It has been said many times in recent months that we aren’t Greece. Now it will start to be said that we aren’t Spain. Both propositions are certainly true. (For one thing, Spain elected its socialist government in 2004, thus getting a head start on us.) But if we compare America’s debt crisis to Europe’s as a whole, how do we stack up?
The Republicans on the Senate Budget Committee did the math and produced this graphic, which shows that the U.S. is now deeper in debt than the entire Eurozone, plus the United Kingdom. (The Democrats on the committee are too busy dodging their legal obligation to come up with a budget to produce anything.):
The populations of the two entities are almost exactly the same, so the U.S. debt is larger on a per capita basis, too. Really, is it going too far to ask how an administration that put the U.S. in such a deep hole can have the temerity to seek re-election?
UPDATE: Mark Steyn thinks I am understating the problem and being too nice to the Obama administration.