Liberal economists have a ready response to conservatives who fret that U.S. debt might spiral out of control, a la Southern Europe: “America is not Greece.”
It’s true. Greece has much more public debt than does the United States, relative to economic output. Unlike Greece’s euro-denominated obligations, U.S. debt is in U.S. dollars. The U.S. economy is far more competitive than Greece’s tourism-and-tomatoes operation.
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