We're Already Europe | Michael D. Tanner | Cato Institute: Commentary

We're Already Europe | Michael D. Tanner | Cato Institute: Commentary: 'Under the best-case scenario, then, [adding the unfunded liabilities] amounts to more than 480 percent of GDP. And, under more realistic projections, we owe an astounding 911 percent of GDP.'

'counting both official debt and unfunded pension and health-care liabilities, the most indebted nation in Europe is Greece, which owes 875 percent of GDP. That’s right, the United States potentially owes more than Greece. France, the second most insolvent nation in Europe, owes just 549 percent of GDP. Even under the most optimistic scenario, we owe more than such fiscal basket cases as Ireland, Italy, Portugal, and Spain.'

'Ireland is the only country in Europe with a bigger government than the U.S.’s will be in 2050'