Editor's Note: The following is a transcript of a Q&A with Fareed Zakaria.
Amar C. Bakshi: What lessons do you draw from Greece's economic crisis?
The situation in Greece highlights for me how different America’s economic crisis is from Europe’s economic crisis.
America’s economic crisis is one that is actually economically soluble but politically very difficult to solve.
If we were to repeal the Bush tax cuts, we'd get $4 trillion of revenue over the next 10 years. If we were to enact Simpson-Bowles, we’d get $1.5 trillion by closing various tax loopholes. With a few simple economic decisions, we can solve America’s budgetary problem.
Now, of course, you have long-term healthcare costs to deal with. That’s a huge problem and I don’t pretend it isn't. But in every other respect you can bring down America’s budget deficit to what would be among the lowest levels of any Western country.