When I was in Britain during the Greece credit crunch there were hints that the US will soon be having the same problem.
The US debt to GDP is currently 69%; Greece is 124%; Mexico is 36% (do they have any services? or is that why they all want to migrate here?). These figures do not take into account other liabilities for state and local debts for pensions for every government employee nor the IOU’s from the Social Security Trust Funds.
This has me thinking that they may be correct. We do not know how to cut back on our lifestyle. The news reports throughout Europe were of cutbacks in programs and the reduction in government salaries. Hell when has Congress ever cut their salaries? I cannot imagine it happening here, but it did happen in Britain and others were considering the possibility.
Our plan is to grow the economy and tax the shit out of all of us. This is much better than an austerity plan and conservative lifestyle.