It has been stated on this forum that the United States is not like Greece - well, maybe not yet.

Following are the countries ranked in order by their debt as a percentage of GDP:

Country......................................% of GDP

  • Japan........................................230%

  • Greece.....................................161%

  • Saint Kitts.................................153%

  • Jamaica (Man).........................139%

  • Lebanon...................................136%

  • Eritrea......................................134%

  • Italy..........................................120%

  • Barbados.................................117%

  • Portugal...................................107%

  • Ireland.....................................105%

  • USA.........................................103%

And the list goes on with countries like the Ivory Coast, Grenada, France, etc. which are in better shape than the USA. This is quite an impressive group we are associated with. Of course our debt does not reflect the other liabilities that the government faces. Things like student and Fannie and Freddie loan defaults, and of course there's the Medicare, Social Security monstrosity looming on the horizon.

Now we are again faced with a failing economy where the remedy is of course more stimulus - yes, we need more spending. We are stuck in this vicious downward spiral where the government must spend more to prevent a recession, but this only gives temporary help that is not self sustaining. So after a short while even more spending and more debt is required - so on and so forth.

But I know the Keynesians say that deficits don't matter they are only flesh wounds, besides inflation will take care of the debt. But it's not like we haven't been spending, we are currently on track to have a 1.3 trillion dollar deficit ending January 20, 2013. The deficits have been averaging about 1.5 trillion dollars for the last four years. So are we like Greece? Not quite, but we are well on our way. We just have to stay on this dismal road for a little while longer and we'll get there.