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The US is Choking on Debt
huffingtonpost.com — The US economy has been sustained almost exclusively on borrowed money since 2001. There is a marked difference between economic growth & debt-induced demand. Instead of letting the market take its medicine & enter recession in 2001, the powers that be injected fiscal and monetary drugs to dull the pain and induce stock gains.
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- 50 days ago, made popular 49 days ago
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unlawflcombatnt
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Privatize the profits, Socialize the losses. Your tax dollars at work: trillions for the warcrime in Iraq, billions for the pillaging bankers who have destroyed the economy, and "***** you" for the despoiled, bankrupted, people who pay for it all
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bonddad?
i think i remember him from daily kos - his were one of the few articles posted there that didn't make me gag on the partisanship...
i could be mistaken here - going from memory, but possibly same guy.
GOOD article, DUGG -
The problem is plain and simple. People have been trying to live beyond their means for years. Everybody wants more than their neighbors--bigger houses than they need, expensive cars, every new gadget that hits the street. Not only are people not saving for their future, they are spending their future. The problem is an addiction. Credit card companies and mortgage companies are the enablers.
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The price of oil effects every individual’s ability to live since most do not have a choice not to drive a vehicle, have goods delivered or buy something wrapped by plastic; a by product of oil. The USA 's dependence on foreign oil strangles the ability of the USA to make the right decisions. Making deals base on self -dealing benefits only the dealmaker.
Foreign oil interest for Bush and Saudi Arabia provided special interest. Foreign oil for the Clinton’s provided special interest to foreign governments. Obama should make energy independence number one. With this initiative he can turn on economic growth targeting the retooling of industries hard press by the impact of NAFTA.
Being in fear of how to pay the next bill, being in fear of whether your child can get sick, being in fear of loosing your job, being in fear of being able to care for your parents is overwhelming enough then to worry about your government making bad choices.
The President is elected to be a leader. The President is expected to be held at a higher standard. It is about making the right choice even when there is not total agreement. I feel I can Trust Obama and not Trust Clinton. She can say as much as she wants about whether he has been vented. She has and I do not like what I have seen. Obama has been in the trenches as an activist, as a person sticking to his morale beliefs of right and wrong, and knowing that tough choices have to be made at times. We need to look to Obama to lead a government that you can trust to follow its own rules and what is best for the country. Not what is best for importing oil and creating billion dollar profits. The America people have been financially rapped.
Clinton has been stating all of her experience and abilities makes her better to lead. If she was so great why didn’t her Senate peers elevate her to the leadership. They picked another women. Who knows Clinton better, the voter or her peers. The Clintons have used their presidential connections to promote their economic well being. How much economic benefit do voters want to give them?
Obama has throughout his life shown to be that individual whom is open minded to hear all opinions and that self does not come first.
Finance Markets Should Learn Transparency From Nonprofits: Social Responsibility
http://mynonprofitwebsite.com/blog/
Emo Questions why
http://mynonprofitwebsite.com/blog/2008/02/22/emo- ... -
Not only is the US deep in debt, but American financial institutions have used borrowed money to enter extremely speculative contracts that could only succeed if the market kept rising. They would've made insane amounts of money if the bubble didn't burst.
Banks such as Bear Stearns used their assets (worth $80 billion at best before they went bankrupt) as collateral in order to control about $13 TRILLION.
Here's an article with more details: http://www.telegraph.co.uk/money/main.jhtml?xml=/m ...
Don't ever expect the American media to report how big the problem is. And don't think for a minute that this is going away. A lot of people on CNBC are calling a market bottom, but they're LYING. The financial system is built on fraud, and they want to perpetuate the fraud. -
Just 1 more year and i get a dual citizenship. After that I will fly the ***** out of here. Good Luck Folks.
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Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like. - Will Rogers
The problem is people are stupid, corporations are greedy, and the government is too encumbered to do anything useful. -
I have the grandest idea.. write off all the debt by crediting it to Bush's personal account! I'm sure he still got extra $ to spare...
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This country needs Jesus and morals and maybe that will end this Liberal state we live in which is filled with material things and homosexuals.
