Is Greece a preview of what's to come for the U.S.?
Graffiti is displayed on a building in Syntagma Square on November 3 in Athens, Greece. Greece stands on the brink of economic collapse as political disagreements continue concerning the financial aid package proposed by the EU.
November 3rd, 2011
02:03 PM ET

Is Greece a preview of what's to come for the U.S.?

From Jack Cafferty, CNN

The United States is on its way to being Greece one day, and no one wants to acknowledge it.

Our national debt increased by more than $200 billion in October alone.

That comes out to $650 for every man, woman and child in this country.

The U.S. debt is now at more than $14.9 trillion … and likely will top a staggering $15 trillion by the end of November.

The congressional “super committee” is trying to cut $1.2 trillion over 10 years. That's not even a drop in the bucket - and lawmakers are still whining about how hard it is.

The whole idea that the federal government is in any way serious about the national debt is a joke. Even after America's credit rating was downgraded, our leaders continue to spend money at an unsustainable rate.

And, if they don't get serious - and very soon - you only need to take a look at Greece for a glimpse of our future.

The Greek government is on the verge of collapse in the wake of its debt crisis.

The euro and European banks have been thrown into crisis by Greece's debt and by Prime Minister George Papandreou's actions.

First, Papandreou announced there would be a referendum vote on the European bailout - and now he says there won't. Meanwhile, his government might vote him out of power Friday.

Greece has been holding the world hostage because Papandreou's government doesn't have the stones to make the tough decisions.

Sounds kind of like the politicians here who don't have the stones to tell the American people the party is over and it's time to pay the tab.

Here's my question to you: Is Greece a preview of what's to come for the U.S.?

Tune in to "The Situation Room" at 4 p.m. ET to see if Jack reads your answer on the air.

And we'd love to know where you're writing from, so please include your city and state with your comment.

Filed under: Economy • Greece
soundoff (121 Responses)
  1. Rick McDaniel

    Absolutely. The Obama administration knows no limits to spending........and we all know that if you spend more than you take in, you will be in serious financial difficulties, very fast. We are already in that scenario.

    November 3, 2011 at 2:06 pm |
  2. Ed from California

    I think it's the other way around. There is no one on earth that can protest and move mountains more so than a pissed off American. And Jack, I've been pissed off since Reagan!! It's good to see the rebirth/awakening of the American spirit. I can only hope that Boehner is listening and starts passing the jobs bill. Or, he'll be looking for a jobs bill January 20, 2012.

    November 3, 2011 at 2:13 pm |
  3. Pete in Georgia

    It depends how quick we can get Nov. 2012 here and rid the White House of our Socialist dictator and get back to a free enterprise capitalist society and actually put people back to work the old fashioned way.........................by getting BIG government out of the way of ingenuity and the American spirit.
    What a concept !!!

    November 3, 2011 at 2:15 pm |
  4. John from Alabama

    Jack: It is a global economy, which NAFTA, the EU, and Asia brings them all together. When the European Union (EU) has a bad player like Greece we all get hurt. Maybe, just maybe, we should step back before we try to interconnect ourselves more. Greece's problems hurt our job prospects in America, our stock market runs up and down like a roller coaster, and the price of gold and silver skyrocket. We need steady growth in our economy that gives business confidence to expand and hire more workers. Steady growth wins the race rather than wild rides which crash.

    November 3, 2011 at 2:22 pm |
  5. Name*Mick OBRIEN

    Really think over the long haul North Africa is a more accurate preview. Absent major moral shift in our beloved country, I think the diverging wealth curves point to disastrous results we cannot imagine for America. Desperate people can be an explosive environment no matter what political theater they find themselves in

    Mick in South Buffalo, NY

    November 3, 2011 at 2:22 pm |
  6. Eric

    If we continue down the road of services and providing a free ride to those who don't want to work, keep expeanding welfare, food stamps and other social services to cover those who can work but refuse to (or worj under the table), then yes.

    We cannot continue to afford to support "deadbeat" people who just milk the system without providing anything in return.
    If they can't find a job, then we should require them to provide something in return. Work at minimum # of hours a week at some social program, pick up trash along the road, dig out ditches, etc.

    Giving this to them for free has got to stop. If you can work, then work. If not, well ok but prove you can't work first.

    November 3, 2011 at 2:23 pm |
  7. Dan

    Why would it be? If you're just making a comparison about debt vs. GDP why not say, "Is Japan a preview of what's to come for the U.S.?" and since Japan's debt is even higher than Greece's, even when compared to their respective GDP why not ask, "Is Japan a preview of what's to come for Greece?"

    November 3, 2011 at 2:23 pm |
  8. Rich in Gainesville FL

    Unless we do something about our deficits and debt, yes. The Chinese will continue to finance our spendthrift ways until they're able to dictate terms to us, just like Europe is dictating terms to Greece. We're a much bigger economy so it won't happen next week or next year or likely even this decade. But if we keep going on the road we're on now, there's nothing else that can happen.

    November 3, 2011 at 2:25 pm |
  9. Russ in PA

    It would seem to be, as all of the Western welfare states are in dire financial straits, and likely to get worse as they continue to bail out the bad investors with tax payer money. Of course, the fall for the US could be worse as we also have a warfare state that will collapse along with the welfare state. That warfare state may be less forgiving as it strives to control US citizens at the further expense of liberty.

    Ron Paul in 2012...

    November 3, 2011 at 2:27 pm |
  10. Luis Almonte

    Greece is not a preview of what is to happen in the U.S. unlike Greece, we have control, we are aware of what can happen and we are alert and trying to fix it right now. Greece has been blind and not keeping up but WE have been on top of it and we will get through it. Greece is a seprate case, something for the European Union to worry about and we have our own case here. Don't put the cases together, separate it.

    Luis Almonte
    Union City, NJ

    November 3, 2011 at 2:35 pm |
  11. s in fl

    Maybe. God forbid we start collecting taxes again. This whole situation is total insanity, and a very greedy version of it.

    November 3, 2011 at 2:41 pm |
  12. Phyllis G. Williams

    Is Greece a preview of what's to come for the U.S.?

    Yes. If they prefer to get Nothing instead of Everything.
    God says we are His children, giving to those that overcome,
    all things visible and invisible (Colossians 1: 16) a free world,
    free heaven (Revelation 21: 7) and those on the
    Roll of Honor are waiting on us to get their rewards
    (Hebrews 11: 39-40).

