Page 23 - Debt Level News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Service cuts. that kind of financial chaos is happening at the state level just as its happening in europe. i draw a distins between financial collapse and the violence in the straoe. we are not seeing that here. i don't think we will see that here. megyn: how bad are we compared to greece in terms of the debt level? what happened in greece is they have enormous debt and they had to reign in their spending because they can't get a loan from the rest of the european union to get them out of the debt unless they rain in spending. now they are cutting services and raising taxes and that's why peo...

>> historians are not always right when they talk about the future. and i'm not sure that the situation of greece can be compared to one of the united states. united states is the leading economy, has nothing to do with greece. so if what ferguson means is the high level of debt is a problem, is a problem for greece, will be a problem for the u.s., he's right. will be a problem for everybody. because that's the cost of the crisis. we escape the crisis doesn't mean you have no cost. and the cost is they increase the debt level. but if he means that the kind of problem greece is facing today can...

Economy, has nothing to do with greece. so if what ferguson means is the high level of debt is a problem. is a problem for greece, will be a problem for the u.s., he's right. it will be a problem for everybody because that's the cause of the crisis. if you escape the crisis, that doesn't mean there's a cause. the cause is the increase in the debt level. if he means the kind of problem greece is facing today can replicate in the united states, i won't buy that. >> would you say that the united states actually handled this crisis pretty well? it was early in terms of acting on fiscal stimulus. t...

Situation of countries. and when some of them like greece were not really in a good shape before the crisis, the crisis creates even more pressure. and so at the end you have this kind of, you know, disruption in the fiscal sustainability of the country. >> is there broader at work here? are we facing a kind of crisis of the west? i'll tell you what i mean by this. we had a massive problem of private debt, private leverage. the way we solved the crisis was the governments took on all this debt. so we have transferred all the debt from the private sector's balance sheet to the public sector's b...

February. analysts predicted a slight increase. take a look at the trend over the past couple of years here. the feds say borrowing has fallen more than 5% from the summer of 2008, that means fewer americans are getting loans and putting money on their credit cards a red flag since, as we often point out here, consumer spending accounts for almost three quarters of all economic activity in this nation. james rosen live in d.c. tonight with more on this. james? >> shep, good evening, what these numbers don't tell us is if consumers are just borrowing less or paying down their existing debts mor...