Wednesday, June 22, 2011

Zakaria: What Greece teaches the US

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.

More Here..


  1. The answer is clearly to raise taxes... NOT.

    We don't have a revenue problem, we have a SPENDING problem.

    They more they tax, the more they will spend. History doesn't lie.

  2. Higher taxes don't necessarily lead to higher tax revenues. I wouldn't expect a CFR bilderberger like Fareed Zakaria to explain anything as easy to understand as the laffer curve especially since he also thinks a value added tax would fix America's problems. The London school of economics uses drunk math. CNN (comedy news network)

  3. The reason Health Care is such a BIG problem is that it makes more money by people NOT getting well. It Health Care was doing its job right then people would get well and there would not be such a big debt with everyone still sick.

  4. What Greece teaches the US is that it is all over but the crying soon (you feminized losers)....

  5. Like just about every system around you the Health and Medical field is all corrupt. People are allowed to die and suffer if it means making billions off them. For instance cancer was cured in the 50s. Watch World Without Cancer video. Cancer is a deficiency disease. B17 is the cure. But you are not allowed to know that because it would wipe out cancer overnight. Billions if not trillions of profits lost. Stop kneeling to the throne of authority figures that lie to you daily.

  6. Prepare for the Zombie apocalypse

  7. raising taxes will simply equal more spending and spending as a percentage beyond any added revenue raised from taxes.

  8. Huh, 4 Trillion + 1.5 Trillion = 5.5 Trillion. The federal gov't is running 1+ Trillion budget deficits every year. That not even half! Must be that new Math!

    Plus I have no doubt that the estimates were based upon the pre-2008 recession economy, when Unemployment was very low. I doubt they collect anywhere near the figures they are estimating.

  9. Farhead Zakaria is a financial terrst, period, out govt loves terrst like him, we install terrst and then make trillions by fighting agains them. Saddam, Gadaffi, Karzai and many, many others.


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