Will the US end up like Greece in a few years? (Congress, interview)

[mysticaltyger]

Here's a very good article with some good comparisons between the US and Greece:

Could Americans handle Greek-style austerity?- MSN Money

The Greek government has cut total spending by about 11% since 2009, according to the latest progress report from the IMF. That's an abrupt cutback in a short time. If Congress were to cut the U.S. government's budget by the same proportion, it would amount to about $400 billion in cuts in a single year. That's more draconian than even the most aggressive budget-cutting plan proposed by anybody in Washington.



I think the US has some competitive advantages that Greece doesn't...but I also think Americans are complacent and have an "it can't happen to us" kind of attitude. I fear we will end up like Greece in the next decade, although I sincerely hope we don't.

Any thoughts?

[pvande55]

If our politicians try this stunt they will all be voted out of office. Keep in mind our government keeps control of the currency, so more can be printed in case of collapse. Greece made the foolish choice of joining the Euro zone, forcing it to borrow from other nations on their conditions.

[MaseMan]

Culturally, Greece is quite different from the US. The Greek workers' expectations for pay and benefits correlated to actual work make American wages and benefits look like slave labor.

[hoffdano]

A far higher percentage of Greeks work directly or indirectly for the government. These are the people most impacted by the "austerity" measures. Government in the US is bloated, but it is nothing like Greece.

[BlackShoe]

If Barack Obama is re elected in 2012 we most surely will end up like Greece, or even worse, become a clone of the old USSR. If not, we still would have years of austerity and cuts digging our way out of this financial mess.

[erasure]

Originally Posted by BlackShoe

If Barack Obama is re elected in 2012 we most surely will end up like Greece, or even worse, become a clone of the old USSR. I

Actually America reminded me much more of "the old USSR clone" under Bush than under Obama))))

[texdav]

It was interesting to hear greensan say today that Greece will default eventually in a interview. I thnik that the US is head for very tough tighten times. But europe is head for much worse such times.Too mnay dependig on too few doesn;t work.

[Currency Pair Crocodile]

The EU and the Euro was born in 2000 and I was 20 at that time. And I knew rightaway after studying the Euro financial model that this whole set up was a farce and was headed for ruin. It couldn't even hold itself together for a decade.

This sovereign crisis is only proof to that. Greece will eventually default. They will keep buying more time. It's more like the inevitable can only be put off for a certain amount of time. We'll see how far they are able to stretch it. Other members of PIIGS aren't far

[Mr. Klato]

Paper money = monopoly money. It's all fake; it's all a big joke! So just enjoy the ride.

[Boompa]

You mean we could get 80% retirement at age 53 and full medical like Greece, GREAT!