link here to article
I watched a CBS newscast this week in which the spokesperson on the economy they selected compared the US to Greece. Apparently, that is what CBS wants the public to believe. Not surprisingly, Mitch McConnell, the GOP minority leader in the Senate, is saying the same thing. This article should put the comparison of the US to Greece where it belongs. It is utter nonsense. The US debt to GDP ratio is much lower than that of Greece and it does not have a market risk of default on its debt (there is some political risk coming from the GOP). US Treasuries have plenty of buyers at historically low interest rates. Moreover, the US borrows in its own currency, Greece must borrow in euros and it has no control over euro zone monetary policy and the value of the euro.
The battle over government spending and the national debt is a proxy for taking apart the social welfare system that was put in place following the Great Depression. It is also about reducing the progressiveness of the US tax system.
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