    November 3, 2011 at 2:43 pm |
  13. Gary - Woodhaven, Michigan

    I would hope not, but hope defined is being able to "see new possibilities", in that instance as long as we have politicians with one sided absolute ideologies that does not allow them to see any "new possibilities" but stay in the same old ineffectual mindset of doing America's business, we become more like Greece everyday. In fact, the narrowness of mind that most of our politicians have is nothing more than the singular thinking and unyielding will to compromise as is control minded communist thinking, which then scares me to death from both of our political parties.

    November 3, 2011 at 2:47 pm |
  14. Ken Victoria BC

    Yes, if the USA does not change its ways, it will go the same way as not only Greece but the Roman empire. The next election will make or break the difficult circumstances generated by the GOP.

    November 3, 2011 at 2:47 pm |
  15. Dan in Albuquerque

    I think it depends on whether the supercommitte does its' job and "goes big" with serious spending cuts AND serious revenue. Otherwise, the consequences will be dire until we can make changes away from obstructionism at election time.

    November 3, 2011 at 2:54 pm |
  16. Tom Bulger

    No. Very different cultures. Very different circumstances. If we merely stop extending Bush's tax cuts for the super rich, we go back to the surplus that Clinton had in the 90's. If we eliminate some of the waste in the military/industrial complex, we're rolling in the dough.

    Greece's best chance of a decent future is increasing its tourism, something the riots don't encourage.

    November 3, 2011 at 2:57 pm |
  17. Rich McKinney, Texas

    There are certainly similarities but the main problem with Greece is that they can no longer pay the interest on their debt. The solution for both Greece and the United States is very simple. They both need to stop spending money they do not have in order to make the interest payments and in the long term both governments need to spend less in order to stop the debt from getting any bigger. It is as simple as that. There is absolutely no other way to do it. Raising taxes will never be enough without fiscal discipline to rein in the spending. Our governments have become bottomless pits or black holes that are never satisfied with what they take in. It is never enough for them. Each year they grow larger and larger and spend more and more. Their thirst for money is unquenchable. They consistently spend more then they take in.

    November 3, 2011 at 2:58 pm |
  18. Pat in Michigan

    this is a preview of what is in store for the world. Did the manipulaters think this was going to go unchallenged?

    November 3, 2011 at 2:58 pm |
  19. Ken from Pinon Hills, California

    Unfortunately, only China can answer that.

    November 3, 2011 at 3:01 pm |
  20. Larry from Georgetown, Tx

    Greece is like a pebble dropped into a pond. If we cut too much too fast the America will be like dropping a huge bolder into a lake and the violence will be many times worse than Greece. We just need one little spark to light the fuse and America will be back to riots. Congress won't do the right thing because they're afraid of losing their jobs. Doing the right thing is not always popular but necessary.

    November 3, 2011 at 3:04 pm |
  21. Lori - PA


    Yes. Especially as our government continues to turn a blind eye to the U.S.'s economic woe's.

    November 3, 2011 at 3:06 pm |
  22. Michael Bindner, Alexandria, VA

    No. Greek's benefit levels are extreme and its polity unstable. The U.S. long term budget picture can be fixed by letting the Bush tax cuts expire or enacting spending cuts and tax law changes to allow most of them to be extended in a budget neutral fashion. Greece's problem is that of a state within a larger European Union that has gone off the edge – it is more like California than the nation. The U.S. can print money, like the EU (although the EU currency is not backed by the kind of EU tax and debt that would let it rival the U.S.). Neither Greece nor California is willing or able to do what the US can do.

    November 3, 2011 at 3:09 pm |
  23. Jk from Minnesota

    If the corporate and congressional greed doesn't stop I think it could.

    November 3, 2011 at 3:10 pm |
  24. Noel Sivertson Roswell New Mexico.

    I don't think think so. Even the Republicans aren't THAT stupid...I don't think!

    November 3, 2011 at 3:12 pm |
  25. Cy Gardner

    Broken down by capita, each Greek is in less debt than the average American. For THEIR money they got early retirement, universal health and other benefits for decades. For OUR money we got a broken system for caring for the elderly and a scam of a health coverage system. We got more weapons and more jails than possibly all the rest of the industrialized world combined. Oh, and we got the richest rich people and the greediest greedy people in the world. Yeah, boy. Those Greeks are stupid aren't they? cy from arlington, va

    November 3, 2011 at 3:12 pm |
  26. Annie, Atlanta

    Sure it is. But this whole austerity thing is being directed at the wrong people. Governments, from national down to local, invested in Wall Street's ponzi scheme, unknowingly. Wall Street made out like bandits (literally), and left the bill to the rest of us. I don't understand why criminal action hasn't been taken against them to recoup some of these funds. Are they truly the ones in charge now, or is it the rest of us? This is obscene.

    November 3, 2011 at 3:15 pm |
  27. Mycroft Lake Travis Texas

    Jack, 90% of our current financial problems are the direct result the Supreme Courts decision to select Bush as the President of the USA. The Bush Crime Family borrowed an enormous sum of money from China to fight Two Wars in Afghanistan and Iraq, give enormous tax breaks to already wealthy US citizens, Corporations, and double a defense budget that was already 400% more than the entire world's defense budget. Our problems are much bigger than Greece's, but unless the GOP can rig the voting machines again, I doubt if they can ever win another Presidential Election and we have a chance to turn things around. True Obama has had to borrow and spend a lot of money to get the" Car out of the ditch", (more like the Grand Canyon) that the Bush Administration so drove us into, but with the Occupy Movement gaining traction things are getting to a bit more optimistic. At least we are not dealing with the complacency of the Status Quo any more. We are motivated, unified, and we are going to get our country back on track. If President Obama continues onward keeping his Campaign promises, Dems will have a huge victory taking back the House and Senate. Let us never forget how the Bush Administration almost turned the USA into a third world country ! Greece doesn't have the resources we have and really, any comparisons seem pretty far fetched.

    November 3, 2011 at 3:17 pm |
  28. Bizz, Quarryville Pennsylvania

    We could very well end up like Greece if something isn't done soon. But when you have the wealthy and members of Congress increasing their wealth by ridiculous numbers doesn't help the need for urgency. The wealthy control Congress with their money and high paid lobbyist. You cannot balance the budget on the backs of what is left of the working class or the poor by cutting the things that affect them the most. Somewhere in time you need to increase the taxes of the people that can most afford it.

    November 3, 2011 at 3:20 pm |
  29. Doug Ericson

    I hope so. The citizens of Greece don't want to bail the Big Banks out, and neither do I. The Big Banks aren't to big to fail, they are just too corrupt to accept responsibility for their mistakes. (Another thing I read recently, in a CNN article, is that the Social Security Trust Fund has 2.6 Trillion Dollars invested in US Treasury bills. Thats a little mind twister in itself.) Doug, Pepperell, MA.

