Because of Both republicans and Democrats, we are worse shape financially than Greece?

http://www.cnbc.com/id/43378973





When adding in all of the money owed to cover future liabilities in entitlement programs the US is actually in worse financial shape than Greece and other debt-laden European countries, Pimco's Bill Gross told CNBC Monday.





Much of the public focus is on the nation's public debt, which is $14.3 trillion. But that doesn't include money guaranteed for Medicare, Medicaid and Social Security, which comes to close to $50 trillion, according to government figures.





The government also is on the hook for other debts such as the programs related to the bailout of the financial system following the crisis of 2008 and 2009, government figures show.





Taken together, Gross puts the total at "nearly $100 trillion," that while perhaps a bit on the high side, places the country in a highly unenviable fiscal position that he said won't find a solution overnight.





"To think that we can reduce that within the space of a year or two is not a realistic assumption," Gross said in a live interview. "That's much more than Greece, that's much more than almost any other developed country. We've got a problem and we have to get after it quickly."





Gross spoke following a report that US banks were likely to scale back on their use of Treasurys as collateral against derivatives and other transactions. Bank heads say that move is likely to happen in August as Congress dithers over whether to raise the nation's debt ceiling, according to a report in the Financial Times.|||We are not in as bad a shape as is Greece. While the Republicans MUST own some of the responsibility for our impending disaster, a great majority belongs solely to the liberal side of the house which refuses to cut overhead expenses.



In Greece, even their most conservative of conservatives is more liberal than our most liberal of liberals.



Reagan unlocked the door to outsourcing with NAFTA but it was Clinton and the Democrats who threw that barn door wide open.|||You fail to mention who our then supposed saviors will be--- the libertarians or the Green Party? The only exception to that is Greece has no where the GDP (that's gross domestic product) that we do so there goes that assertion, Chicken Little, so we can be fine if provided with incentives that encourage business, rather than discourage.|||The rich are still rich and will still be rich long after America is sucked dry by outsourcings and trade deregulation.


what are you complaining about?





Wasn't this the Republican end-game?


If not, you could have fooled the rest of us.|||I'd have to agree. And yet, amazingly, so few seem to have noticed. Oh well. A reckoning is right around the corner and the government gravy train is about to come to a halt.|||other nations can afford its entitle programs,they do put money into the nato fund