Tuesday, November 9, 2010

Is the U.S. the next Greece?

A recent International Monetary Fund analysis shows the U.S. may be borrowing too much, and could be heading towards the next Greece.  Over the past weekend, the Wall Street Journal thankfully illustrated that the U.S. may be borrowing over $4.2 Trillion next year, which represents over 28% of the nations GDP.

The U.S. was second behind Japan, in terms of borrowing compared to GDP, but the ranked highest in borrowing needs.  Greece was third behind the United States.

Clearly, the U.S. is on the wrong track and must restraint government spending to stop it dependency on other people's money to survive.  Read the complete article here.

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