Video:
http://www.cnbc.com/id/15840232?video=751528470
Our country is $53 Trillion in the hole. The sum total of all of our wealth is $50 trillion. 100% government confiscation of all wealth would not pay off all the bills. the $53 trillion is growing by $2 trillion per year.
Read the nonpartisan website http://www.pgpf.org/ headed by former comptroller general (appointed by Clinton) David Walker.
My advide would be to understand the problem before offering solutions. Nevertheless, if we do not hold our elected officials accountable we are headed towards the tsunami of financial crisis.
Last edited by 2centsworth; 07-03-2008 at 12:17 AM.
The traveling economist tour is eye-opening. Both liberal and conservatives agree! For this problem we will all have to unite or we're doomed.
http://www.npr.org/templates/story/s...oryId=16404375
I think we all know what the final solution will be....raise taxes on the rich to supply money for future obligations? don't bet on it........cut spending and reduce FED services? yeah, right...no the only solution politicians see is print more dollars....and when a billion future dollars buys what $10 dollars buys today you've solved your time value of money problem...
the reason it's bi-partisan is because raising the "appropriate" taxes is part of the solution, but so are cuts and changes in benefits. A 100% tax on everyone is still not enough to cover the cost, so certainly a 100% tax on just the "rich" wouldn't cover it. I don't think hyperinflation is an answer. Hyperinlfation gave birth to Hitler in Germany.
The most likely available solution is the conquest of Venezuela.
I'm sure there's some genius behind this statement, so please explain.
Raising taxes to 60%: Unpopular
Cutting benefits by 60%: Unpopular
Liberating the oppressed Venezuelan people from their evil Marxist dictator and exploiting their trillion+ barrels of non-conventional oil reserves: Only unpopular among America-hating liberals.
Another alternative would be to liberate the Albertan people from the oppressive socialist politically-correct "Human Rights Commission" star chambers of the Canuckistani government and make Alberta the 51st state. It's their just desserts for foisting Alan Thicke on us.
Here are some other solutions in no particular order:
1. Comprehensive HealthCare Reform but with a focus on transparency and cost reductions and not more welfare.
2. Increase the social security portion of the payroll tax on mid to large sized businesses.
3. Allow individual investment accounts as a supplement to the basic defined benefit program.
4. Means testing for seniors and Medicare.
5. BALANCED BUDGET!!
are you a fatalist?
Does the sand go up your nose when you stick your head in?
are you Jesus Christ? Reading your post is like reading the new testament. What's your prediction?
IF OBAMA WINS
1) 2010 - Government starts having difficulty servicing debt as foreign creditors begin to balk. Congress fails to pass tax increase or spending cuts.
2) Government left with no other option in short term but printing money. Inflation soars. Markets plummet.
3) International organizations step in to stabilize American financial system to prevent global collapse. Economy enters sharp retraction.
4) Pundits cry out for President Obama to step down. He defiantly refuses. Business leaders and financiers begin to organize a plan to force him out of office.
5) Congress pushes through emergency package of austerity measures.
6) Unemployment rises above 15%.
7) Economic hardship leads to widespread defaulting on consumer credit card debt, exacerbating existing credit crisis and causing large banks such as Chase and BofA to teeter towards insolvency. Depression deepens.
IF McCAIN WINS
1) 2010 - U.S. deposes Chavez in Venezuela. American puppet put in place. Venezuelan oil offered as guaranty to U.S. creditors. Western oil companies swarm in to expand production.
2) Liberals and Latinos protest in streets in U.S.
3) Venezuelan-looking actors hired for fake parade in Caracas celebrating fall of Chavez.
You really think there is that much difference between the two in those regards?
Both of which are amusing alternatives.
I think we will be mostly fine, either way. Not great, but not in the toilet.
simply no basis in fact.
Why not just tell all our debtors to off and not pay them?
Worked for Argentina....
Then we'll be 50 Trillion in the green again...
DSTSS
look what a few billion dollars of writeoffs did to the banking industry. What would a $50 trillion writeoff look like. also, 40 trillion is off the balance sheet debt (promises).
And the rest of the World.
Maybe they'll bring back debtors prisons. But they will need a shiny new government term. How about... Patriot Labor Centers? That sounds good. Patriot labor is the best kind of labor.
The public debt is about $5 trillion and growing around $300-$400 billion per year, at least according to Wikipedia. If I estimate my spending plans to be $50K per year for the next 50 years, my "debt" is $2.5 million. Oh horrors. Maybe I will earn more and spend less. Getting out of Iraq would help a bit.
wrong thread try again.
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