And THIS is the smartest comment I found:
If the government borrows too much money, then interest rates rise and it makes borrowing more expensive for the government and the people. That can put a damper on economic growth.No, we don't have breathing room, idiot. Our interest rates are near zero, that means giant amount of cheap credit, the very thing that created every bubble since central banking became the norm. The Fed is printing money like its toliet paper and because they're printing it the value of our currency is nearing the cost a single sheet of two-ply. The federal deficit was tripled. Congress passed a health care bill that has risen past the one trillion dollar mark and plans to nationalize more crap. Demographics is about to kick our ass as the Boomers will start getting their generational warfare money (Social Security), which "owes" its people TRILLIONS, not billions, TRILLIONS of dollars over the next 10-20 years. And guess what? THE GOVERNMENT DOESN'T HAVE THAT MONEY! These are serious liberal people who write and post at C&L. This is the brains behind the Obama administration. Dear f***king God.
And if the government prints money, then the currency is devalued -- that means inflation at home.
But interest rates aren't very high right now, and inflation isn't either, so we've got some breathing room. OTOH, Greece is kinda screwed in the "printing money" thing because they don't mint their own currency anymore, but that's not the case for the US.
And for the record, Greece was screwed because it spent itself into a debt 125% plus of GDP (according to Wikipedia). That means it owes the entire value of its economy PLUS an extra 25% on top of that. Greece has to first MAKE MONEY, hence the radical measures, so it can start paying back its entire value and then some. This isn't including interest, mind you. Michelle has written a lot of this and will write more.
It's been a long, tiring, taxing day today, so I apologize for my rudeness. I shouldn't insult the retarded.
UPDATE: Federal government's obligations - $65.5 trillion BEFORE health care.
Still think we've got breathing room, buddy?