Posted by bad_luck on 11/14/2012 7:00:00 PM (view original):
Greece is tied to the Euro. It has no control over its currency. That's a completely different situation, more like a state.
The downside of putting off dealing with the deficit is very small if it exists. It's unlikely that any of us would be personally affected by that decision.
The downside of significantly reducing the deficit is very real - economic downturn - and would in all likelihood directly affect all of us.
that's my point going right over your head. Greece is a CCC rating last I checked. don't like European union countries then pick another country with poor credit.... what are they borrowing at? is the rate as good as ours is now? what are the conditions in that country?
not reeling in spending does have near consequences.... most of our spending is on entitlements we can't afford.... pension, ssi, Medicare, welfare, unemployment.... when do we plan to fix these problems.... when other countries stop lending to us? that may come sooner than you think.
either America leads the world out of this recession.... or we fail and send the rest of the world back into a deeper recession.... that's the line we walk now.