No one wants to see Greece fail -- the economic stability of Europe is important. But US taxpayers have funded bailout after bailout, and our country faces a debt crisis of its own.
Our unemployment rate stands at nearly 10 percent. The public debt now stands at $9.2 trillion. The Congressional Budget Office predicts that America's debt held by the public will reach 90 percent of gross domestic product within 10 years under President Obama's budget. Without dramatic spending restraints, America is on a path like the one that led to Greece's financial catastrophe.
In fact, Federal Reserve Chairman Ben Bernanke recently warned congressional leaders that, without significant spending restraints, the United States would soon face a debt crisis like the one in Greece.