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By Frank Ahrens

The head of the European Central Bank (ECB) said today that the overall euro area debt-to-GDP ratio could hit the dangerous 100 percent level in coming years if tough measures to reduce spending are not enacted.

This is a pretty big deal and here’s the easiest way to explain why: Right now, debt makes up 48 percent of Finland’s GDP, and Finland’s in pretty good shape, economically. In Greece, debt makes up 125 percent of GDP, and you know what kind of mess the Greeks are in.

The ECB says that everything that’s happening to Greece — default as a nation, basically — can happen to the remaining 15 euro area countries if steps are not taken soon.

In Europe, the same thing happened as happened here: a Great Recession followed by massive amounts of government stimulus to try to keep the ship from sinking, which has led to huge and unsustainable levels of debt.

It’s just like a household: What happens when you run up such a high amount on your credit card that you can only afford to make the minimum payments? Right. It gets ugly.

Get full story here.

Ways and Means Ranking Member Dave Camp (R-MI) today released data showing the “Obama Misery Index” – the combined change in unemployment and public debt since the President took office – has skyrocketed 57 percent through the first quarter of 2010.

Camp stated, “The Obama Misery Index highlights how the Democrats’ stimulus plan has been a costly failure.  Since the President took office, 3 million Americans have been added to the unemployment rolls while public debt soared by $2 trillion – or about $27,000 per family of four.  As Democrats promote more ‘jobs bills,’ Americans should ask whether these latest proposals will actually create jobs and lower the debt.  The evidence suggests not.  It’s time for a change in course.”

Source: Ways and Means staff calculations, using Department of Labor and Department of Treasury data.

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