For all the bad things that can be said about the eurozone, at least the 17-nation union doesn’t rack up debt as quickly as the U.S.
Yes, you read that right.
America is currently on track “to add three times more debt than [the] eurozone over [the next] 5 years,” according to a new chart released the Senate Budget Committee Republican staff under Ranking Member Jeff Sessions (R-AL):
“Already, as the chart shows, America’s debt exceeds the eurozone’s, roughly $16.6 trillion to $13.3 trillion,” The Weekly Standard’s Daniel Halper writes.
“But by 2017, that gap is projected to widen, and America’s debt is expected to be $22.3 trillion, while the eurozone’s debt will be $15.2 trillion,” he adds.
This means that if things go unchanged, America will tack on $5.7 trillion to its national debt while the EU will only add $1.9 trillion.
Of course, we say “only” $1.9 trillion as if it’s no big deal. It is a big deal. It’s a big absurd deal.
“[W]hile the eurozone crisis is by no means just about debt,” Halper writes, “this new chart suggests that America must also look at its own fiscal problems as it tries to solve the great financial troubles it currently faces.”
Indeed, if significant changes aren’t made to the U.S.’ spending habits, America will be in a far more dangerous place than the eurozone in the long run. But then again, as the economist John Maynard Keynes liked to say, the only thing we know about the long run is that we’re all dead.