many today the answer is a resonating no. This answer is easy to understand. In the birthplace of democracy, Greece, the state’s budget is a mess. For too long the politicians of modern Athens feared that voters would not tolerate the financial truth. To pay for unaffordable election promises they borrowed irresponsibly instead of raising taxes. They lied to voters about the ballooning public debt. It all ended, of course, in a huge sovereign-debt crisis.
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