If one hasn't maintained awareness of what is happening in Greece, you have missed a glimpse of what could be the fate of the USA in the not too distant future. Political leftists will belittle the notion as they ignore facts as they are want to do.Of course, we hope America won't got the way of Greece, but only those in denial will believe that it can't happen. Greece is bankrupt, having lived way over their means for generations, having permitted unions, especially public service unions, to gain control of the country. Their debt exceeds their GDP and their private enterprise has no way to improve the situation. Now, bankrupt little Greece is jerking the whole western world around by ignoring a plan by the EU (driven by Germany and France) to rescue them. Inexplicably, Socialist President George Popandreou announced that a referendum would be held to give the people a chance to vote for or against the bailout proposal. WHAT? How likely is it that those who feed at the national trough are going to vote to cut jobs, wages and other costs that is demanded? They've been demonstrating for months against reform! It is unlikely they will suddenly change. Possible, all should hope.
Now you say, how can this happen in the USA? Look at the bold italicized words and compare to our national condition now. America's total debt to GDP is 100%, although reported numbers only show "outside" debt. If our unfunded entitlement commitments are included the ratio is 400%. Yes, this number can change as tax revenues and the code change and/or the economy grows dramatically. You be the judge as to what is likely. While it isn't "acceptable" to call President Obama a Socialist in the mold of Popandreou, his policies are indisputably socialistic. Who can dispute it? Oh yes, those who ignore facts. Obama is working diligently to get more unions in controlling positions...especially public service unions! Our economy has structural problems that preclude expansion to grow the GDP, and pressure from government is only worsening the condition. We have demonstrations that have spread from Wall Street across the USA, the intent of which is not clear, but it is anarchy accepted by the administration and the leftist politicians. Does that explain them a bit?
There is more but I invite you to compare bold italicized words in the two paragraphs above. America is not Greece yet, but we are on course to be. Yes, those are the facts that collectivists and non-thinking acolytes of the political left ignore. Sorry if this offends anyone, but truth is what it is and must be told.