The Greecing of America, Simplified

New Web Video Explains how the U.S.'s Current Fiscal Situation Mirrors Greece

ARLINGTON, Va., May 21 /PRNewswire-USNewswire/ -- Today, BankruptingAmerica.org (an awareness campaign by Public Notice) launched a new web video titled "The Greecing of America, Simplified".  This web video (runtime 2:25) shows how the U.S. could easily "go greek" if it doesn't immediately scale down the size and scope of its spending obligations.

While there are differences between the U.S. and Greece, the tragedy transpiring in Greece is primarily the result of overspending. This new web video explains how government promises in Greece and the U.S. are structured much like Ponzi schemes.  Rather than learning from the failed experiments of Greece and other European nations, the U.S. is increasingly emulating their policies.

• In 10 years, overspending will lead to a debt that's 90 percent of the size of the U.S. economy.  
• Like Greece, the U.S.'s population is aging, which means that costs associated with programs that support the elderly will soar.

"The good news for the U.S. is we have time to cut spending to avert disaster in this country," said Gretchen Hamel, executive director of Public Notice.  "However, this requires an amount of political courage that is currently lacking in Washington.  A fiscal crisis could happen here; thinking it won't is the mentality of every nation just before they tumble off the brink," said Hamel.

Americans should recognize that without reform we will face the dire situation confronting Greece today.

View this video at http://www.youtube.com/watch?v=RBwcRJETMI4

A special 30-second MP3 audio clip is available for radio.

This web video is the second in a series of videos that will be released in order to give people the facts and figures they need to understand the problem, draw their own conclusions, and encourage their elected representatives to get spending under control. Visit BankruptingAmerica.org to view "Is Washington Bankrupting America?"

If you would like more information on the sources for this video or to schedule an interview with Gretchen Hamel, please call Kate Pomeroy at 571-970-6497 or Corinne Hirsch at 571-970-6490 ext. 211.

Public Notice is an independent, nonpartisan, non-profit, 501(c)(4) organization dedicated to providing the facts and insights on the effects public policy has on American's financial well being.

SOURCE Public Notice