Two options seem to exist. Delay the inevitable or let the inevitable happen sooner. The time for taking steps to avoid the pesent state of affairs is long past. Now the only correction can be pain or more pain. The longer the correction is delayed the worse will be the pain, the more it will spread and the longer recovery will take. Sadly, the U.S. Is headed down the same path.
It kinda reminds you of a neighbor who had twelve credit cards....maxed them out at a total of $100k in debt with 19 percent interest. He stands around for a year...two years...maybe even three or four years, and then eventually admits he can’t pay the $2k in payments each month....then declares bankruptcy.
Later, you ask him what he spent the $100k on to start with...and he just grins, to admit...he doesn’t really remember.
It’s the same with Greece, Portugal, Ireland, Spain, the US, these California towns paying lifeguards $150k a year, etc, etc. We are simply delaying the inevitable....without doubt. Sadly, we will end up with $150k lifeguards who are unemployed and wondering how they will survive. For some reason, I can sense a reality series here.