By Brett Arends
LONDON (MarketWatch) — It’s easy to watch this economic Duck Soup unfolding and think the debt crisis is entirely limited to penny-ante Freedonias in Europe.
Greece. Ireland. Now Portugal.
But do the math.
The national debts that finally drove Portugal to seek a bailout this week amounted, at the gross level, to 87% of gross domestic product, according to International Monetary Fund data.
The same figure for the United States of America? Try 99%.
The massive budget deficit that finally broke Portugal in the bond market: 8.6% of GDP.
America’s 2010 deficit? About 8.9%.
So maybe the question isn’t whether the next country in line is Italy or Spain. It’s whether it’s closer to home.
Read more at the link above.