Still Not Greece, But Getting Closer Every Day

J.D. Foster / June 17, 2010

The Washington Post reported today that the International Monetary Fund and various world governments warned U.S. officials years ago that “escalating financial problems” in the United States “had to be addressed quickly to forestall a larger threat to the world economy, but those urgings were discounted.” The Post went on to observe that by the time U.S. officials finally responded, “the price tag for stemming the financial contagion had soared.’

Truth to tell, the Post story was not about the U.S., but about Europe’s debt crisis beginning with Greece. But the United States, led by President Obama’s spending explosion, is on the very same disastrous course. If the federal government refuses to get its spending under control, then the Post will be able to rerun the story as described above, possibly in the very near future. (more…)