We in the United States know that we have a deficit problem, but when we hear news of the ongoing crisis in Europe, we feel a little better. At least we’re in better shape than Greece, Italy, and the other Eurozone basket cases. Aren’t we?
Think again. By one key measure of fiscal health, the structural primary balance (SPB), we
are in worse shape than any EU country. In fact, among the members of
the OECD, only Japan is deeper in deficit as the following chart shows.
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