Seriously, how long do you think this can go on? The U.S. is almost $16 trillion in debt?

http://www.usdebtclock.org/

The wealth of the nation is an illusion. It's been supported by the dollar being the world reserve currency for quite a while. It's all borrowed money.

The whole country is behaving like a guy who was given a botomless credit card by mistake and went out and bought a sports car, a new sound system, a 40 inch T.V. a brand new computer, and whole bunch of bling but doesn't actually have a job or source of income.

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  • 9 years ago
    Favorite Answer

    Print more money , and hope that your creditors don't call on the loans . For , if they do then the whole world economy fails . It got us through WWII . BUT , I'll be the one who ruins it for everybody , because I am that Servant of Isaiah 52 & III Nephi . And the businesses shall flee the US when they see God's unveiled fiery presence . But the EU will try to say that it was just a dirty nuclear bomb that went off in KC,MO , and quarantine the area .

  • 9 years ago

    A few things have to happen before the U.S. implodes.

    1- The world has to move away from the dollar as a reserve currency, which is slowly starting to happen.

    2- The world has to begin to believe ( regardless of what the politicians say) that the U.S. tax base will no longer grow, and is not able to re-pay what it owes.

    3- Depending on which nation is willing to step up and be the worlds largest consumer ( the EU, China, and distantly India) instead of relying on exports, only then will the US be done. The saddest thing about the decline of America is that if our politicians, businessman, and the wealthy had believed in steady growth rather than quick profits, the US could have had global supremacy for more than the short time we've had it. When you really look at the big picture, the US was only truly dominant from the end of WW2 up until the first oil embargo of the early 70's. It's been downhill economically, politically, militarily and in foreign policy since then.

  • 9 years ago

    The US debt was created by ReThuglicans who refused to keep revenues in line with spending.

    It's also worth noting that, as a percentage of GDP, it was HIGHER by the end of WW2, then it is even now. So, cries of doom from debt are, well, over dramatic, and not supported by evidence.

    The current debt rise is due to the increased spending made necessary by the looming 2008 onwards DEpression. The spending did moderate it into a recession. But, the next needed step would be to repeal the insane Shrub tax giveaways to the uber rich, which when added to two UNFUNDED wars, is the real source of the problem.

    Reagan increased the US debt by 189%. Shrub comes in second at 89%. And, neither of them inherited an imminent DEpression or two *unfunded* wars. Had they faced both of those, their percentages would have skyrocketed even more.

    My last point is, WTF does any of this have to do with R&S ? Politics is THAT way.--->

  • Corey
    Lv 7
    9 years ago

    As a percentage of the GDP, our debt is still within recovery ranges. And a good percentage of the money is borrowed from other potions of the government. Like from social security or the post office. Both of those programs would actually be perfectly stable if their budgets weren't raided.

    And in your example, it's not a new sports car. It's a war in Iraq, which was all off budget. Bush didn't ask us to sacrifice anything, he left that burden for the next president.

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  • Anonymous
    9 years ago

    If we give Obama 4 more years, the national debt will be at $22 trillion at the end of his 8th year.

    (That's assuming the rate of added debt never increases.)

  • 9 years ago

    It almost seems purposeful.Not a lot longer before our creditors overtake us and demand the Statue of Liberty in ransom.

  • Anonymous
    9 years ago

    He'll be fine - he collects welfare.

    @ scooterpoop - If we elect a new president, the national debt will be at $22 trillion at the end of his term.

  • 9 years ago

    But who is the money borrowed FROM?

  • maybe its time to cut spending?

    but we all got to relax, other nations have been through these things and are still around.

  • Anonymous
    9 years ago

    at least for 2 more weeks

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