Just replace “Greece” with “the US” and you can see our current path:
The Greek government has spent too much for years. Markets became concerned about this in November after the newly elected Socialist government revealed that last year’s budget deficit was more than three times as large as previously estimated. The EU says Greece’s financial figures have been fudged for years.
With debt piling up to 113% of the economy, investors fear Greece won’t pay its debts, in the form of government bonds — or will need a lifeline from other EU countries to meet its 54 billion euro ($74 billion) borrowing needs this year.
Decades of irresponsible government have put us on the current trajectory. Program after program were put in place and structured in ways we cannot afford. Social Security, Medicare, the new Medicare drug program, Medicaid, and so on.
Barack Obama is perhaps, hopefully, at the tail end of this madness in spending. We surely can’t afford the health care bill he wants - and it looks like these new “reforms” will never be enacted anyway. The country’s #1 priority for the next decade should be to get our financial house in order - not coming up with extravagant new spending programs. This kind of reckless spending is so 20th century.