By now, you have no doubt heard about the debt crisis in Greece. I can’t help but wonder what that means for us. While it may be a few months, or even years, before the effect of what has happened is known, we should be wary of the road ahead for us.
Here are a couple of posts that talk about what has happened:
Sometimes I think the euro zone debt crisis is like watching a remake of the Bill Murray classic Groundhog Day, with the screenplay written by Financial Times correspondents.
Europe sealed a last-ditch deal Thursday to fix its festering debt crisis, shoring up its bailout fund, pledging new funds for Greece and pushing banks to share the pain at a summit vital to the health of the global economy. …
It seems to me that what has transpired so far is just a stop-gap measure. Greece has a rough road ahead of them. Their economy does not seem to be improving, which has to happen for them to get on stable footing.
But here’s the thing that really worries me… Could the US be heading toward a similar fate?
Over the past several months, Democrats and Republicans have hotly debated the threat of defaulting on the public debt. The discussion culminated on Aug. 2, 2011, when Congress passed legislation to increase the United …
The US Debt Crisis: Superior News And Lousy News. Very well people, the proverbial snowball is going to carry on to maintain rolling down the mountain. With the debt ceiling agreement deadline looming, it appears like the …
To me, the US seems to be heading towards a possible default on outstanding loans. Sure, we raise the debt ceiling. But at some point, these debts have to be paid, right?
In our personal finances, we can’t just keep borrowing and borrowing money. At some point, that debt eventually crushes us. Eventually, banks will stop lending us money. But if we want to get free of that debt, we have to start spending less than we make, cut back on waste, and start paying off that debt.
But just where is the waste in our government’s spending? That’s the hard thing to say. Many of the things we take for granted have huge governmental support. Medicare, Social Security, Welfare, roads, national parks, national defense… Where do we cut? Cut from the military, and we hamper our ability to defend ourselves and our allies. (Yeah… I know… we get into some things we have no business getting into… but that’s another argument.) Cut from roads, and people have trouble getting from place to place. So many ways we use governmental services — but there are ways in which even some of these services have waste.
I’m not saying I have the answers. I don’t. But I do believe that if the US were to default on the money that it owes, it can’t be that good, and the recession we are in could get worse. Maybe it might be time to stop relying on the government and find ways to help ourselves, and those we love.
What do you think about the debt crisis? How do you think it can affect you and what do you think we can do to avoid it? Share your comments below!