Greece is the word: Fiscal recklessness portends a crash

Published February 14, 2018 12:10am ET



For the vast majority of Washington lawmakers now, Greece is the word.

That small Mediterranean country began to suffer its infamous, devastating debt crisis late last decade when its government debt began rising rapidly above 100 percent of its Gross Domestic Product. With the binge of tax cutting and outlandishly high spending that President Trump and a majority-Republican Congress are wallowing in, the U.S. is set to boost its debt-to-GDP ratio significantly above its already dangerous level of 105.4. Aside from Greece, only Italy, Belgium, and beleaguered Portugal join the U.S. as Western nations with government debt above 100 percent of GDP.

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