If you look beyond the surface of the global financial crises — beyond what the mainstream media feeds us — you will truly begin to see the magnitude of the current dilemma. The troubles in Greece seem a world away … but in reality, they are much closer to home than any of us realize.
Greece is in its current state because the government has broken its promises. As a country, it promised too much and made too little. Greece has promised to pay bondholders while also paying for countless social programs, while never actually earning enough to meet its obligations.
The result: a financial and social default.
It’s easy to dismiss Greece’s woes due to its small size. But if the United States continues on its present course, we will be just like them.
The U.S. government continues its spending spree … making promise after promise. There will be a day of reckoning; it’s just a matter of when.
In the U.S. our total national debt — calculated as government debt, plus private sector debt, plus off-balance-sheet obligations and unfunded liabilities — comes to somewhere around $500,000 for every man, woman and child. This is about $2 MILLION for a family of four.
And since the average American will earn about $1.6 million during his or her entire lifetime — nearly one-third of every American’s LIFETIME earnings will be needed to pay off our current national debt … not counting any future government deficits, of course.
It’s overwhelmingly evident — we will NOT be able to pay off our obligations!
So now the real story is finding the least-painful way of breaking our promises — promises to fund healthcare, Social Security, Medicare, pensions, education, and the list goes on.
Given the gravity of the situation, it would be easier to file all of this away in a “denial” folder. But unfortunately, we can’t.
It’s time to face the problem head-on. And once the decision is made to act … to do something about the problem … providence will begin to move. And the ideas for change will take root. In the video below, you will see one Greek town that has taken the need for change to heart.
Looking squarely into the reality of a defaulting nation, these Greeks have taken responsibility for their future. And in some ways, they may already be ahead of many economies in the western world that have yet to default.
Here in the United States, we can wait for default — socially, theoretically, or otherwise — or we can choose to do something now. Watch the video above and take stock on the new economic life around us. It’s never too late to start changing your economic future … no matter how bad it may look today.
(See original post at the Campaign for a Sound Dollar.)