In response to:

Is America in Worse Fiscal Shape than Europe?

SdAufKla Wrote: Oct 27, 2012 12:18 PM
In worse fiscal shape? Does it matter? In the end, Americans will face the same choices and consequences as the Greeks and others. Sooner or later, the US federal government (i.e all of the fiscally responsible states) will be bailing out those states that "are too big to fail" like CA, NY, etc. The only question is what kind of "austerity" measures will be imposed on them for the bailout? It would almost be worth it just too see the self-destructive rioting in the streets of LA, San Fran, Chicago, and others. Unfortunately, the burden on the rest of us will also be draconian when it comes.

I’ve shared BIS and OECD data showing that the United States has a bigger long-run fiscal burden than Europe.

That’s a bit of a strained comparison since “Europe” includes fiscally responsible countries such as Switzerland and Estonia, but also soon-to-be failed states such as

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