Unlike the Europeans who have at least started to address their debt crisis - our political leaders have yet to make step one.
Via PowerlineBlog, this is a pic to ponder.
Over at The Corner, Mark Steyn lays it out for you,
There are about 313 million Americans, 330 million or so in the Eurozone (ie, excluding the United Kingdom). So, if you do a direct US/Eurozone comparison it’s $15.1 trillion over here, $10.8 trillion over there, which means at the present rate, in another seven or eight months Americans will be 50 per cent more indebted than the Euros. And I would say that even that understates it, since most Continental nations have far more centralized governments while ours is a purely federal debt excluding another $3 trillion or so in combined state and local debt.With that headwind, do you really believe our long-term defense budget plans? Really?
They have another advantage: Whatever you think of these guys, from Dublin to Madrid to Athens they’re talking austerity and cuts. Over here, the ruling party has no plan, no plan to come up with a plan, lots of plans to keep spending more more more – and a leader traipsing round the country offering only hack demagoguery against the only plan on the table.
We have only been shown the best case scenario WRT defense budgets. We really need to see the results of a most likely and most dangerous scenario so we can discuss its impact on our ability to carry out policy. East of Suez and all that.