Greece is in the throes of a massive fiscal crisis, the onset of which was sudden and severe.  Reckless overspending and a growing welfare state eventually pushed Greece over the edge.  With the Greek government and citizenry now subject to the demands of its creditors and the EU, democracy has been threatened in its very birthplace.

Greek citizens have been subject to massive fiscal austerity measures, implemented amidst a weak and deteriorating economy. Like Greece before its crisis, the United States is also on an unsustainable fiscal path on which markets could sour at any point.  What would the U.S. look like today if confronted with a Greek-like fiscal crisis that included: the loss of 11 million additional jobs, a $1 trillion decline in GDP from 2010, or an immediate increase in the social security retirement age to 70 or 71?  With an economy nearly 50 times as large as Greece’s, would there even be anyone to bail us out?

 

Attached below is the executive summary and full report: