Are We Going the Way of Greece?

I read an article today about the situation in Greece and how their economy is in danger of failing. The Greek Prime Minister, George Papandreou, was here in America to deliver the message that if Greece defaults and goes bankrupt, it will affect the European economy and subsequently, our economy here in America. He wants us to bail them out. Right… and then who’s going to bail us out?

Well, as a matter of fact, I think Obama has already said we are going to bail them out, but that whole issue aside, what really caught my attention was one paragraph in the article:

The crisis began shortly after the election last fall of the new socialist government led by Papandreou. State officials revealed that Greece's budget deficit was at 14 percent of GDP--almost twice what the official Greek government statistics had reported. Two months later, Moody's downgraded Greece's debt to A2, raising the possibility of Greece defaulting on its debt.

Hmmmm…. Isn’t that interesting?

The crisis began shortly after the election last fall of the new socialist government…
Sort of like what’s happening here in our country. Except our socialists call themselves progressives.

Greece's budget deficit was at 14 percent of GDP--almost twice what the official Greek government statistics had reported.
Near as I can tell, we’re not too far behind Greece since our budget deficit is about 10 percent of our GDP. At least, that’s what the government is reporting… Oh, and by the way, it’s going to increase by a huge margin with passage of the healthcare bill and the new jobs/spending bill and whatever other spending the democrats/progressives can come up with.

Two months later, Moody's downgraded Greece's debt to A2, raising the possibility of Greece defaulting on its debt.
Gee, what another coincidence. I just read another article today that said Moody’s is warning that if our government keeps spending money like it is, they may have to downgrade our credit rating:

Moody’s Investor Service, the credit rating agency, will fire a warning shot at the US on Monday, saying that unless the country gets public finances into better shape than the Obama administration projects, there would be “downward pressure” on its triple A credit rating.

Does that information scare you?

It should…