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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