There's a lot to be learned from the recent history of the Greek economy.
Way back in 2012, with its economy on the brink of bankruptcy, the Greeks finessed their way into a sweet deal with the Euro zone to reduce the country's debt burden by forgiving and refinancing debts, thus not damaging their credit and allowing them to borrow more money. And the Greek economy flourished for a few quarters. But Greece never brought government spending under control and never addressed its debt.
And now, Greece has a new president who says it is unnecessary for there to be belt tightening to address the debt it owes. The people are behind him. They don't like the hard and unpleasant sacrifices that must be made to fix the economy.
So, once again, Greece teeters on the edge of another economic crisis all because of exorbitant debt and a spoiled and entitled population.
The United States of America is headed down the same path, for many of the same reasons. What, me worried? You bet.
Wayne A. White
