Why Republicans should stop gloating over Greece

The collapse of the Greek economy is more complicated than a story of debt and "big government"

Greece
(Image credit: REUTERS/Yannis Behrakis)

For years — at least since President Obama took office — GOPers have warned that America's growing national debt will spark a catastrophic financial crisis. But it hasn't happened. Interest rates have remained super low, the dollar has strengthened, and the economy continues its recovery from the 2007-2009 downturn.

Some Republicans have noticed this inconvenient reality. And they have adopted a secondary position — essentially, "we're not wrong, we're just early." The day of reckoning will eventually arrive, they continue to argue. Until then, they say, keep an eye on Europe and its ongoing debt and currency troubles for a preview of bad things soon coming here. In particular, look at Greece's long depression as a cautionary tale about overspending, big government, and what happens when left-wing politicians, to quote Margaret Thatcher, "run out of other people's money." Or as Paul Ryan has put it, "We are on the same path as Greece. We're just not where they are right now."

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James Pethokoukis

James Pethokoukis is the DeWitt Wallace Fellow at the American Enterprise Institute where he runs the AEIdeas blog. He has also written for The New York Times, National Review, Commentary, The Weekly Standard, and other places.