NEW YORK (TheStreet) — This weekend, Greece goes to the polls but the winners will not likely be able to form a government that can solve the county’s intractable economic problems. Americans should pay close attention — the U.S. is becoming too much like Greece and could easily end up in the same place.
Greece’s troubles began with an uncompetitive private sector instigated by unrealistic labor market policies and a single currency with Germany. Exports became too expensive, domestic industries could not adequately compete with imports, the private sector grew too slowly and unemployment rose. Youth unemployment and underemployment became endemic.
In the U.S., huge trade deficits on oil and with China are slowing growth — both are caused by government policies. With more offshore drilling and better use of abundant natural gas, the U.S. could cut oil imports in half. …
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