Will the U.S. go the way of Greece in:

[Maneo]

The U.S. is in bad shape.

We fail to have elected officials to make the difficult choices needed to change course from a complete economic collapse.

A individual who is willing to do what needs to be done will never be elected, because what they "need" to do will not be popular.

Almost 50% of U.S. pays no federal income tax.

We have a huge entitlement program that is only getting bigger with zero way to pay for it.

So how long before we go the way of Greece?

[Deleted]

U.S can print dollars so don't worry.

[Maneo]

U.S can print dollars so don't worry.

Wow. Yeah we can continue to print money ... but every time we print more the dollar is worth less...

The United States doesn't not have a infinity symbol on the bank statement... no matter what elected officials think.

[Deleted]

Well, as far as I can see it you got someone who WAS willing to do what was needed... until he got voted down on a proposition to do so when his OWN party had a clear and winning majority in the votes. Instead enough of them abstain on some odd reasons that it doesn't go through anyway.

Reps couldn't even fillibuster anything the Dems would've wanted, and yet... nothing...
Personally I'd have even stopped trying then and there.

[Senbo]

U.S can print dollars so don't worry.

thats one of the many reasons we are in this mess >.>

[Adam Jensen]

Those who don't pay income tax still pay other taxes. Income tax is not the only tax that exists. Furthermore, our economy has slowly been turning around and improving, not getting worse. I don't think we're going the way of Greece.

[Grummgug]

By 2020, interest on the federal debt will be about $1 trillion. That's at current interest rates. Now imagine sometime in the next 10 years that interest rates rise and get a little on the high side. Basically, the Federal Reserve has to keep "printing money" to buy treasuries (known as QE) to hold long-term interest rates down, or else the US will eventually be unable to manage its debt load.

Its just a matter of time, unless we can stop spending like crazy. But that won't happen.

---------- Post added 2012-02-20 at 06:04 AM ----------

Many, many, many nations have gone down this road America is on. Is typically ends in the destruction of the currency. Something else will replace the dollar.

[Deleted]

I talked to some greek people, and they all think they are on the edge of prosperity and don't need any help from any other countries that they are doing better than average country in EU, so media is lying about greek dept or what? Also USA should get shit together quickly, maybe less wars and more paying back loans?

oh GOD i hope so ! we dont have to give them money then and they can start paying us back what they owe us. /happyface

[javen]

The dollar is still extremely valuable and really no signs indicate that's going to change.

Part of the reason Greece is in such trouble is that in many cases it was dishonest about its current financial state so it could join the euro. This is also the reason most of Europe is disconcerted with the current state of Greece; if they totally tank, it's really going to devalue the euro as a currency, which COULD in turn impact the United States, but not to any meaningful degree aside from certain industries that deal heavily in European trading, and even then, ONLY in the departments that deal with European trading.

The US situation is a little more complicated. Yes, our debt is big, but it's also extremely desirable. The reason Greece is in danger of default is because no one is willing to buy their debt, unlike the US, where everyone wants a piece of the dollar.

[Itisamuh]

1. Flat tax rate, same percentage of the income for everyone (no loop holes for the rich either)

2. Remove all relief for the lazy programs (if you refuse to work, or have more kids than you can support, tough crap)

3. Lower the flat tax rate since the above programs are no longer leeching from the working people

4. Stop sticking our nose in other countries business, let them deal with their own messes, and mind our own

5. Good to go

[antonatsis]

The only way for a country to go the Greek way,is for that country to be a target of the economic houses(like moodys and so on)The chanses for you people(in the US)to be like us(in Greece) are low technically.Realistically you guys are worse than us.At this time US looks more and more like ancient Rome where everything goes to hell but since they give the masses bread and fun everything are ok.But since US is to big to fail,it wont fail it will just canibalize it self in order to keep a good profile,which is known as The numbers prosper but the people starve.

[Laize]

I don't believe the US will go the way of Greece.

There's no option for that in the poll.

---------- Post added 2012-02-20 at 02:16 PM ----------

Ron Paul has made a tremendous impact on the people of America. He might not get elected this year, but the more important thing is his ideals have spread to a huge chunk of the population. Regardless of who wins this year, in the future, presidential candidates are going to need to address irresponsible spending in meaningful ways.

[Deleted]

U.S can print dollars so don't worry.

Inflation like German Mark inc

[styopa]

The U.S. is in bad shape.

We fail to have elected officials to make the difficult choices needed to change course from a complete economic collapse.

A individual who is willing to do what needs to be done will never be elected, because what they "need" to do will not be popular.

Almost 50% of U.S. pays no federal income tax.

We have a huge entitlement program that is only getting bigger with zero way to pay for it.

So how long before we go the way of Greece?

Many of the things you talk about are true, but most of the US 'debt' is held by...the US. The US invests in Federal Treasuries, and essentially promises to pay itself interest. Certainly defaulting on that would be a catastrophically bad sign, but as long as it was confined only to US government holders, it would only impact the market indirectly.

As long as Starbucks/Caribou/Dunn Bros continue to be successful selling $5 cups of coffee, we're fine.

