( 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 can not sustain this much debt without a crisis . While the United States may have more fiscal running room than Greece , we wo n't be able to outrun our creditors if they think we ca n't manage our fiscal affairs . The impasse in Washington is giving rise to jitters that we ca n'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 . In partnership with the American people , U.S. policymakers need to settle on a reasonable and sensible fiscal recovery plan soon that is credible to both the markets and the ultimate financier : the U.S. taxpayer . It should be multiyear to reassure creditors and taxpayers that we can indeed manage our affairs over time and that it will not force draconian austerity , if done correctly . We need to know where we want to go and how we can get there . A clear road map for fiscal change will allow everyone to plan and manage , in contrast to the cold shower the Greeks are being forced to take . In broad economic terms , the answer is simpler than most people realize . As most experts agree , we need to put the budget on track for stabilizing the debt at no more than 60 percent of GDP when we can realistically manage change . ( The 60 percent threshold still has credibility for advanced industrial countries in the global marketplace . ) Although our debt is below that now , commitments already in place will put us on a higher path , even before the baby boomers start to retire . But we need to start phasing in policy changes soon to shift to a more sustainable debt path . Much like a household budget , a fiscal recovery package also needs to be fair to succeed . Any plan needs to reflect shared sacrifice . Our fiscal problems are so big , everything has to be on the table . Just cutting spending will savage government and prevent it from delivering the things we all rely upon to live our lives and to make them better . Just raising taxes will take money from the poorest and the middle class and rob the country of needed incentives for the investments that boost higher growth . But within budget limits , we also must make sure that any fiscal package promotes our key values and needs : protecting the weakest among us and raising living standards through increasing human capital ( including education ) , promoting innovation and providing basic infrastructure . Ultimately , getting our fiscal house in order is about shared sacrifice -- and shared hope . Putting a fiscal recovery plan in place will hasten the recovery and make living standards higher than they would otherwise be . We do n't have to look like Greece does now . The opinions expressed in this commentary are solely those of Anne Vorce .
Susan says : We 're not Greece , but we have serious fiscal woes for many of same reasons . She says our fiscal path is unsustainable and besides , our debt is far above normal . U.S. must maintain confidence of creditors , act on its own initiative , she says . Vorce says we need a clear multiyear plan that 's credible to creditors and to our taxpayers .