    November 3, 2011 at 3:20 pm |
  30. Gary H. Boyd

    With the dysfunction in Washington these days I'm beginning to think a collapse of the American government as we know it is not such a bad idea. There's already chaos in the streets, an utter lack of confidence in government and folks buying and hoarding gold. Perhaps it's time to throw in the towel and start over.

    Gary in Scottsdale, Arizona

    November 3, 2011 at 3:20 pm |

    No, what is going on in Greese will look like a highschool pep rally compared to the blood bat that will happen here.

    I am astonished when I here people saying on TV that $ 250,000.is not a lot of money and raising taxes on those who earn that amt. would devastate them, while saying that SS has to be cut and medicare almost done away with.
    The people who have to live on SS do not earn more than $10,000 pr year and find it hard to save $50.00 a mon.

    May I suggest, when the well to do say I worked hard for what I have and it is not fair for any one to take what I have worked for to help someone else.

    I would love for them to work along side me for a year. I would love to see them collect garbage for a year.
    Deliver mail for a year. How dare they say that even a clerk at Walmart does not work as hard as they. I am sure that most of them would trade places in a hearth beat. Would you, with them. Some how I do not think so. METALWORKER in ILLINOIS

    November 3, 2011 at 3:21 pm |
  32. Clephas from Austin, TX

    Right now neither side of the red and blue line is capable of making tough decisions. Even when the Dems make a concession, it gets ignored if Obama is even smelled in the general area where it was written. However, the fact remains that there needs to be a wider acknowledgement that both tax increases and cuts to entitlements along with extensive reform of those programs is necessary. The fact that everyone is standing on an ideological platform rather than doing their job is quite frankly disgusting to me, as an American.

    November 3, 2011 at 3:21 pm |
  33. Karl in Flint

    Jack, Greece is just the trailer to our movie. Compared to Greek preview, the US collapse will be a cinematic spectacular. The wealth in this country is as "redistributed" as it can get, all upward. Now it's time for that wealth to be taxed and if not, like you said, the party is over. Makes me wonder where the, primarily, GOP obstructionists and their corporate sponsors will go for exile when it all comes crashing down, and it will. Maybe that's what all the building in Dubai is all about. It won't be Beverly Hills or the Hamptons.

    November 3, 2011 at 3:21 pm |
  34. Mr. D

    "Better be aware of Greeks bearing gifts." The gifts are showing us what it will be like in this country if we do not get our financial house in order.

    November 3, 2011 at 3:22 pm |
  35. Wilhelm von Nord Bach

    YES IF the government doesn't rein in the Wall Street Weasels and Corporate Outsourcing Quislings

    will be either Greece OR a 21st Century American version of the French Revolution complete with a Guillotine on Wall Street and another one on K Sreet.

    November 3, 2011 at 3:27 pm |
  36. Mitoosense Fort Lauderdale, Florida

    If your referring to Democracy coming to America,I hope so!!!

    November 3, 2011 at 3:29 pm |
  37. Cy Gardner

    Maybe American politicians need to grow the stones to tell the people who finance their campaigns that the party is over and it's time to put that money into the US Treasury instead of politicians pockets. If we go down the tubes it won't be because we lavished too much money on average Americans. It will be because the corrupt political system stopped making the rich pay taxes or obey laws. cy from arlington, va

    November 3, 2011 at 3:30 pm |
  38. Kim , Dodge City, Kansas

    If Greece isn't a preview,I don't know what is. Sadly, our government is interested in helping only themselves. Maybe we could borrow money from that Kardashian kid, she seems to have more money than brains.

    November 3, 2011 at 3:34 pm |
  39. John Blythe

    Greece's problems will be bad either way. If they accept the bailout, severe austerity measures will continue; if they don't accept the bailout, they will default. Meanwhile, Italy, Spain and Ireland are all having problems as well and the EFSF says it doesn't have enough money to bail them out. However their national debts, while staggering, are small, compared to the U.S. In addition to the $15 trillion national debt, we have $54 trillion total in US debt and over $116 trillion in unfunded liabilities. It is likely our credit rating will be downgraded again and last month it was announced that we had the largest annual deficit on record. A clear sign that Washington has done nothing this entire year to cut spending. You're right Jack, $1 trillion in cuts over 10 years is beyond laughable! Its a pure freak show in the circus capitol of the world! – John in Los Angeles

    November 3, 2011 at 3:43 pm |
  40. Sylvia from San Diego

    When over 50% of the workforce comes from the public sector, absolutely! Thanks to this "community organizer minded" administration, this is exactly where America is heading....And why isn't Obama calling a press conference to SCREAM about the millions of tax money that will be given out as bonus' for "moderate improvements" to the Fannie/Freddy Execs? This abuse would never be tolerated by private industry. Why and how do these bozos get away with this?

    November 3, 2011 at 3:43 pm |
  41. Jerry Driskell

    No. We're invincible. Ask any liberal.
    Blairsville, GA

    November 3, 2011 at 3:44 pm |
  42. Greg in Arkansas

    It's NOT a preview; it's what's happening here now....
    The U.S. is broke.....the government has had to borrow money to operate for years and it is ALL OUR OWN FAULT.
    We wanted everything from our govt. for the past 30 or so years, (new roads, schools, services, strong military, etc.) AND lower taxes while we convinced ourselves that everything would work out "next year"....
    Now, we don't have enough jobs to generate sufficient tax revenues to pay the bill for what WAS spent much less what we will need today or tomorrow.....welcome to poverty..........
    Looks like 30 years of sending jobs to other countries for higher profits wasn't such a good idea after all....since, every dollar that we spent on goods from "other" countries is one less dollar that we have to pass around in this country.

    November 3, 2011 at 3:45 pm |
  43. John

    The US and Canada needs to isolate itself from the rest of the world, for the time being. We need to regroup, take a step back, let the crumbling chips fall where they may. Enough globalization, enough foreign investments. Stick close to home, forget about vacationing abroad, it's time to rediscover our backyards and strengthen our middle class back to what it was fifty years ago.

    November 3, 2011 at 3:47 pm |
  44. Larry in Houston

    Jack –

    It's going to be around 16 Trillion + by the time Obama leaves office, no denying that. The Bailouts (or TARPs) really hurt this country bad. It sounds to me like that Ron Paul has the best answer. He's the only one who will cut the Trillion mark in a year or 2. All of the other candidates want to stretch all of their "cuts" in a 10 year span, or more, which, if you do the math, will never cut it. When your drowning and your already underneath the water, and somebody throws you a life vest, or some type of life preserver, and it lands on top of the water in the area where You are Already Underneath, even if you have your arms stretched Up all the way, and still cannot reach the top of the water. what good is the life preserver ? I think that will give you the best scenario of where this country is headed.