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Just like a credit card, it's all fun and there seems to be no downside until the bill collectors start calling and you aren't able to apply for any new cards.
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Quic! Someone give the US the Heimlich maneuver
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is this because of the iraq war?
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God, lady liberty is such a slut! Oh wait, you said debt...
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How is this news? I thought this was obvious..
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American debt isn't anything new, as a matter of fact it's one of the biggest issues in the elections...
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the US is chocking on *****.
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Watch The Money Masters (its on Google Video), This is only the beginning of whats wrong with the economy today.
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As a long-time Ron Paul supporter, this is one thing I've been keenly aware of. While the rest of digg is indirectly supporting more spending (by cheering candidates who support more spending). Go on, look up your candidates position -- they will keep or increase the current spending through a bunch of wonderful programs they want to push. None of the mainstream (officially sanctioned) candidates are talking about reducing spending. Not one democrat or one republican.
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hmmm i wonder when we are going to start making kites out of dollars and getting paid daily...
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2002 called. They want their news back.
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It's too bad none of the presidential candidates brought this up and offered a solution as part of their platform....oh wait....
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The plans for our system were laid down during the post WWII era. When our interstate highway system was designed during the Eisenhower administration we were totally self sufficient (i.e. we did not rely on foreign oil). Essentially our nation is built around transportation hubs. First it was the railways, then the US Highway system, followed by the Interstate Highway system.
Unfortunately there was a bug in the ointment. The plan did not consider future consumption and existing reserves. The plan for Urban sprawl suggested that everyone invest in their houses. Using IRS tax incentives and government supported Fannie Mae loans, everyone was encouraged to buy a home, then sell it for a larger one. We kept on building bigger and bigger and farther apart just like our Urban Assault Vehicles the H2.
Now we have these monstrosities that look more like hotels than family homes, and we are spread so far apart that the overhead of consumption is eating us alive. To solve the problem, we must have new forms of transportation that do not rely on fossil fuels, or have much more condensed living arrangements like they do in Europe, where home, work and shopping are all within walking distance. Much of this activity was fueled by the expanansion of our military indurstrial complex which Dwight Eisenhower warned us about in his final address. To correct the problem we must pull the plug on military, eliminate the national debt and trade deficit, cut spending at all levels and focus on the economy.
For more information on the solution, the problem, and why we act this way see my blog at http://blog.myspace.com/index.cfm?fuseaction=blog. ... -
republicans decry "tax and spend" Democrats, yet the republican approach is "borrow and spend."
Yoo hoo! It has to be paid back eventually. -
If a regular citizen has to be forced from their home, forced to return merchandise, or forced to sell off possessions in order to pay debt, then why can't the same be done on a federal level? Why do the banks and other countries continue to lend money to the U.S, damned well knowing that it can't be repaid? And why does congress keeping approving more spending at the will of the President?
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"pay no mind to that $500 trillion dollar derivative monster behind the curtain"
was one of the comments ... so true.
The bad stuff has not even started yet, not by a mile. -
I knew this months ago, the economy has been failing tremendously. The government is only lowering interest rates to save banks and companies that are doomed anyways. The whole world is screwed, and it's not George Bush's fault, it's the fault of the corrupt corporations. I'm not a democrat, I hate the socialist principles that their party conveys, and I fully support huge industries. The problem is the vast array of scandalous industries that are dishonest, malevolent, and power hungry.
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Ah Mr.Bush....what was that? Fiscally Responsible...lmao. Ah, American's are so easy!!
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For a lot of years we were financing our lifestyles on credit card debt. Then the housing market came along made it possible for people to finance their lifestyle with home equity, and sometimes to pay their credit cards with their home value. But when the housing and credit markets collapsed there's nothing else to tap. Real income has been stagnant ever since the Republicans took power, so the average household loses ground even if they spend within their means. Coupled with the eroding dollar and exploding wheat and gas prices, the squeeze hit hard and fast. A perfect economic s**t storm and the same people who picked an Arabian horse guy to head FEMA are calling the shots.
