Greece has reached the limit of borrowing. The country allowed for very generous retirements, universal health care, all that any Greek could want. Everything was just great. Sure, the debt grew year in and year out, but that was fine. Debt can be financed. Well, the bill has come due. Now, austerity is the word of the day and the country is going to have to spend within its means. Who knew? It's so unfair.
Greece is our future. The US is currently more than $12 trillion in debt, roughly 90% of GDP. Social Security and Medicare are doomed as all Ponzi schemes are doomed. While debt-ridden Greece has been instructed to privatize its health care, the US has moved to socialize it. Oh, but we'll do it right so that it works. The economic infeasibility of our current course has been obvious for decades and yet none have dared to change path. The iceberg is clear as day and yet, with health insurance reform, we have accelerated to ramming speed.