    November 3, 2011 at 3:55 pm |
  45. Jim, Denver CO

    It is a good indicator of things to come if we don't watch it. The Super Committee is a joke on the U.S. people. It comes down to put the tax rates back to pre-Bush levels for everyone, and get companies to pay their fair share with taxes on them for holding money offshore and outsourcing jobs to countries with cheap labor.
    Our taxes over the years have paid for all the infrastructure the Rich and Corporations have all utilized, they need to chip in their fair share. That is all OWS wants really, a level field and a fair chance to succeed. Right now it is all gamed in favor or Wall Street, the ultra rich, MNC's and Banks. The 99% have had enough!

    November 3, 2011 at 3:59 pm |
  46. Gigi Oregon

    If Greece is a capitalistic country, could be. Each country has a different set of problems. The problem in the U.S. is corporate greed and government representatives for "we the People" accepting bribes from lobbyists, to do it corporates way. If "We the People" went to the streets and demanded that Washington raise taxes on the rich...two things would be possible.
    1. The debt would go down or
    2. Government would declare Marshall law.
    Want to make a change...don;t count on government...do something make a choice. It take a brave person to stand up and do what's right. Do it for your parents, grandparents and your children. They are counting on you...to bring back the "American Dream"

    November 3, 2011 at 4:01 pm |
  47. Tony from Southport

    The answer to your question is "YES"....... if Obama gets his way.

    November 3, 2011 at 4:03 pm |
  48. Kirk (Apple Valley)

    You're right. Politicians don't have the cojones to do what needs to be done. Cut spending AND INCREASE TAXES!!!! My wife and I get social security and medicare and we're willing to take a (small) hit if it means that things will turn around. BUT!! As long as the GOP/Tea Party continue with their no tax increases mantra and only want to cut spending. then I will do everything I can to make sure no GOP/Tea Party member ever gets elected to office again!

    November 3, 2011 at 4:05 pm |
  49. Jack - Lancaster, Ohio

    Well, it is a Gobal Economy (!) and the United States will not be denied it's share of economic collapse. What goes around comes around. I just hope it does not lead to chaos, or worse.

    November 3, 2011 at 4:08 pm |
  50. jeff in hawaii

    Yes Jack,
    It sure is. And it's not Obama's fault, the blame belongs to both parties of Congress for the last 12 years. You say no stones? Those folks don't even have pebbles. Oh, this deficit reduction stuff is soo hard. Give me a break. Close corporate loopholes, raise taxes, end subsidies. I have traveled the world and always love coming back to the US, but I will leave if we have a collapse of our economy. I'd rather live in a country where I can make $10 a day than stand in a foodline like people in the last depression. It's time for the American people to show their stones and vote all these knuckleheads out.

    November 3, 2011 at 4:08 pm |
  51. Dennis north carolina

    as commentators have put all the blame on Obama, they should be ashamed and show a lack of education or ability ot think. obama can only be in office for eight years(max) and he doesn't control the budget. he can only spend what congress allows him to including the national debt. the problem is congress which has career politicians who look out for their own pocket books. keep electing the same people to office and we will look like Greece very soon!!!!

    November 3, 2011 at 4:09 pm |
  52. Mr. Bishop, KS

    Babylon is more like it, Jack.

    November 3, 2011 at 4:13 pm |
  53. Linda in Arizona

    Fareed Zakaria says no. Greece doesn't produce anything, and it has a miniscule economy compared to ours. It's not a valid comparison. Not to say we are going to get off without pain, but it won't be a replica of Greece.

    November 3, 2011 at 4:18 pm |
  54. Gene

    Along with the spending and the cost of Illegal immigration we are headed down a very bad road.

    November 3, 2011 at 4:21 pm |
  55. dave in nashville

    America is so full of itself it doesn't believe it could ever fail. The Roam Empire had the same attitude with better accountants and no computers, time to think like humans instead of bankers.

    November 3, 2011 at 4:22 pm |
  56. Jesse

    Yes and no. The big difference is, we're the foundation stone of the world economy. There will be no one to bail us out, and austerity will be the only option.

    November 3, 2011 at 4:23 pm |
  57. Jim from North Carolina

    Will we become Greece? It depends. If our politicians have the courage to get higher-income people to pay more taxes, we will not become Greece. If they don't, we will become Greece, whose crisis is mainly formed by their crazy tax evasion schemes.

    November 3, 2011 at 4:23 pm |
  58. Jimmy South Carolina

    Sad to say......yes. I hope I'm wrong. It's sad to think my children will have to deal with all of this. God help us!

    November 3, 2011 at 4:23 pm |
  59. Daniel H.

    The "Party" you speak of Jack, was the Defense spending that spiraled out of control during the Bush Administration. It's now time for the rest of us to clean up the mess economically. As for becoming Greece, not likely, because "most" American want to work, unlike many in Greece.

    November 3, 2011 at 4:24 pm |
  60. Matt, Pennsylvania

    The crystal ball couldn't be clearer, Jack. Greece is indeed a good preview of what could happen to the U.S. And if $15 trillion of national debt isn't enough to make the lawmakers aware of the problem and fear for America's future, the peril that Greece is in should be.

    November 3, 2011 at 4:24 pm |
  61. Gunny Brown in NC

    Yes, Yes, Yes!!! We've been at war since the 9/11 attacks and we have spent money at a cyclic rate with no real budget in place. We are now BROKE!!! Face it, we need to cut spending and (sorry to say) RAISE TAXES!!! The answer to the solution is easy yet hard... The sooner we accept that, the sooner we can save the country so that our children can live the American way... If we don't, they'll be living the "Chinese Way!"

    November 3, 2011 at 4:25 pm |
  62. LA Belle

    As long as some members of Congress ignore the outsourcing of U.S. businesses to avoid paying their fair share of taxes, which has caused massive unemployment in this country, where do they expect to get more revenue? The Republican/T-party now want businesses to stop hiring. That pretty much sums-it-up as for as not caring about people that need jobs.

    Too late to just talk about cutting spending now. That's something Congress should have paid attention to during the previous administration. Now the bills are due and that's why we have so much debt.

    The dead-heads need to quit barking and retroactively collect the rebates they gave to the wealthy. They didn't seem to have a problem over-spending then. It's time for certain members of Congress to swallow their egocentric pride and clean up their mess. Change is a coming!

