Spain is the latest European country to enter the tough terms of a bailout, agreeing to slash spending and jack up taxes in exchange for the financial lifeline.
Think that kind of fiscal emergency couldn’t happen here?
While debt and deficits have fallen off Washington’s radar screen a bit, in favor of debate over the federal health care law and other issues, U.S. finances remain alarmingly out of balance. And by some measures, it’s worse than it is across the pond.
Consider this: Per capita debt in the United States is higher than in all — or at least some, depending on how it’s calculated — the European nations that have accepted bailouts to date.