Discuss how deficit spending relates to the economic collapse of the Greece and Spain economies. Relate their economic collapse to U.S. current economic problems. How does U.S. deficit spending affect our economy? Greece and Spain have introduced tax hikes, reduced paychecks of government workers, and made drastic spending cuts. These actions have caused violent protests. Should the U.S. follow their example? What would be the consequences of just printing more money to pay the debts of the government?