    November 3, 2011 at 4:25 pm |
  63. ed in pennsylvania

    Expect a major crash in 2015,barring any real deficit reduction by then. Run on the banks. Skyrocketing gold and silver. Stock market lossof 50%+, Reduction of Federal benefitsby 50 % - andI hope to God a reduction in the federalgovernment of 50%. Famine,meteor showers, and THEN, shudder, Democratslying downwith Republicans.

    November 3, 2011 at 4:25 pm |
  64. Will

    I sure hope not. I'm sick and tired of seeing my 457 plan tank day after day because of Greece, Italy, Spain, Portugal and Ireland. Thank God for Germany, at least there's one country that knows how to manage their finances.

    November 3, 2011 at 4:25 pm |
  65. Dave Nichols

    Yes it is, if our politicians continue to believe that the US is itself to big to fail. They appear to be on a path that suggests they expect the rest of the world to bail us out. If that is their belief, they are very sadly mistaken.

    November 3, 2011 at 4:25 pm |
  66. Alex in Southern California

    Although I see that our fiscal responsibility has existed at all for the last decade and maybe a little bit prior, the truth of the matter is that the United States is an imperial force that will continue to do what it has to do to continue is lifestyle. Does that mean that the percentage living a good American lifestyle is going to get smaller? It sure does. We are now a socialist nation and their really is no going back. Our private industry isn't interested in developing the education sector, when it is much cheaper to go overseas and find workers who will do it for pennies on the dollar. Are we going to experience what Greece is about to go through? No. We conquer, we convert other assets across the globe into our assets with the use and independence of Central Banks, along with SPV's to shift wealth from left to right, or right to left. Will the US go through what Greece is going through? No. We will change our domestic policies in regards to oil and and shale and create an energy boom to handle any potential downfall. I trust our politicians GREED will make sure that their wealth is protected. Neo Imperialism is the name of the game. Welcome to planet Earth.

    November 3, 2011 at 4:26 pm |
  67. Pete from Milton

    No, I don't think so; so far Greece is handling its financial crisis MUCH better than we are!

    November 3, 2011 at 4:26 pm |
  68. John from Denver

    The way I see it is the Debt of the USA is like a balloon that is expanded to its limit. The people that are blowing air into the balloon are also the people that are pinching the opening of the balloon. They have the ability to let some air out but they keep blowing more air in. They need to do so soon before it pops. Their solution to this problem is to get 12 people together to talk about how they should let some air out when the solution is obvious and simple. You don't need to discuss it in a committee, just loosen your fingers and let the air out slowly.

    November 3, 2011 at 4:26 pm |
  69. John M.

    I hope not Jack, if we are going the way of Greece then there goes Capitalism with us. If we default like Greece surely will and lose our reserve currency status that would lead to a world wide Depression. With China bailing everyone out I see the rise of the next superpower in the world, China NO!

    November 3, 2011 at 4:27 pm |
  70. Pierre

    Pierre in Miami, FL

    No, Greece and the US are entirely different. We are more self sufficient and still have a few industries, Greece does not..But, the reason for Greece's downfall and ours is the same....China and India. They are ruining everyone. All of Europe the US and Canada will soon collapse if we don't stop China..

    November 3, 2011 at 4:27 pm |
  71. Justin

    Mr. Cafferty, personally, I think that if we don't elect someone that CAN actually get America back on its feet, then yes, I do think we will be the next Greece. Or maybe instead of being a second Greece, we will become the second Japan; maybe we will have a nuclear disaster aside from 3 Mile Island.

    November 3, 2011 at 4:27 pm |
  72. Dave, Orlando, FL

    You are right about Greece being the precursor to us, but for the wrong reason. It is not the American people who have to be told the party is over. We are all painfully aware of the fact. What our bribe taking politicians don’t have the guts to do is to tell the partiers like Wall Street, Big Oil, Big Pharma, the healthcare industry and big outsourcing business that the party is over. They need to be told that they have to pay back to the American people what they stole from the country by way of legislative favoritism, which seems to reward sending our jobs overseas. And that doesn’t even take into account those companies getting rich from the various pointless wars we are still fighting. The American people have no more to give and it is long overdue that we get a few breaks for once. Get the money back from the crooks – they still have it, I guarantee it.

    November 3, 2011 at 4:27 pm |
  73. Alex in Southern California

    excuse me on the first sentence. I meant to say, fiscal responsibility has NOT existed... 😉

    November 3, 2011 at 4:27 pm |
  74. Brian K

    You are 100% correct. We have an incompetent government where playing politics is more important that the future of our country. We have citizens who appear to be brain dead to the long term consequenses, and are totally unwilling to make sacrifices today. They'd rather wait until we're like Greece and then run into the streets to protest. Amazing !

    November 3, 2011 at 4:27 pm |
  75. Slider

    I think that Obama must have been moonlighting as Greece's Minister of Finance. I don't think that Obama will stop his out of control spending until America is transformed into a bankrupt and socialist nation.

    November 3, 2011 at 4:27 pm |
  76. Randy

    No, if Greece were to fail nobody much would notice. Argentina did some years ago without much fuss. If we go down, the world goes with us. Makes the actions, or rather inactions, in DC all the more egregious.

    November 3, 2011 at 4:27 pm |
  77. Ken in NC

    Greece is a preview of what's to come in our future with one exception. Our country is so disrespected and or hated around the world, there will be no countries coming to our aid. In fact there will be vultures hovering to find a piece of the country they can claim for their own.

    November 3, 2011 at 4:28 pm |
  78. Dave in SC

    Jack, what free ride are you talking about? You mean the social security money that we all depend on retiring on? Or how about the unlimited health care that Medicare provides. Where is the party you are talking about? No one I know was invited except the banks that took billions in peoples retirement that worked hard all their lives. Hardly a party I want to attend. Gotta go, I have a hang-over.

    November 3, 2011 at 4:28 pm |
  79. sheldon

    the US is becoming a third world country... violence in America especially big cities like LA and NY is becoming something of the norm due to the economical instability.... people are resulting to desperate measure, regardless of the normal criminal activity that already exists in The US. The US will run its self to the ground in debt and all the countries that rely on their powerful market will be devastated such as Canada, Mexico and so on... American people are just happy to keep on shopping thinking everything is OK because that is the way the government makes it seem!!

    people walking into class rooms or banks and killing people is not so unbelievable anymore, violence goes hand in hand with economic closures- just look at Sao Paulo, Rio, and Mexico City and other mega cities.

