CNBC: USA is bankrupt

Discussion in 'Economics' started by power, Mar 21, 2009.

  1. power


  2. You should watch I.O.U.S.A.

    Or listen to the warnings David M. Walker, former Comptroller General of the United States, has given everyone repeatedly. The real national debt of the U.S. is 56 trillion dollars.

    Many here come down on me because I am realistic, when they claim I'm pessimistic.

    The Federal Reserve can't prop up an economy that has shed and is shedding the kinds and numbers of jobs we are in this nation. I don't care how much they 'expand their balance sheet.'

    What are they going to do? Have half the population work for the Federal Government? Or state and local units of government?

    How will commerce be sustained and real wealth be created?
  3. Doesn't half of our population already work for the government?
  4. power


    USA debt/deficit has reached $65 Trillion.
  5. This was spooky:

    Friday 7am I'm driving to the vet. on a major street in Phoenix(Indian Sch. Rd)...only 2 to 3 cars at each light. Same trip 6 months ago, same time, took 3 to 4 light changes to get through the intersections.

    IMHO unemployment is way larger than they're admitting.
  6. When you start financing your own debt, that means you're pretty much toast.
  7. I think you may be on to something davey. Are you trying to say that the real unemployment rate is higher than the government is reporting??
  8. Traffic on the formerly most congested roads is much, much lighter here, too.

    I was just discussing this with a bunch of people this week.

    It's not just anecdotal, and it's a massive change, and I hear the same thing from a relative in Miami and a friend in Vegas.
  9. AK100


    Roads in central London 6am-7am are a lot quieter as well.

    Mind you, we don't start as work in Europe as early as in the US so the nmajority of 6am-7am traffic is finance related.
  10. where are u guys getting the $65 trillion from?
    #10     Mar 21, 2009