by Isaac Madengu Mangatu

Created on: July 10, 2011   Last Updated: July 11, 2011

The World today has some sketchy ways to answer fundamental questions, politicians rely of the ignorance of the general public to be the catalyst that enables them to get their way. There can be many answers to the above question, however, the simple answer is Yes America is on the Brink of financial collapse.

Politicians in America, rather, some Politicians have been perpetuating the story that if they do not have an amended budget to the Constitution then the economy will not grow, I am not convinced. It is not about a balanced budget amendment, it is about Priorities and good management. Taxes and all other issues are secondary, it is a given that if you have a low intake, you will have a low output. There is no way that America can survive the future if the Politicians cannot drop their posturing and ideology to come together for a resolve in the crisis they face.

Greece is a very clear and good example of what can happen to a Nation with cooked books. What is funny is that most of the economists who were dealing with Greece had some link to the failed banks that caused the headache in America today. Goldman Sachs and other troubled Wall Street banks were at the centre of Greece's economic advisers and surely we know how fast Greece has become a Poster Child for what can happen to a Country that has fallen economically.

Here are a few facts about Greece & America.

Greece - GDP per capita: $32,800 Labor Force: 4.96 million External Debt: $92.19 billion Public Debt: 90.1% of GDP

USA - GDP per capita: $48,000 Labor Force: 155.2 million External Debt: $12.25 trillion Public Debt: 60.8% of GDP

In early 2010, it was revealed that successive Greek governments had been found to have consistently and deliberately misreported the country's official economic statistics to keep within the rates in the World.

There is a clear comparison to the two economies, slowly, but surely if the USA cannot make tough choices now the economy of the Nation is doomed. Politicians look at the situation from a lens that is partisan and that causes an even deeper problem in getting the problem resolved. I must add that if the USA's economy falls, the World will feel the pinch is a very heavy way and the sole cause of the falling economy would and will always be lawyers who think they know everything.

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