by J.T. Young
January 22, 2011
America is on the road to recreating Greece's recent debt crisis. In just two years, the U.S. national debt has increased more than 50%, relative to the size of our economy.
If a country as small and removed as Greece could generate the tremors that it did in the past year, how much worse would a national debt crisis be in the world's largest economy?
Greece, the world's 27th-largest economy, is a minor player, even in the European Union. Yet a budget deficit of 13.6% of gross domestic product spiked its overall debt to 115% of GDP.