Politically, this could be a boost to fiscal conservatives in November. A bankrupt Greece, fighting on the streets between the fascists and communists, etc., will not play well with voters. Austerity is going to sell a lot better than more left-wing stimulus.
Austerity sounds strict. Getting our spending in order really isn’t austerity. It’s living within our means. Nearly everyone I know lives like that, making sure their income covers their expenses. Those that don’t, go bankrupt.
It’s time to tell people we simply cannot afford to live like this any longer. We could confiscate all the wealth owned by billionaires and the top 100 corporations and not fund this level of spending beyond the short term.
Over course, MrB is probably right. Stepping on the brake now would make our politicians even more unpopular than they already are. Therefore, it’s off the cliff for us!