UPDATE

CHECK-IT-OUT:  Great article by David Leonhart in New York Times that says while there are superficial similarities between Greece’s budget woes and our deficits, that our economy is actually growing and Greece is close to default. According to the chief economist at the Treasury, “It’s not a matter of whether we have the resources to solve our [deficit] problems” … “It’s a matter of political will.”

CHECK-IT-OUT:  The Economist today has the following take on the proposition that America is going to be just like Greece soon:  “There are many different ways that America could close its budget gap; it’s merely having an intense political debate over which way is the best way. This could potentially be a problem, but it’s a different problem from the one in Greece. The Greeks have a massive current primary deficit that markets no longer want to fund. The Americans have a political debate over how to rein in the growth of health costs over the next three decades. Ultimately, casting the American fiscal situation in a Greek light obscures more than it illuminates.”