The economic collapse of Greece has led many people into thinking, “Thank goodness we’re not the the mess that is the Eurozone.” Well, don’t get too comfortable. The US isn’t in great shape either.
Economic Collapse Also Possible In The U.S.
While Greece is in a worse state than the US, we have many of the same sorts of problems they do. National debt that’s greater than our GDP, expanding entitlement programs, low workforce participation…. An economic breakdown absolutely can happen here, and the way things are going, it probably will happen.
And give us time! Like Greece, the driving force behind our debt is the growing cost of entitlement programs for health care and retirement. If one includes future unfunded liabilities for Social Security and Medicare, our real debt exceeds $90 trillion. That’s more than five times our GDP. Greece is still in worse shape — their unfunded liabilities top 875% of GDP — but we’re gaining.
What are you doing to prepare for an economic collapse like Greece is having? Let us know in the comments.