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Are The European Concerns Overshadowing The US Ones?

There was been non-stop news about Europe's financial situation for many months now. We had the Greek bailouts and elections, the Spanish bailouts, the Portuguese and the Irish scenarios. Is the US that much better off?

One of the issues with austerity measures in Europe is the idea that the governments are not collecting enough taxes. In the US however, tax collection is becoming an issue. There are the tax cuts that are set to expire at year end. (3). There is also the issue of spending cuts which were supposed to be automatic, but now may be delayed. (1) On top of this, the states and cities are having issues with tax collection as well. (2) If you are not collecting taxes and the debt is exploding - would this not lead to a Euro style deadlock in the US? There is a lot of talk about the "fiscal cliff" coming in the Unites States which combines all of these issues together. (3)(4)(5)

There is an idea about a recovery in the US, but the numbers are not forthcoming. The rate of growth is technically better than that of Europe, but the economic picture is not that great. This was cited in the unemployment numbers, housing numbers and GDP numbers (6)(7)(8).

If the US is not much better than Europe, why aren't we hearing about it? You be the judge.

Sources:

1) http://www.bloomberg.com/news/2012-06-25/congress-said-to-delay-automatic-budget-cuts-until-march.html

2) http://www.bloomberg.com/news/2012-06-26/tax-growth-is-slowing-for-states-localities-u-s-census-says.html

3) http://www.bloomberg.com/news/2012-06-26/u-s-should-avoid-fiscal-cliff-overhaul-taxes-oecd-says.html

4) http://www.cnbc.com/id/47964420

5) http://www.bloomberg.com/news/2012-06-26/u-s-should-avoid-fiscal-cliff-overhaul-taxes-oecd-says.html

6) http://www.bls.gov/

7) http://www.foxnews.com/us/2012/06/27/look-at-us-housing-market-at-glance/

8)

http://www.bea.gov/newsreleases/glance.htm

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.