We had been using Argentina as our point of reference on populism and profligacy, but the commentariat has determined that Greece is the better comparison. Or at least the more timely one.
Anne Applebaum, Washington Post, “America’s debt spiral resembles Greece’s crisis“:
[The] ongoing Greek financial crisis is the kind of crisis the United States might face in a few years, if we continue to make the kinds of mistakes that the Greeks have made over the past decade.
Jay Ambrose, Washington Examiner, “Can America become a Greek tragedy?”
Greece is a little, bitty country that did a terribly big, bad thing. It ran up a debt so irresponsibly impossible that it’s not just Greece that’s in danger, but financial markets around the globe and a huge hunk of Europe that uses the euro as its currency.
Imagine, then, what it’s going to be like when a great, huge country, the United States of America, does pretty much the same bad thing.
Nicole Gelinas, City Journal, “My Big Fat Greek Restructuring“:
As the Western world’s “too big to fail” policy delays inevitable debt restructurings at banks, nations, states, cities, and industrial firms, we’re all moving up toward Greek borrowing levels. The U.S. owed 35 percent of its GDP in 2000; now, it owes 65 percent. And that’s not including Social Security and Medicare. Never mind that this experiment hasn’t worked in Japan, which, like Greece, owes 100 percent of its GDP.
At least the United States isn’t being asked to bail out Greece. The Germans are, and they’re not happy.
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