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The Cautionary Tale Of Greece For America - By Charles Payne

What another roller coaster ride in the market that's mirrored by mixed signals from Greece? In the end, stocks rebounded to a certain degree, but for the most part, anxiety is still elevated. This is the most amazing economic-suicide mission I have ever witnessed and it's being played out on the world stage.

So, now what…if there's a "no" vote to austerity, how does Greece survive? Here's a tweet I received yesterday. Sadly, it was meant in jest, but how will Greece survive if they go it alone?

Charles V Payne ‏@cvpayne 21h21 hours agoQueens, NY

Well looks like Greece is going back to the Drachma but it will look different this time: The first unit just printed

In the Meantime…

The human toll has been immense; we are talking about one of the most - spirited, fun- loving nations on this planet; Greece has lost its spirit and will.

Take a look at these images from Vice.com:

Many of the people of Greece look broken and afraid, even the absence of young folks protesting in the streets tells a similar story.

We talk about the cautionary tale of Greece for America. Our mounting U.S. debt is on the same trajectory that brought Greece over the cliff and into the abyss of the unknown. We know the numbers and we have become somewhat immune to them. However, $18 trillion and counting is hard to ignore.

Moreover, it's what's driving the debt that is concerning. The ultimate welfare utopia is an expensive proposition.

Generous to a Fault?

Recipients

Cost

Welfare

11,400,000

$131.9 Billion

Food Stamps

41,700,000

$69.8 Billion

Toss in Obamacare, retirement benefits, housing allowances, and scores of other programs designed to help Americans and you'll understand why we spend hundreds of billions of dollars, more than we take in as a nation.

There is still time to fix our situation, the question is do we have the will?

Today's Session

For the month of June, 223,000 nonfarm payrolls were added to the market, quite lower than the 230,000 street estimate and the 235,000 ADP estimate. The amount of jobs added in May was revised lower to 254,000 from 280,000. It is anticipated that the soft numbers will delay the looming rate hike, but we have had quite a positive stream of data lately; the Feds will be on the fence. Sadly, the labor force participation rate fell 30 basis points to 62.6%. Job creation is not yet where it needs to be, but at least they are above 200,000 for now.