I had thought the situation in Greece would eventually hammer home for everyone the perils of reckless enlargement of the state and deficit spending. But apparently, it is not to be. This is how Kevin Drum describes the core problem in Greece:
the austerity madness prompted by the 2008 financial collapse
So the problem is not a bankrupt state, but the "austerity" which by the way has at best carved only a trivial amount out of spending. And it was triggered not by a ballooning deficit as a percent of GDP and an inability to meet interest and principle payments, but by the US financial crisis.
This is willful blindness of absolutely astounding proportions. Which means the same folks are likely just rehearsing to ride the US right into the same hole.