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The Debt Is On A Rocket Ride, Our Economy Is On Life Support
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The Debt Is On A Rocket Ride, Our Economy Is On Life Support

The debt ceiling was raised. Woo Hoo. Yea Right. So why is the stock market dropping like a lead duck? Because our administration refuses to lower the debt by reducing their spending. Reminds me of a kid with their first credit card. They say "I can handle paying down my balance," even though they don't know how to or don't have the means to do so." The problem with the U.S. economy is not the debt ceiling; it is the debt. What our debt represents is a government that thinks they have a credit card with no limit. Guess what? Latest news is that Standard and Poor's has now downgraded America's credit rating from AAA to AA+. This is the first time in the history of the U.S.A. that our credit rating has been downgraded. We are now teetering on a financial precipice that can cause us to join the failed socialist experiments of Europe.

Our total debt is now over $14 1/2 Trillion dollars, closing in on 100% of our GDP for the first time in the history of America. Compare that to the communistic society of China. There GDP is only 96%. How can a communistic country have a lower GDP than America. Astounding. With estimated population of the United States just over 311 million citizens this equates to each citizen's share of this debt is over $46,000.00. The National Debt has continued to increase an average of $3.95 billion per day since 2007! These numbers are staggering. Most Americans have no clue how very fragile not only our economy is, but also the rest of the world's economy.

Where are all the shovel ready jobs that our illustrious leader has preached about for over 2 years? They aren't here. Companies are holding all their record stockpiles of cash and not investing in hiring or expanding their businesses until they see what all the government regulations on the horizon will cost them. This could continue to stall our economy for some time. Unemployment is by government reports 9.1%, although it really is closer to 16% because the government doesn't count part time workers or workers that have quit looking for work. Is our president and the administration absolutely incompetent or is this part of their Keynesian economic plan of sharing the wealth. Either way our economy has stalled, is out of gas and about to roll off this cliff. What will happen if the countries that hold American debt decide to sell our debt off. China holds over 1 Trillion dollars of our debt and is advising the U.S. to live within our means. Hard to believe a communistic country telling the U.S. how to handle our finances. Absolutely Astounding! Wake me up, this has to be a bad dream.

This country has many jobs that must be done, from infrastructure to creating new technology. Until our government starts investing in the people of our country like they are investing in major corporations and overseas things are going to become much worse long before they will be getting better. My only recommendation is to stockpile survival items for a very, very long cold economic winter.

Abright1


Street Talk

good article.. maybe all the bums get voted out..

Reply
  about 9 years ago
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