Avoiding financial ruin

It's encouraging to see that the citizens of Greece have a modicum of common sense and voted to remain within a system that imposes financial restraint and austerity. Even some of the most hardcore socialists are coming to understand that you can't continue spending what you don't have without severe financial consequences.

The real question is, will we in America learn any lessons from the Greek or European financial collapse or will we inexorably continue down a similar path expecting a different result?

The definition of insanity is doing the same ineffective thing over and over while expecting a different result. We could not ask for a more timely example of the result of unfettered spending.

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If we are willing to immediately begin to examine ways to control our unprecedented spending, it is not too late to save our nation from bankruptcy. In recent weeks President Obama has indicated that our economic problems are not that severe and we only simply need to double down on our spending in the right places. You don't need to be a rocket scientist to understand quickly where that school of thought would lead our nation.

Does our best hope lie in electing former Gov. Mitt Romney? Should the Senate switch to Republican hands and the House will remain as is in the November elections to give us our best chance to get spending under control before it's too late? Historically optimal legislation has not occurred when the White House, Senate and House are in the hands of the same party. However, in the current obstructionist environment, does this appear to be the lesser of the evils when compared with the alternative of financial ruin?