Everything is gambling if one of the following conditions exist:
a) You don’t understand the game
b) You’re not smart enough to play the game or
c) You have a losing expectancy of success when you calculate your weighted probability of success vs. failure.
It seems like a collective group o f people, under a democratically elected government, are incapable of stopping their drunken debt demise until they get a liver transparent (eg. debt-restructuring or bailout).
How do we stop this? MORE REGULATION. MORE LEGISLATION. We need legislation that makes it illegal to run a deficit. No excuses.
There should be no excuses. We need a small government with less socialist policy. Capitalism and free markets can help take care of the rest.
If person A is offered $1 FREE and person B is offered $5 FREE and person A refuses due to unfairness, person A is exhibiting the poor logic of a socialist and some liberals.
Socialists think (or maybe their problem is that they don’t think enough) it’s better to have everyone enjoy a worse quality of life than have unfairness. Many people are socialists–people who didn’t take economics or do their homework.
Most people are direct workers who perform work for the managers and founders--the greatest risk takers--in society.
I believe the propensity to take risks is one of the greatest determinants of someone’s career choice. Being able to manage risk well is not a skill too many people have. This is one of the reasons why debt is so prevalent. People aren’t managing risk appropriately or simply “kicking the can down the road.”
I suggest that we need public sector employees to assume greater risk by having clear targets and being paid on performance rather than simply a guaranteed salary.