    November 3, 2011 at 4:28 pm |
  80. Joel Patrick

    Yes. Our country is controlled by special interests. All one has to do is look at a politician's campaign contribution receipts and one knows exactly how he/she will vote. The biggest problem is that America's middle class has nobody representing it. We've exported much of our middle class. Both extremes on the economic scale are strongly represented, yet WE are not, so uncontrolled spending will continue until it's too late. Term limits won't be alllowed. We're screwed. I hate to say it, but we'd better buy silver, gold and guns.

    November 3, 2011 at 4:28 pm |
  81. Jeneen Little Rock

    If people had one idea as tto the giant chess game the world has become, and that both sides are being played by the same people, they would rise up in earnest. Alas they are a society of dumbed down sheep. Compaciant, apathetic, self centered, robots who consume and produce nothing. Until the cable goes off it will remain buisness as usual. We have 5% of the worlds population and 25% of its prisoners. Our GDP is only 9% manufacturing. Our number one export is trash. This is the end of Empire jack. We are history repeating.

    November 3, 2011 at 4:28 pm |
  82. Brian Wickremasinghe - Woodland Hills

    Bush got a surplus and handed over a deficit. If Bush's hand outs to the wealthy are reversed and USA stops being the policeman of the world, we should be in good shape.

    November 3, 2011 at 4:29 pm |
  83. Dennis

    No Jack, ours will be far, far worse. I think the "Super Committee" is a joke 1.2 trillion over 10 years when we seem to be spending that in a year. The party is over and America needs to wake up to that fact and seriously start tackling the national debt. It is a hang noose aorund us all and will choke this economy out eventually. Ever hear of Hyper Inflation?

    November 3, 2011 at 4:29 pm |
  84. Jennifer

    Yes I believe we are headed in that direction! We elected President Obama for his vision, but congress has done everything in it's power to make sure he does not succeed. I think Congress needs to grow the stones to tell the richest of the rich to pay their share! Hell, I'm a student and make $35,000/year and I would be willing to pay more if it meant getting something done! There are things that can be done unfortunately the party of "NO" won't allow it!

    November 3, 2011 at 4:30 pm |
  85. David Doherty

    Jack, Greece is a perfect preview of whats to come! The definition of insanity is to keep doing the same thing over & over and expect different results. Couldn't this apply to the continual re-election of all the useless dead wood that fills capital hill, why don't I hear from you anymore, to throw the incumbents (bums) out of office, could it be they got to you Jack. Please say it aint so.
    Dave from NH.

    November 3, 2011 at 4:30 pm |
  86. b in fl

    yes if the gov doesn't get it together and stop all of the political bs

    November 3, 2011 at 4:30 pm |
  87. Chad

    It's simple, if you spend more than you take in, eventually this will be where you end up. The U.S. included. This is not just Washington's fault, it's the American peoples fault for expecting the government to be too involved in too many things. We cannot afford it. Americans must support Democrats and Republicans who are willing to compromise in finding solutions to reducing our debt. When you don't support them and call them flip floppers, rhinos, etc, you are the problem! Cut spending to include defense and especially social programs, cut taxes, stop paying for illegal immigrants education and health care, on and on. It's so simply my child could figure it out....but we're too selfish of a country right now to do what needs to be done.

    November 3, 2011 at 4:31 pm |
  88. Gus

    No Jack. Being a Greek American I can say this: America doesn't have a bloated public sector like Greece, Americans pay their taxes, and most importantly, when push comes to shove, the politicians here do in fact make the hard decisions necessary, something that is lacking in the Greek political discourse.

    November 3, 2011 at 4:32 pm |
  89. Tom From Hanover, Ohio

    I think that Greece may very well be a preview of what will happen in the US. I think that a similar failure in the US will be much larger and much more devastating. I feel that a massive failure to reign in the debt in the US will cause our dollar to fail which will cause many other currencies to fail/slip as well. I believe that this massive currency failure will cause severe inflation along with many other problems. Mr. Cafferty is hitting the nail right on the head when he says that our politicians don't have the stones to face reality and make hard decisions. Eventually, we will be FORCED to make tougher decisions at a later date if we can't reign our politicians in. It's time to bring politicians and the public back to reality and start working on serious fixes for our financial woes. As long as the FED continues to print money our government officials will continue to spend it.

    November 3, 2011 at 4:32 pm |
  90. David Ullman

    Greece is little more than a reflection of true "globalization." It's also a preview of things to come. But, we might be able to avoid the problems facing Greece and the EU if we can stop voting blindly for anyone we simply agree with; stop viting for those with clear ties to special interests. In fact we should replace the entire congress. It's a congress of crooks. They misrepresent themselves, their ideaologies, their politics and the job they do. That makes them crooks in my mind. We have to learn to vote intelligently; vote for those with proven integrity and honesty. But we have to attract those people. That's the hard part. Finding people with an interest in true Public Service will be hard, but they're out there. Treat them civilly and they'll rise to the surface.

    November 3, 2011 at 4:32 pm |
  91. David P Vernon

    No. Greece is a small, old, densely populated country with few resources. The United States is a large, new, sparsely populated country with many resources. Greece is barely self-sufficient in food. The US is one of only six net food producing countries, and will always be relatively wealthy. The problem in the US is not the debt – we owe most of it to ourselves anyway and it is a manageable proportion of total national wealth. The problem is the deficit, now 44 cents of every dollar spent by the United States. Top marginal tax rates are too low. Health care costs are too high. The defense establishments is bloated, 30% having no actual mission. If we raise marginal income tax rates to 1998 levels, eliminate public funding for intensive care for the chronically terminally ill, and cut all defense spending that has no mission, the deficit would be almost zero. Ending the wars in Iraq and Afghanistan and producing an economic recovery by promoting domestic job growth would produce a current account surplus. Surpluses allow paying down the debt.. It is simple math and obviously sound policy. The real question is whether the American people can get their government to adopt sound policy based on sound math!

    November 3, 2011 at 4:34 pm |
  92. Benjamin

    Absolutely. The national debt has been growing consistently save for a very brief period in the '90s for the last 30 years and while shortsighted politicians are quick to point fingers at the opposing party, the reality is neither party is willing to solve the problem because neither party is willing to admit they both helped created. As long as America's politicians and by extension American voters are willing to play the blame game instead of work on solutions we'll continue to head towards financial ruin while a select few individuals that have played the system laugh all the way to a concentration of wealth that is unprecedented in American history.

    November 3, 2011 at 4:35 pm |
  93. Juoty Jalarue

    Just the thought of it is scaring. That America will not be able to pay it's debt? This is not the America I dreamed of when i finally received my chance to come to America. I hope that the politicians will wake up and face this problem head on, else we are just a decade away from being like Greece.

