I am not Henny Penny (At least I don't think I am.)

Look at the fiscal crisis Greece is in. Look at the tax and spending structure of its system. Does it look familiar? The solution in Greece, or the proposed solution in Greece, as mandated by the IMF and Central Bank is massive cuts in public spending combined with massive tax increases. No cutting and tax increase = not loans to avert a default. Guess what happens if Greece defaults?

The only difference between the US and Greece is that there is no IMF or Central Bank large enough to help the US out of a crisis.

In 2011 two different bi-partisan commissions found that the only solution to the US deficit was BOTH tax increases and spending cuts. Again, these bi-partisan commissions recommend cuts in public spending combined with tax increases. The only difference now between the US and Greece's is that in Greece, the spending cuts/tax increases are huge. Huge to the point of public turmoil. Fix the problem now with moderate solutions or wait until it reaches a crisis and then need to take crisis measures.

Could the US default on its loans, yes-no-sort of. Actual default, probably not, ability to pay easily, probably not. This leaves "sort of." Paying the debt by printing more money means inflation. Paying the debt by borrowing ever greater amounts would require higher interest rates and obviously more interest, again, inflation.

How about having enough on hand through reasonable tax increases and spending cuts to pay the interest due and pay down the debt. That seems to be the only solution recommended by reasonable economists and policy makers. Enough of the trickle down economics and the "we can't tax those capitalists who create jobs" nonsense. Enough of the "I'm for spending cuts....except in my district"nonsense.


Nuf said.