The amount of debt load dropped on the country in the year 2010 by the government of Obama, Reid, and Pelosi-- the entity known as ORP - exceeds the GDP of any country in the world except: China, Japan, Britain, Germany, France, Italy, Spain, Brazil, or Canada.
Greece is a perfect example of what happens when the public sector spending eclipses private sector spending.... what we are racing towards now at breakneck speed. The lesson is that once this public sector spending reaches a certain level, it becomes impossible to undo the spending without tearing the economy completely apart..... and NO politician will ever do that. It either dies a violent death or a slow gurgling strangling one. Simply put, once that line is crossed, it will take a revolution to set things right, and even that is no guarantee. In times of collapse and revolt, there are always despots and tyrants who see "political power lying in the streets" who then say "I am going to pick it up" (Vladimir Lenin). Revolutions, even those "successful" rarely go down well.
We have a window of opportunity to take the medicine (which will be painful) and get the country on a track to fiscal sanity. That window is closing rapidly. Chile beckons. I am listening, but I fear for my children.
And the Answer Is …. - Exchequer - National Review Online