"The trouble with socialism is that eventually you run out of other people's money." -- Margaret Thatcher
Guess what, folks? "Eventually" is here for Greece and it may soon be for Ireland, Portugal, Spain, and Italy as well. So, when does "eventually" come for us? Last week, congressman Mike Pence told me that unless something changes, "eventually" may only be a decade away,
I don't think there's any question that unless we produce national leadership that is willing to confront our mounting fiscal crisis head-on, that America will be Greece within 10 to 15 years.
Does that sound like grim news? Well, it may be optimistic. Last week in a teleconference, Senator Tom Coburn told us he thinks it may only take four years for us to end up in the same situation as Greece.
If the United States can't finance its debt, the government would be unable to pay its bills; we could see runaway inflation, a worldwide economic crisis, a new "Great Depression" -- and unlike Greece, there is no nation or collection of nations big enough to bail us out.
Compounding the problem is the fact that while both political parties have helped get us into this situation, the Democratic Party is run by people every bit as blind to reality as the Greeks who are protesting attempts by their government to control spending. Their country is broke and living on the charity of other nations and their response is to throw Molotov cocktails and riot. Expect to see the same attitude from Nancy Pelosi, Barney Frank, Barack Obama, the SEIU, MoveOn, the Daily Kos, and the rest of the gang that's driving this country's future off a cliff right now.
Back in the real world, we need to start taking serious, painful, and potentially politically unpopular steps right now if we want to prevent an economic disaster that would make our economic woes today look like a vacation at the Grand Canyon. What do we need to do?