Is it possible that the U.S. is in worse fiscal shape than Greece, France, and Italy? According to the Organisation for Economic Co-operation and Development (OECD), that is the case. If the OECD data is to be believed, the US has already surpassed Greece in terms of fiscal decline.
The OECD is not alone in its assertions. Daniel J. Mitchell, writing for The Commentator, has put together an argument in support of the OECD:
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In 2011, I posted some charts from a study by the Bank for International Settlements, revealing that the long-run fiscal outlook for the United States is worse than the outlook for European nations.
In other words, US politicians to date haven’t over-spent as much as their counterparts in Europe, but it appears that – if government is left on auto-pilot – America will suffer more from excessive government than European nations in the future.
Here’s some new evidence about the perilous long-term state of public finances in America. According to the Organization for Economic Cooperation and Development, the United States has to do more than almost every other nation to avoid becoming another Greece.”