Like everyone, I have an eye on Greece right now. If the media is to be believed, if Greece defaults there will be a domino effect that will ripple around the world, starting with the impact to European banks that hold a huge amount of Greek debt, and spreading to interconnected markets, including the US.Thus, I was encouraged, reading the Greek Prime Ministers speech to find the quote which is the title of this post. Here is a guy who is willing to do the right thing, even if it is unpopular.
The US is "Greece in waiting." In USA Inc., you will find lots of data on the dangers facing the US, including this note: "Less than 15 years from now... USA Inc....would have nothing left over to spend on defense, education, infrastructure, and R&D, which today account for only 32% of USA Inc. spending, down from 69% forty years ago. This critical juncture is getting ever closer." In just 15 years, at current course and speed, entitlement programs (pensions, etc.) plus servicing the debt, will be the only things the US Government can afford. And that is if interest rates stay low; if interest rates rise, that 15 years could be a lot shorter.
What we need, then, is a President (and a party) who is willing to do the right things for the country knowing that their term will be short. We need to restructure our debt, dramatically reduce the entitlement programs, and reform health care (by modeling a system that works). This is another spot where the two party system falls short. If the US had a dynamic, evolving, changing party structure, it is more likely that a party will take chances...and do the right thing. Because of the polarized nature of a two party war, it is unlikely that either party will be willing to do the right thing.
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