Greece is the insolvent, bankrupt country that threatens to bring down the entire EU (European Union) with its exploding and toxic national debt. But it's just one of the PIGS (Portugal, Italy, Greece and Spain). The EU is damned if they do, damned if they don't. If they choose to bail out Greece in order to save the union, soon they'll have much bigger bankrupt nations to deal with (Portugal and Spain are next in a long Conga line). There isn't enough money in all the world to bail out all of them. The EU is in big trouble.
But the real problem is that Greece isn't the worst Greek tragedy on the horizon. Greece is only "the canary in the coal mine." The United States is one big fat Greek tragedy. We are Greece-SQUARED. All the same problems that plague Greece, plague this country - huge national deficits and debt; high unemployment; gigantic entitlement programs; too many government employees; not enough tax revenues coming in; endless bailouts and stimulus; and pension and healthcare systems (Social Security, Medicare, Medicaid) that threaten to eat every dollar of the budget. Just the interest on our national debt is enough to destroy our economy. It's all a Greek tragedy.
America is Greece- except on a much grander scale. Our economic collapse is still a year or two down the road. Obama is laughing, celebrating, dancing and handing out gifts (stimulus, bailouts, entitlements, corporate welfare) at a big fat Greek wedding… oblivious to the coming economic Armageddon… oblivious to the madness of his plan - to triple down on spending to save us from insolvency. [more…]
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