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  • Chart of the Week: U.S. Debt on Track to Fuel Economic Crisis Like Greece

    Greece continues to dominate the headlines as the country faces an increasingly dire economic situation and now political uncertainty as well. Prime Minister George Papandreou plans to resign once an interim government is formed, but there’s no telling if the political leadership will be able to avoid expulsion from the euro zone.

    Greece’s troubles might seem a world away from what the United States is experiencing, but a new report and video from the Joint Economic Committee suggest the two countries have troubling similarities. (Click to watch.)

    Here’s how Sen. Jim DeMint (R-SC) put it:

    It is tempting for Americans to take comfort in the belief that the size and strength of the U.S. economy will protect us from the consequences now facing Greece, but no nation is exempt from the basic laws of mathematics and economics.  A closer inspection of the Greek crisis suggests that the United States may not be far behind on the road to ruin and we ignore the lessons of Greece at our own peril.

    As the above chart from Heritage’s 2011 Budget Chart Book shows, the United States is rapidly increasing its share of publicly held debt as a percentage of the economy. Projections put the United States on a path to reach the same levels as other troubled countries in a matter of years.

    Posted in Scribe [slideshow_deploy]

    2 Responses to Chart of the Week: U.S. Debt on Track to Fuel Economic Crisis Like Greece

    1. mar says:

      sure, and what about japan in the right hand corner? not a nice one, but surely no crisis (or rather, certainly not because of debt, thats a symptom)
      not saying US is in perfect shape, but this smacks of partisan fearmongering
      its not the size of the US (only), its being in debt in your own currency, unlike the PIIGS

    2. osro says:

      I believe we are being taken down a road to collapse by knowledgeable people desiring our nation to fall. Socialism and its master, communism, have failed in the world except in our universities and small pockets around the world.
      Historically, communism retreats, like in Russia's case, for a few years getting as much help and money from capitalists as they can and then they tighten the rein again and place the people under harsh control. It is beginning to happen there and will happen in China as soon as they get what they want from us. Of course this may change if we allow them to just buy us out. Our government and our corporations have sold our nation down the river. I also must add guilt to the greed of our workers and consumers here desiring cheap goods over our desire to keep America working. We all are at fault and we all will suffer if something is not done soon to correct the direction of debt.

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