    November 3, 2011 at 4:36 pm |
  94. John

    "It's simple, if you spend more than you take in, eventually this will be where you end up. The U.S. included."

    Yup, that's true, so if the 1% in America isn't prepared to take the fall with the rest of us, they'd better loosen the tight grip they have on their last dollar. Greece is just priming the pump.

    November 3, 2011 at 4:36 pm |
  95. thomas mac kay

    Up in Canada we, the ordinary people are sick and tired of seeing the elected officials riding around in limousines, attending lavish functions, squabbling in chambers like school kids, and battling each party as if they are all enemies in the same country.

    I say kick them all out as the president of Greece will be kicked out on Friday.
    It's time to get back to reality...THE COOKIE JAR IS EMPTY !
    Too bad the parties cannot see that your leader was left with a mess, but someone has to give him the power to save you at once.
    I cannot imagine the greatest country in the world go bankrupt.Iy you do, then surely we will follow.
    Our prayers go out to your people.

    November 3, 2011 at 4:37 pm |
  96. Kevin

    Looks like America is on the verge of nation wide riots if we reach that boiling point, and it will be a bad time to be a millionaire/billionaire. If the nation implodes into itself, you will only then realize the phrase "absolute power corrupts absolutely". Start becoming independent America, because bartering will be the new currency soon.

    November 3, 2011 at 4:37 pm |
  97. RU Kidding!

    So what would you like to cut? Education? Police? SS? Military? Wanna pay higher taxes? All of these would have to take a major hit to even put a dent in the debt. Yet people freak out whenever these are mentioned. So, either you are willing to take cuts and pay the debt or you are not! Which is it!? And cutting CEO salaries doesn't affect the debt so you can rule that out.

    November 3, 2011 at 4:37 pm |
  98. Barry in Va.

    It amazes me that we have all watched this country throw money we don't have at this problem after watching Stimulus and TARP both fail to have a serious impact, yet they blame the GOP for refusing to give their blessing to repeating the same behavior. Can they not grasp the concept of "We are broke!"? I'm not sure how you control your household expenses, but I have never once told myself "Oh no, I've overdrawn my checking account, I MUST spend some more money immediately!"

    November 3, 2011 at 4:37 pm |
  99. Nathan from OK

    Is Greece a preview of what's coming to the U.S.? YES! That's like asking if a cow can produce milk! With the U.S. dollar on it's way to surely collapse and gold with it's record breaking price's, yes we will start to see more aggressive protest's for change to come to America; that the politicians refuse to bring the change we so dearly need.

    November 3, 2011 at 4:38 pm |
  100. Jim


    We had debt problems after the Reagen defense industry binge, too. The conservative policies of George H. W. Bush were helpless to deal with the issues created by Reagan's "voodoo economics." Bill Clinton's economic policies turned things around and, in eight years, created a budget surplus. The Conservatives gave us these problems and the Conservatives are doing everything they can to keep the Obama administration from dealing with them. Our debt problems are massive but manageable if we can get our economy rolling again and manage taxes and spending responsibly. The fastest way to achieve that is for voters to vote against every Conservative in sight next November. Their policies simply don't work. They've proven that beyond any reasonable doubt.

    Reno, Nevada

    November 3, 2011 at 4:39 pm |
  101. Mike in NC

    It's going to take a package of heavy budget cuts to sacred cows (military and entitlements) along with raising taxes on the wealthy to make any progress. Unfortunately, this is never going to happen as long as we have politicians making blanket promises protecting their financing interests whether it's the superwealthy whinging against taxes or the elderly worrying about their entitlements.

    November 3, 2011 at 4:39 pm |
  102. Jack

    I think we are already there and much worse condition than Greece. Greece could in theory could be saved by a group effoft; whereas, whereas we have far too large a debt. Our government is clouding the issue with blame and retoric, as they know how bad we are. Pensions, stock markets, personal wealth in US Dollars, and banks are all on the edge of collapse and Washington keeps priming us with the little good news, hoping a miracle will appear. It is not going to appear, jobs are NOT going to appear, Inflation is already here but masked in a flood of worthless dollars.

    November 3, 2011 at 4:40 pm |
  103. Alan Houston

    Hi Jack,

    Yes, Greece is a preview of what;s to come, not only for the US, but for the West.

    The unabated spending of both Western governments and consumers over the past decade, has resulted in several failures, most notably the market crash of 2008.

    Here's the rub: The West is spending more than it produces. Period. Nations like China who have strict domestic fiscal policies, now own trillions of dollars in US/EU debt. Why? Because Chinese live within their means and do not have an "entitlement" attitude!

    The US is a super power, but risks being delegated to # 2 in economic terms to China. I personally do not relish this prospect and can only hope that the West can put the breaks on reckless spending and adopt responsible fiscal policies to mitigate the sea of red ink that we are drowning in!

    November 3, 2011 at 4:40 pm |
  104. Just Another Fool

    I think we should ask if what is happening in greece is a playback of what happend to the Soviot Union. The collapse of their monetary system brought the Russian down to third world economy with the wepons of the cold war. All the countries in the union broke away, and the union tried to hold them by force. If our system falters to much you will hear succsesion alot. And then we will be playing back the russians fate. We need to destroy this concept of a world economy because we should never be so foolish to line up the dominos in a way that can take the entire worlds population to a poverty status. There must be seperation in goverment in economies and in ideas for peace and prosperity in this new digital age world.

    November 3, 2011 at 4:42 pm |
  105. Smith, Nathan

    Honestly I wish I could stand up and say "No, we're not going to fall like Greece is." Given I was a part of our volunteer Army and fought for our country in Iraq I hate to imagine that our 'caring' politician's would allow such a thing to happen... We see news of 'financial' reform constantly, but it seems more like a hamster running in a wheel. Democrats, Republicans, members of both parties wantonly take in funds from mega-corporations while presenting what appear to be altering ideals. I'll grant that attention is being called to the problem 'finally' as Occupy movements are pointing the finger at the our politician's puppet-masters, but will that be enough to actually 'sway' the political parties to do what's best for the general population instead of continuing to pander to those who pay for their elections? For some reason, I doubt it... It saddens me greatly to think that so many of my brothers in arms are 'still' in pointless conflicts in Iraq and Afghanistan which continue to pile onto the deficit all the while the lower and middle class are feeling the squeeze in the form of cuts to things like Education, Medicaid/Medicare and other social programs which a large number of American's depend on merely to survive... Greece is toast, on the verge of once again joining the ranks of the third world as far as the welfare of its citizens and if trends in America don't change 'dramatically' we're going to be right behind them.

