(CNN) -- Over the past month, we've watched from distant shores as Greece has plunged into a debt crisis. Mounting pressure from global financial markets forced Greece to begin a drastic austerity program.





With a fiscal deficit of 8.1 percent of GDP and government debt of 115 percent of GDP expected this year, Greece has promised to turn itself around by 2013.





To do this, the government has adopted an ambitious fiscal consolidation program that would reduce the annual deficit by 7 percent of GDP this year, 4 percent next year, and 2 percent in 2012 and 2013. The European Union and the International Monetary Fund have announced an extraordinary $1 trillion package to support the plan, and the European Central Bank has announced its own extraordinary measures.





Are there lessons the United States can or should draw from the Greek situation?





First, we are not Greece. The United States is by far the world's largest single economy.  Our economy is competitive, diversified and rich in human capital and natural resources. While the rest of the world is important for our growth, our domestic market is vast, which means that, unlike Greece, we can usually rely on domestic demand to drive the economy.





At their best, our financial markets are dynamic, have deep pockets and provide the liquidity for our innovative economy. We issue the world's reserve currency, which minimizes our currency market risk. And unlike Greece, because we have currency flexibility, we can adjust the value of the dollar to improve our underlying economic performance, if necessary.





But we are facing very serious fiscal challenges, too -- and for many of the same reasons as Greece.





Like Greece, our fiscal path is unsustainable for as far as the eye can see. Our debt has surged far above what we have normally been able to manage. And unless fiscal policy changes, it is projected to continue heading up indefinitely.





Our debt-to-GDP ratio is projected to exceed 60 percent this year, well above our average for the past 40 years (around 40 percent) and close to a peacetime high. And it's projected to keep on rising.





Like Greece (and all advanced industrial countries), we can expect our fiscal situation to get worse in about 10 years, as the baby boomers' retirement accelerates. In a generation, the debt is expected to be well over 150 percent of GDP. By 2050, it's projected to be over 300 percent and still heading upward.  We cannot sustain this much debt without a crisis.





While the United States may have more fiscal running room than Greece, we won't be able to outrun our creditors if they think we can't manage our fiscal affairs. The impasse in Washington is giving rise to jitters that we can't politically solve our problems, no matter how wealthy our economy. And as the past few weeks illustrate, if we lose credibility with creditors, they may downgrade our debt, demand higher interest rates, and in the worst case refuse to hold our debt because of fear of default.





Maintaining the confidence of our creditors is critical for the United States: We depend on capital inflows to close our fiscal gap because our savings rate is so low. It is harder to rebuild confidence than to lose it.





Finally, as Greece so vividly illustrates, it is better act on your own timetable and according to your own priorities, rather than have actions forced upon you by financial markets. If the United States can make fiscal changes sooner rather than later, once the economy is on a stronger footing, adjustment can be more gradual and less costly. Then our citizens will be able to manage change more easily.





What will it take for the United States to get its fiscal house in order?  We need a plan. As we've seen in Athens -- and even on Wall Street over the past week -- uncertainty sows fear, panic and unrest.  But our fiscal future does not have to look like this. There is a way forward.





America's first fiscal challenge is political will, not ability to pay.
What did Vorce say about the debt? What is our debt compared to normal? What is our fiscal path according to Anne Vorce? Which country does Vorce compare the U.S. to?
we have normally been able to manage. surged far above is unsustainable for as far as the eye can see. Greece,
question: What did Vorce say about the debt?, answer: we have normally been able to manage. | question: What is our debt compared to normal?, answer: surged far above | question: What is our fiscal path according to Anne Vorce?, answer: is unsustainable for as far as the eye can see. | question: Which country does Vorce compare the U.S. to?, answer: Greece,