The US government has a big advantage in that there's no immediate disaster looming that forces them to take immediate action. They could bring taxes and spending in line with each other over time, but there has to be a will to do that.
The last part is what worries me. There is zero will to bring the two in line, and hasn't been for years. These deficits aren't a new thing, and they're not due to the recession. They also won't go away when the recession ends (but they will shrink some). It's a fundamental "spending is too high or taxes are too low" issue. Stay on that course long enough, and you wind up like Greece today.
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Date: 28/4/10 19:35 (UTC)The last part is what worries me. There is zero will to bring the two in line, and hasn't been for years. These deficits aren't a new thing, and they're not due to the recession. They also won't go away when the recession ends (but they will shrink some). It's a fundamental "spending is too high or taxes are too low" issue. Stay on that course long enough, and you wind up like Greece today.