In reality, while the economic indicators for the country are bad, those for the rest of the world are worse. Ultimately, the stability of a currency is backed by perception, and the US (for all its utterly stupid policies, co-opted legislators of both parties, truly f*cked spending priorities, etc.) is far, far more stable by any meaningful measure than any comparable state. This means that when the shat hits the fan, investors will continue to flee to the USD for security. Now, the almost-certain money-flood that's coming from Congress (inconceivable that they suddenly grow testicles and learn to spend only what they have) guarantees that the USD value will plummet in the short term, but the fear of bond calls is grossly overblown; China might as well put a gun in its mouth before it crash-calls on US bonds which would simultaneously destroy the US economy and vaporize a significant fraction of China's wealth.

Further, as much as we cry about energy dependence, the Saudis understand it far better than the US public (and some policymakers) - the US is energy dependent only as a matter of convenience. If I had any respect at all for our government, I'd say it was brilliant; the US has ample domestic coal, NG, and yes, even oil reserves for at least a century of current use. Consuming Middle-Eastern oil first that's hard to ship, hard to protect, and closer to our enemies would be a geopolitical masterstroke. Energywise, we're fine. Foodwise, we're abundantly secure, grossly so. In terms of strategic raw materials, again, we're amply supplied domestically, and only using those of other countries because their lower labor costs and our high environmental standards make them currently less-attractive to extract. So if tomorrow a wall dropped around each country at its borders preventing any international movement or trade, 10 years later the US would still be almost perfectly unchanged. I don't believe there are many other first-world states that could say the same thing. Finally, physically, we're totally secure from even such (seemingly outdated) concepts as invasion. There's no state (even China) that could credibly threaten the existence of the US for at least the next 50-100 years.

Such surplus and security has in fact probably allowed our government to survive such stupid decisions.

I could go on in detail for a while, but suffice to say that, barring some sort of threat of civil war, or a stunning change in circumstances for the EU*, Japan, Russia, or China, the US will remain the least-f*cked-up state with the best outlook in the developed world for at least 50 years.
* note particularly that the EU's prognosis is far worse than they let on; they are far less transparent than the US government, particularly in terms of the economic circumstances of the PIGS today. Further, the EU has gotten a free-ride courtesy of the pre-collapse Soviet Union; the raising of the Iron Curtain gave Western Euro companies a nearby hinterland full of people desperate to work hard for low wages to fuel Euro commercial growth. That honeymoon is almost over, as in the next decade workers in Poland, Hungary, and Slovakia wonder why they can't have the same standard of living, work, and wages of their French/German/British peers.

The histrionic pronouncements from Washington DC are politics, although the political brinkmanship is getting ever-more irresponsible. I'm not saying that this country isn't past due for some much needed economic suffering (one can only operate on a fiscal premise of 'denial' for so long), but the struts underpinning the country itself are the same sturdy footings that foretold the US Great Power future in the 19th century.


So to answer your question, we're in a horrible place, it's just still (in many cases WAAAAY) better than most other countries.

[Wheetos]

1. Flat tax rate, same percentage of the income for everyone (no loop holes for the rich either)

2. Remove all relief for the lazy programs (if you refuse to work, or have more kids than you can support, tough crap)

3. Lower the flat tax rate since the above programs are no longer leeching from the working people

4. Stop sticking our nose in other countries business, let them deal with their own messes, and mind our own

5. Good to go

Wow, these are quite simply atrocious suggestions. You're either very right wing or just stupid. Unless of course you want about 70% of your population to live in poverty!

[anywherenotes]

The U.S. is in bad shape.

We fail to have elected officials to make the difficult choices needed to change course from a complete economic collapse.

A individual who is willing to do what needs to be done will never be elected, because what they "need" to do will not be popular.

Almost 50% of U.S. pays no federal income tax.

We have a huge entitlement program that is only getting bigger with zero way to pay for it.

So how long before we go the way of Greece?

That's republican talk.

US's power is in adopting to new markets. We built cars when it was cool, we did finance when it was cool, we did technology when it was cool, now we're doing science. Those who want to take the country 'back' to manufacturing aren't seeing what we're strong in - moving the world to new frontiers.

We are not going the way of Greece. At one point or another there will be another great breakthrough that will take the world forward, and due to our good (but would be better if expanded) immigration policy welcoming smart people, the breakthrough will be in US.

[Deleted]

Since when is America going to "Go the way for Greece?". As in, what about the other superpowers that actually has a decent economy?

[Laize]

Inflation like German Mark inc

The German Mark was one of the strongest currencies in the world before the Euro. Behind only the GDP and USD.

You're referring to the Reichsmark. And that was because they had all debts of the war thrust upon them.

[javen]

Wow, these are quite simply atrocious suggestions. You're either very right wing or just stupid. Unless of course you want about 70% of your population to live in poverty!

It essentially hinges on the "screw you, I got mine" mentality

I guess it's not surprising to see support for a flat tax rate, even if that support is in the overwhelming minority. It's the easiest to understand model, so naturally people are going to find it appealing. The problem is, Occam's Razor doesn't always apply.

[Caliph]

U.S can print dollars so don't worry.

and what happens when the rest of the world decides they won't be using the dollar as the standard?