How long before the United States is where Greece is? (pension, tax)
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Well, this should be a wake-up call for Italy, Spain, and Portugal. Germany isn't messing around and they run the Euro group. Greece thought Germany would blink and they didn't. Greece is just rearranging the chairs on the deck of the Titanic. The other three might want to pay attention and do at least a modicum of something now or they are next.
Actually Greeces social spending was average for EU countries. Its in their tax collection that they completely and utterly failed. Much like how many Conservatives want the US to function......
I agree their tax collection was abysmal. But if you are going to run a socialist country, you have to squeeze the businesses and people who actually produce and work for a living as much as you can to even have a chance of delaying the Titanic from sinking. They didn't even have enough sense to do that. LOL.
Re: the "Conservatives wanting the US to function" like that....topic for another conversation. I don't think people mind paying their "fair share"...they just don't like to work their arses off and then have the pay for the freeloaders also.
Let's remember..it's the private sector's taxes that even "allow" for the existence of a public sector.
China 1263.4 <--- 7.2% of debt.
Japan 1215.7
Carib 295.5
OPEC 292.9
Brazil 262.7
Belgium 228.9
Switzerland 215.8
Ireland 215.7
UK 194.8
Hong Kong 183.1
Luxembourg 171.0
Taiwan 170.3
India 110.3
Singapore 109.7
Mexico 87.4
Turkey 77.8
Germany 76.3
France 75.0
Canada 72.5
Korea 71.8
Norway 66.6
Russia 66.5
Philippines 39.4
Sweden 38.9
Netherlands 37.6
Colombia 35.6
Australia 33.8
Italy 32.7
Spain 31.4
Thailand 29.0
Chile 28.3
Poland 27.6
Kazakhstan 27.1
Israel 20.9
Denmark 16.4
Vietnam 13.4
Peru 10.8
South Africa 10.3
Missing what's held domestically for people to put it in perspective.
The U.S. debt and interest on it can indeed be an insurmountable problem if it continues. That's what happened to Greece. Greece's only problem wasn't the lack of a sovereign currency.
No, it won't. A monetarily sovereign government cannot become insolvent from debt denominated in its own currency.
Us is not likely to be where Greece is. In fact even Europe is in start of reform to labor markets and in getting to EU requirement that have been in place. Greece is a example of government too big and consuming GDP while destroying the private sector who produce it. Their GDP dropped 25% just in the last few eyars.
Also countries start to go down after 150% threshold.
US will go down after 24 trillion.
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