Too Much Greece is Bad For Your Fiscal Health

The unfolding drama of the possibility that Greece will default on its debt is a harrowing and messy one. Which made me all the more appreciative that Robert J. Samuelson wrote this beautifully concise piece in today's Washington Post, on both the reasons for and meaning of the Greek fiscal tragedy.

"Almost every advanced country -- the United States, Britain, Germany, Italy, France, Japan, Belgium and others -- faces some combination of huge budget deficits, high debts, aging populations and political paralysis. It's an unstable mix. Present deficits may aid economic recovery, but the persistence of those deficits threatens long-term prosperity. The same unpleasant choices confronting Greece await most wealthy nations, even if they pretend otherwise. "