Periodically I look for an analysis of our nation's fiscal state from someone I trust on such matters. Here's what Paul Krugman, the Nobelist, has to say about that very subject in this morning's Times.
So here’s the reality: America’s fiscal outlook over the next few years isn’t bad. We do have a serious long-run budget problem, which will have to be resolved with a combination of health care reform and other measures, probably including a moderate rise in taxes. But we should ignore those who pretend to be concerned with fiscal responsibility, but whose real goal is to dismantle the welfare state — and are trying to use crises elsewhere to frighten us into giving them what they want.
His statement comes in a comparison of our fiscal state with that of Greece. There is, of course, no valid comparison when you're dealing with apples and oranges. Or ripe apples and completely spoiled oranges.
So why do some try to make comparisons? Is it just fear-mongering? Krugman gives a definite answer to the question.
BTW, this is exactly the kind of article that recent college grads occasionally ask me questions about. Their question is about the usefulness of such information. My answer is straightforward. Planning your career strategically means that you need to know some basics about the status of our economy and how it compares to other economies and what that might mean for your future. Krugman gives me a fairly clear vision of how to look at the world in this article. And, I trust that vision.