    November 3, 2011 at 4:44 pm |
  106. Carmen

    Yes, we are headed the same direction as Greece. Obama just announced a "jobless" Bill. What the heck happened to a "JOBS" bill. How long can we continue to pay unemployment , welfare, and other so called "benefits". ? Not to mention all the wars ? We are borrowing Peter to pay Paul. At some point we have to pay the bill.

    November 3, 2011 at 4:45 pm |
  107. Ed Hansen, Atlanta

    Jack, sometimes even I worry you've flipped from curmudgeon to cantanker. Let's hope we can see a grassroots change in how "We the People" expect our politicians to behave, it's our only hope. And didn't all the "hard work" already published in Simpson-Bowles get good scoring from the Congressional Budget Office? All that's left is the courage stop kicking the can and to enact S-B, so we can afford to save the EuroZone.

    November 3, 2011 at 4:46 pm |
  108. Scott K

    The party is over, we are going to make Greece look like amateurs when it comes to defaulting. The federal deficit is only the tip, there will be state defaults to go along and everything will go. The tipping point is social security is now taking away cash instead of providing a source of money for the government. The intergovermental bonds social security holds are worthless, you can only redeem them by borrowing more from someone. It dosent matter who you want to tax, there isnt enough out there to tax to pay for it all. I learned in economics there is only two ways to really save money, reduce the amount you write on the check by cutting to the bone, or dont write the checks at all. This can only end badly at this point, it is just a matter of when.....................

    November 3, 2011 at 4:46 pm |
  109. Donaldo in ATL

    Just read where the Federal government continues to hire & expand while the private sector is shedding jobs. This at a time when the reverse should be happening, so if, and when, that happens, we are destined to run the same course as Greece. One would think great minds can see what is happening and take necessary steps to avoid a crises, either we do not have great minds or the personal agendas of leaders supercedes, doing the right thing. As Dr. Phil famously has said, the greates predictor of pending gloom, is human behavior repeating itself. We definitely look to be repeating Greece

    November 3, 2011 at 4:48 pm |
  110. Sasha

    Greece and America's problems are identical - except in about in every way.

    We're not the same country, and it's foolish to assume that the source (and solution) to our problems are the same.

    November 3, 2011 at 4:49 pm |
  111. Alaina Macia, St. Louis, MO

    We are not Greece, we work here in America, hard. But our government officials, whether Republican or Democrat, won't cut their sacred cows. Its time to slaughter. We need to remove bases across the globe, cut defense spending, eliminate govenrment worker unions, etc. There are places to cut in every program in every city, county and state in this country, and national spending. We can afford healthcare for Americans if we choose to stop giving money to countries like Pakistan that use it against us. Wake up Washington! We all know the answers, why don't you start doing something about it!

    November 3, 2011 at 4:49 pm |
  112. Peggs

    OF COURSE !!!
    All it takes is China/Japan(other lendors to the USA) saying, "THAT'S IT, you're cut-off, no more Money for you to borrow from us" !!!
    Then of course, the 'backs' of the hardworking Americans will be asked to "shoulder the Load" in new taxation !!!
    Even though, it's the governement(s) that have caused the problem in the first place !!!

    Greg 'Peggs' wathen

    November 3, 2011 at 4:50 pm |
  113. humtake

    The easiest way to get on the road to Greece's defaults is to say we are on the road to Greece's defaults. You can already see all the commenters who have the "America is doomed" attitude. The only times America has truly prospered is when our attitude isn't all about negativity.

    November 3, 2011 at 4:50 pm |
  114. Jim S

    You got it Jack! Scary!

    Read Ayn Rand's Atlas Shrugged lately? Greece is the real-life major motion picture of her book! How prophetic was Rand?

    November 3, 2011 at 4:50 pm |
  115. Toby in Los Angeles

    The answer is yes and no... A critical point of crisis is coming here like a speeding train... I am british and was a participant in both the Brixton and Trafalger square riots in London, neither of which had even 10% of the emotional disgust people are feeling at present here... ...When youth have nothing to look forward to but destruction, they start destroying things... ...Unlike the Greek & British people who have had there guns taken away, over 46% of Americans own guns (a right afforded to them in order to be able to protect themselves from their Government if needed)... This tends to make the rock-throwing thing a little redundant when it all goes down... Everything in bigger and bolder in America, including the imminent upcoming 'troubles'... It will happen here and it will make european 'unrest' look like a day at Disneyland... Wait until we see a few YouTube videos of 'Raging Grannies' being Tear-gassed or whacked with police night-sticks... ... Something is going to hit the fan big time...

    November 3, 2011 at 4:50 pm |
  116. LWZRGHT

    Financially, probably. But in the US we still have a lot of economic potential left to give that Greece doesn't. It's whether the citizens of this country decide to demand reason from their politicians or simply allow the pandering to continue.

    November 3, 2011 at 4:50 pm |
  117. Bob from Melbourne

    Yes! If we don't get our spending under control and stop expecting the rich to take care of us thats exactlly where we're headed

    November 3, 2011 at 4:51 pm |
  118. Dave in MI

    We will never return to growth based on debt. Our economic model since being removed from the gold standard is faulty and is unsustainable. It is time people woke up and realized that the current paradigm is dying and can not and should not be revived. We had better look long and hard at a solution to what really is at the heart of the problem, the end of cheap energy.

    November 3, 2011 at 4:52 pm |
  119. AB

    If the U.S. does not deal with its debt problem and kicks the can down the road, we could end up like Greece in the future. We need to get a handle on our national debt problem by cutting unneccesary expenses and living within our means.

    November 3, 2011 at 4:53 pm |
  120. Trey

    Nah we have plenty of money and people who have to pay taxes here. we just need to change a couple things and stop paying for stupid stuff. like the rest of the worlds security.

    November 3, 2011 at 4:54 pm |
  121. Angelina

    the one issue that keeps getting left out in the Media, as it pertains to Greece...it their CORRUPTION. The Rich generally don't pay taxes in Greece, they buy people off and barely pay anything, they have a REVENUE problem, they don't have enough revenue coming in to cover their expenses. Sound familiar? IF THE RICH WOULD PAY THEIR FAIR SHARE OF TAXES in Greece, they wouldn't be in such dire straights... like the countries of Germany, Switzerland, Norway, etc etc...but of course the Right and some independents, only look at the spending part of the equation, as per usual.

    November 3, 2011 at 4:56 pm |