Yeah we had measures in place to avoid loans that were not creditworthy. Then government stepped in. Bankers did what they coukd to hedge and passed the bad paper to Sallie Mae who knowingly bought these loans and the end was made.It is stupid to lend money to someone who cant afford to pay it back. In Europe every bank is strictly required to proove credit-worthiness of a borrower.
Regarding "socialism" - it is only a word and has different meanings to different people. Germany, economically very strong, has many measures in place that probably would be considered far-left-wing by you.
The socialust West European countries are in debt up to their ying yang and the debt is growing.
Not in the EU class but you can see the impact its having as noted.US deficit reaches 1 trillion:
https://www.houseofpolitics.com/thr...eficit-will-reach-1-trillion-next-year.20299/
So by your definition the US is a socialist country?
Not in the EU class but you can see the impact its having as noted.
EU lite. Social hammock ("safety net"), high taxes.So in what kind or form do you think the US is a socials country (even in a mild way)?
Do you guys still get vacation money ?
So thats how it works. Thanks.Some countries (like Germany) pay the yearly salary divided by 12, other countries (like Austria) pay the yearly salary divided by 14 (so each month you get a 14th, in two months - typically July (vacation) and December (Christmas) - you get an extra 14th).
Salary isnt higher! And usually salaries in Europe are lower than in the US.
So no socialism here.
Who decided to pay salary / 14 ?
Looks like somewhere along the line it became law. And grew some reduced taxation to sweeten the pot.Thats historic. As far as I know it came from factory owners in the 19th century paying their workers a bit more at certain times in the year for social or humanitarian reasons.