We don't live in a world like the one in 2006 and before

The falling deficit is a pointless exercise that has come at the ...

The Week Magazine ‎- by Ryan Cooper ‎- 1 hour ago

It is President Obama's single greatest failure, representing the fact that he, and the rest of the American government, did not adequately respo

I was reading the above article and I completely disagree with it. Reducing the deficit must be done now in order for the U.S. to survive at all. Just like the rest of the country, the government had to cut up all it's credit cards too in order to survive since 2007 ongoing.

We were all overextended including the government. What happened to millions of people in losing their homes could easily have happened to the whole world in a complete world economic collapse. Obama and Geitner and before that Bush did what they had to to stop hemorrhaging  money at the rate we had been losing it frivolously for years.

We are now in a state of being where we just "Might" be able to sustain our lives "IF" too big to fail banks don't go down in the U.S. or any other really large country on earth. If a "Too big to fail bank" failed in the European Union, Russia, India, or China, it could theoretically (like a line of dominoes) take the whole world banking system down within a few years or even months. 

At that point there would be worldwide riots at banks and against all governments that had failed the people worldwide.

No. An ever reducing deficit now is the only thing we might be able to survive. Being financially prudent and not overextending ourselves if and until a new "Glass Steagle law" is voted into place in some ways protects the world from impending economic collapse (though not entirely).