hahaha love that kinda thinking....since merica is ALWAYS the best, I hereby establish an amendment to the credit ratings constitution to be put into effect as of immediately declaring everyone who was AAA yesterday is now to be considered AA+ today. Done....AND....Done. USA>ALL Again
Oh, so you're saying that I can't just keep on using the credit card and running up Dad's bill. Sooner or later, somebody is gonna get in trouble, right? Wow! Well, at least, I've learned a lesson in economics. Sure wish, as Dad says, the D.C. thugs could learn this. No more double Snickers for me. Maybe those thugs in D.C. will figure this out sooner or later. I'm only going to spend what I have and not abuse Dad's credit card anymore. Cause maybe one day we might want a jet ski or something. Maybe it's important that Dad keep his good credit. Wow, I was only in trouble over one credit card. Now, I'm wondering how those politicians could abuse a whole country. That'd be like 350 million credit cards, huh? Those dopes are hurting everyone. Thanks for the good advice. Sure hope lobbyists aren't doing anything wrong. But, I heard they can afford lots of Snickers bars and that the Congressmen like Snickers, too. I'm kinda upset now about the whole corrupt system. Let me write this down fifty times so I don't forget this lesson: If I only have one dollar; I can only spend one dollar..... Seems like something like this should be written in the constitution. But, what do I know? I'm only a kid.
America needs to find $1T in savings i.e. budget surplus each single year to wipe out debt in 15-20 years. It is very possible but would require a 20% change in American way of life. US can do it if it wants to.
America needs to find $1T in savings i.e. budget surplus each single year to wipe out debt in 15-20 years. Its worse than that because the government, through taxes, gets back 30-50 cents on every dollar it spends, if not more. So cutting $1T in payroll and entitlement payments wouldn't necessarily improve the government's bottom line. What really need to happen is a dramatically lower standard of living, *and* putting all of our engineers and producers back to work.
Good reply Pitz, you see if US reduces the salaries of professionals then it will reduce the cost of goods sold and become more competitive and better yet stop importing from China everything from soap dishes to light bulbs. However, lower salaries would mean no more Starbucks coffee each morning, driving a clanker car and living in parents basements etc. Once unemployment rate goes down the economic growth will take its own upturn which would mean more tax receipts for the government and resulting other positives. American way of life became credit based and Housing crash of 2008 killed off many 'overleveraged' households. Poor remained poor and a big chunk of middle class joined them too. However, all this 'loud cry and long squeal' about debt could have been just another day in office for politicians but Republicans chose to NOT raise the debt ceiling without giving Obama a hard time while themselves not coming with a solution but sure did try to impress people and voters that they wanted to do some about the debt and interest payments. End of it all, US financial books got much much more exposed and hence all sorts of credit downgrading and foreign governments starting to doubt the stability of US financial house. Let us see how selfless Obama is or will be. He has to raise taxes to meet some revenue numbers but will he focus more on reelection or taking a first bold step in solving the problems of a country that chose him as the first black president. American folks for one should get together and make a decision that they will NOT NOT NOT buy anything made in China and seek some domestic alternatives or even second hand stuff and thus help the government out a little.
No economic growth, hardly. Money not spent can be invested in shit like fixing the energy infrastructure, fixing the manufacturing deficit that got us into this hole in the first place. Etc. Consumption is not economic growth.
this observation holds some weight but let me tell you that any measure(s) taken will be 'painful' in the beginning and for a while. that is the law of nature. if US leaders and people think they can overcome the law of nature then all good for them. Remember, commies tried to change the law of nature and ended up creating misery and sufferings for nearly half the world for atleast 50 years after the WWII. Original commies suffered for longer time but that's their sad story.