The debt crisis in Greece has me worried, and not just for the prospects of stocks around the globe. You see, much of the same issues currently afflicting Greece also have the potential to really harm the United States. And while our economy is a behemoth when compared to Greece -- or even the European Union, for that matter -- the growth of government and our recent borrowing spree could put our country on the Greek path.

If you think this is far fetched, then you should try living in California. My state is in a true fiscal mess caused by way too much government spending, and a pending pension crisis with the potential to choke out our state’s prosperity. It’s even worse when you drill down locally. Case in point is the city of Los Angeles.

Here, we see a truly Greek-like fiscal mess, with nearly no end in sight, save for some very serious -- and unlikely -- adjustments on the part of current city employees and pensioners. But is this realistic? Can the adjustments needed to save a city from financial ruin actually be made?

In a recent column in The Wall Street Journal, former Los Angeles Mayor Dick Riordan, along with financial advisor Alexander Rubalcava, lay out a plan of attack that just might get the major metropolis back on its feet. The plan calls for the conversion of city-defined pension benefit programs into 401(k) accounts, the lifting of the city employee retirement age and the elimination of some $300 million spent on costly retiree health-care benefits. This plan is similar to the cuts being proposed nationwide in Greece, and it’s ironic that most of our political leaders fail to see the similarities.

I strongly recommend that you read this editorial, as it will give you a glimpse of the kind of problems Los Angeles faces, and the kind of solutions that may be necessary to save the city, the state -- and maybe even the country.