Greekonomics

By John Lumbard.

  Today the Boston Globe printed an article titled Greekonomics (by Thanassis Cambanis, a professor at Columbia), which describes the financial hardship that Greece has reaped as a result of decades of debt accumulation: 

  “Try to live beyond your means forever, and one day it’ll catch up with you.”

WeElectedYou’s comment:

“A terrific article that speaks to our own future.  The good news is that we still have time to fix our problem;  the bad news is that no nation is large enough to bail us out if we fail. 

We can reassure our foreign creditors—and give ourselves a few years to get our budget on track—by passing a balanced-budget amendment that takes effect in, say, 2014.  We also need a line-item veto, to the give the President the power to strike the worst abuses from new legislation, and a limitation on federal spending to historic norms.  You’ll find a full rationale on  http://weelectedyou.org/

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