And this is just the beginning. It hasn't really started to get bad yet. You think you got it tough now, there are many corners yet to turn. The good news for people who have cash are the many things people will do when they're desperate for cash. -
How odd to see huffingtonpost trash on the homepage, that almost never happens...
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Money is exactly the same as drugs abuse them and will get ***** up or die. And ***** me the amount of abuse over the past 10-15 years is incredible. Over drawn = Over dose.
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The US deserves a USSR collapse by now. I am deeply enjoying this and I will get seriously hard nipples the more I'll be dug down. C'mon I'll be able to score at least a -100.
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Digg is dead.
Amazing how many economist are on the scene today. -
We may have been running exclusively on debt since 2001, but we've been dependent on debt since the beginning of the Cold War.
Also, debt is counted as an asset when calculating GDP. Consider that when someone tells you the economy must be fine because the GDP is growing. -
//Instead of letting the market take its medicine & enter recession in 2001//
It DID go into recession at about that time, We didn't completely recover to what it was in 2000 until late 2007 -
here are more details on how it happened and how to solve the problem.
http://video.google.com/videoplay?docid=4675077383 ...
http://video.google.com/videoplay?docid=-443054337 ... -
It's a big ***** sandwich, and we're all going to have to take a bite
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WTF is going on when liberal blogs are saying "hey, wait, slow down the spending!" and they're the ones calling for fiscal responsibility! I can't believe I'm living in a world where Republicans are now the big spenders and liberals are calling for responsible spending. Of course, the liberals are also calling for higher taxes, which is not the answer either, but our biggest priority is to decrease the level of our debt. I just hope whoever gets in office can decrease debt by decreasing spending (no national health insurance, no subsidized home loans, etc).
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It's kind of sad to see everyone reaching for scape goats from recent memory. "Oh, it's cause the mortgage bubble!" "Oh, it's cause the Iraq war!" "It's cause we've done got too many credit cards!" Yes, these are all bad, and are all contributing factors, but you'll never understand the world, nor how to solve this problem, until you expand your perspective.
There's a lot of learning to do, but in a simplified nutshell, the problem is government intervention, and especially the Federal Reserve and our monetary system. If you want to try to save your community at the local level before the inevitable collapse, look into the Liberty Dollar: http://libertydollar.org/ -
Anyone notice a trend?
http://greyfalcon.net/debt.png
http://greyfalcon.net/doonsbury.png
http://greyfalcon.net/doonsbury.png
Perhaps we need to realize that paying for spending via deficit loans, costs more in the long run than simply paying tax in the first place. -
It's ok though, the Fed will save us. They'll just whip out more printing presses and bail out all the banks, things will be fine. Never mind that we'll pick up the tab for it all, at least the banks will be saved.
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my 3 year old was pre approved for a visa with a 5,000 limit.. 3.
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Who gave the wife the bloody Credit Card?
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Our currency is based on debt. Without all the debt it would be worthless. That's the way the Federal Reserve system works.
Money As Debt
http://video.google.com/videoplay?docid=-905047436 ... -
it is $13 trillion
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"You pay debt or else, round eye!" - China
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Start learning Chinese...
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Don't even begin to look at your unfunded liabilities. Your standard of livng is about to take a leap off the Empire State Building.
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And increasing taxes to counteract this IS NOT going to help out. Just so you know, thats what your Obama is going to be doing.
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Do you know what is taking the biggest chunk of our government spending dwarfing the Iraq War spending? It is the corrupt and totally inefficient Social Security and Medicare/Medicaid. Those parasitic programs take up half our tax dollars alone, and it will only grow exponentially as the bulk of the baby boomers retire. These are prime examples of how the government is the worst allocator of resources. They are abused both by health care practitioners and patients, so they no longer provide the people who need the help the help they need. Instead of forcing the programs to become more efficient, the fiscal liberals on both sides of the aisle have just continued to pump money into its bloat year after year because none of them have the political balls to tell the American people that they have to be fiscally responsible. It makes sense. This generation doesn't have the balls to stop piling the fiscal burden on our children by cutting government spending.
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