The Greece debt issues have been shaping investors and traders daily routines for quite some time. With the shift in focus from the U.S. economic issues to that of Europe many have forgotten about our countries own dire financial situation. Talking down another countries economic decisions and dire positions comes with ease. As we in the U.S. claim we will not make the Greece mistake, we fail to realize that we are in the midst of making that mistake. The welfare state of Greece has many striking similarities to that of the great United State. The issue that should strike fear in the minds of all of us is that the U.S. does not have a lender of last resort like the Greeks. The concern that the debt ceiling struck in the financial markets in the last year will likely resurface in the future as it becomes election season. When the national debt comes to the forefront in the coming months, the situation will look much dire, because in fact it is. This also can be related to Greece, proving that throwing money at the issue does not merely solve it, but may in fact be a hindrance down the road. Below is Rick Santelli putting our national debt in a simplified household debt form and putting the realistic perspective on the dire predicament.
“The time to repair the roof is when the sun is shining.” – John F. Kennedy
