New Rule — No More Comparing the U. S. to Greece

Charles Krauthammer is saying that President Obama’s budget is “worthy of Greece.”

I am sick to death of the ridiculous and irresponsible comparisons between us and Greece.  You hear it all the time on Fox News, that Obama is turning us into Greece, and unfortunately most Fox viewers don’t know better and they believe this garbage.

The United States has its own currency and its own Central Bank.  This means that we can print money.  Greece does not have its own currency or its own Central Bank.  Only the European Central Bank can print euros, and they take their orders from Germany, not Greece.

The United States Treasury can go out into the market place right now and borrow money for ten years at about 2%.  Greece?  They can go out and borrow money for ten years at about 33%.  So you can see that the rest of the world doesn’t equate the U. S. with Greece as Krauthammer does.

We are a country of about 311 million people, with a GDP approaching $15 trillion.  Greece?  They have 11 million people and a GDP of about $300 billion.

There are responsible ways to argue about the merits of Obama’s latest budget.  Inciting panic and hysteria is not one of them.

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