Question by †Susy †: Isn't what is happening in Greece, what is going to happen in the USA? The US is spending tremendous amounts of money that it doesn't have and ignoring fiscal responsibility. We in the US will also come on the time when we will have to default on our debts and make terrible spending cuts as well as huge tax increases. What will happen for instance when they either eliminate Social Security or cut it in half. Do you think this will happen in the USA?? ATHENS, Greece â€" Riots over harsh new austerity measures left three bank workers dead and engulfed the streets of Athens on Wednesday, as angry protesters tried to storm parliament, hurled Molotov cocktails at police and torched buildings. Police responded with barrages of tear gas. Tens of thousands of people took to the streets in a nationwide strike to protest new taxes and government spending cuts demanded by the International Monetary Fund and other European nations before heavily indebted Greece gets a euro110 billion ($ 141 billion) loan package to keep it from defaulting. http://news.yahoo.com/s/ap/20100505/ap_on_bi_ge/eu_greece_financial_crisis Best answer for Isn't what is happening in Greece, what is going to happen in the USA?:
Answer by Jimmy C
No . Obama's strategy is better than the greek one. They are cutting spending in greece, but you need to spend to get the economy moving to get through a recession.
Answer by Lightning From the East
Yes I agree, eventually it will, Obama sepcifically the DNC created this situation with our economy to get power in 06 when the Dem's won the midterms, they began influencing Freddy Mack, Fanny Mae, AIG and others to approve these High risk Loans, McCain caught it and told them they needed to stop doing that that it would cause a problem, Of course they did it for a reason, with the Mainstream media in their pocket, they Tanked the Stock market, Collapsed it and Blaimed it on the Bush Administraition to get their people elected, Look at this http://www.youtube.com/watch?v=vETPO9237B0 Obama's Deformed HealthCare Plan http://www.youtube.com/watch?v=8iO-lwamKgc&feature=related Obama's Pure Unadulterated Evil" Reverend James David Manning http://www.youtube.com/watch?v=rl0dTSOwyVs&feature=related The shocking video Barack Obama does not want you to see!! http://www.youtube.com/watch?v=Prhnc2fxAzg&feature=related
Answer by kenoplayer
I hope not, but it sure looks like it will happen. Especially if they go ahead with the health care reforms. That alone will cost hundreds of billions of dollars to implement. It will then cost tens of billions of dollars per year to maintain and administer on a continuous basis. With the tens of millions of Americans still unemployed and not paying any taxes, that means the government is not getting the money it needs to run the country without going further into debt. My guess is that in about 5 to 7 years from now, the countries of South America and Canada will have to join forces to bail out the USA. I hope I am wrong.
Answer by Drunken Hero
Greece is bankrupt and undergoing sovereign default. The bailout only delays the inevitable. There will be a run on the dollar but all paper currencies will take a severe haircut in the next 2 years.
Answer by Mark S
It's possible. Greece's problems came from their huge government. The government is over 50% of their GDP. They got to the point were the couldn't take in enough tax revenue to run their government. They started having problems paying the countries that they owe money to. The U.S is kind of in the same boat. Our government keeps getting bigger and bigger with new government programs and departments. We have a huge national debt. We already have some states that are in trouble. California is just about bankrupt. Sooner or later states will have to cut back on costs by reducing work force or cutting wages and benefits. At some point our treasury bonds won't be worth anything and China won't want them any more. And the government will be forced to raise taxes even though they promise not to. I don't think there is any way around it. The U.S. is going to have some pretty bad financial problems in the future.
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