Greece is getting hammered by the bigger players in the European Union to get its deficits down with budget cuts and new taxes. news.yahoo.com/s/ap/20100215/ap_on_bi_ge/eu_europe_financial_crisis The crisis is affecting the euro and Germany, France and others will probably have to bail Greece out to protect it. Currently, Greece's national debt is 161% of its GDP. www.cnbc.com/id/30308959?slide=6 How do the burgeoning deficits of the United States compare?
Congress just raised the debt ceiling to $14.9 trillion. www1.voanews.com/english/news/economy-and-business/Obama-Raises-Debt-Ceiling-84297252.html This is 98.1% of the U.S. GDP. www.marketoracle.co.uk/Article12759.html If the Obama revenue projections are accurate the percentage will stay around this level. My opinion is that there are a lot of very optimistic assumptions built into the revenue forecasts and the actual deficits will rise well above the GDP level, but we will see. Conclusion: the U.S. is not yet the basket case that Greece is, but it's definitely moving in that direction.
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