The Bankruptcy of Greece's Welfare State

Jacob G. Hornberger
Jul. 02, 2015

For decades the U.S. government has been spending and borrowing to the hilt, doing much the same thing the Greek government has done. Like the Greek government, the U.S. government has been spending much more than it receives in the form of taxes. How does it do that? Like the Greek government, it borrows the difference.

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