few politicians are brave or stupid enough to publicly take this stance (i.e. increase taxes and reduce spending/services) today.

Greece is very different from the US in that they do not control the currency of the debt they hold, placing them in the same position Argentina was in a decade or so back. The US can and I believe WILL simply devalue their currency.

Remember – the money has already been spent. It is GONE!!! Frittered away on Big Screen TV’s, Hummers, Marble Counter tops etc. The only question now is WHO has to pay? The creditors or the debtors or both? In a deflationary scenario, the creditors will receive a small percentage of their debt at a high value. In an inflationary scenario, they will receive most at a devalued amount. Either way, pain is baked in. CREDIT AND INDEBTEDNESS IS NO WAY TO LIVE OR RUN A COUNTRY!!!!!!!!!