US to Greece: On the Brink of Economic Disaster

         

      Greece is on the edge of economic disaster and the US is anxious about all the negative effects this disaster can potentially bring about. The US is still recovering from the horrendous stock market crash it underwent in 2008 and Greece’s back out from the euro back to the drachma, may lead to hindering the US’s economic recovery.  The US resents the harsh effects of the aftermath of the Greece crisis on it’s own current economy and on the world’s current economic stability. At this time, however, the Obama administration is opposed to bailing out Greece (as it will encourage other European countries to follow the same path as Greece and allow them to believe that the US or another country will bail them out as well).
            The economic calamity in Greece could cause stocks to fall in the US and have a paramount effect on other parts of the world such as Paris, Madrid and other regions in concentration with the Eurozone. The debt crisis in Greece and in many other European nations is a reminder to the US of America’s own economic mess. The government in the US has been intervening far too frequently in economic affairs and has enlisted in spending in order to remedy the deficit. If the US continues excess spending, then the debt and economic crisis in Europe is likely to strike in the US as well. Obama has pushed for big government solutions in order to revive economic development. Both the US and Europe are likely to remedy it’s problems more effectively by reducing government spending, lowering taxes, and ending the regulations on markets. Another solution is allowing national sovereignty and giving the national states/ countries freedom to shape their own economic policies. As Greece and many of its fellow European nations are on the brink of disaster, America’s economic prosperity is also threatened. The US has the potential to be negatively affected by Greece’s back out from the Euro, it can only hope to protect it’s economy by re-evaluating it’s own policies and taking preventative measures against the changes ahead.