Nation's Debt: It's Not Being Rescued, It's Being Moved Around 71 comments
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So, have you heard that the U.S., as a whole, is overextended? Have you heard that the federal government is “rescuing” the bad debt in the private sector by taking it on as their own, really all our children’s own, hopefully not-quite-as-bad debt?
We’re just moving the debt around in our economy, not getting rid of any of it. For proof one need only look up at the National Debt Clock in NYC, which in the past week had to give up its dollar-sign digit for a “1″. The owner of the sign is working on getting a couple more digits added to the clock. Why do I worry that folks might interpret that as an increase in the debt/credit limit of the country?
(The debt clock shows gross debt, which as of yesterday was at $10.2 trillion, which includes the debt the federal government “owes” to itself through the Social Security trust fund.)
The “debt held by the public,” what the government owes to others, both in this country and abroad, is just under $6 trillion, but it’s gone up just as fast as the gross debt in the past week, because all of this new debt we’re issuing to finance the rescue is real debt, really owed to others–not just to the trust fund. Want to learn more about the different measures of debt? See this page on Concord’s website.
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People around the world are saying: "I thought Americans were the wealthiest, most money-smart people on earth. What happened?"
the problem is with loafers like yourself being given bad loans that you have no intention of paying off. Get off your ass and be productive instead of complaining about it to noone in particular.
The govt has done more than enough to try and help out... In the end this is just capitalism at its worst. Blame it on greed.
The reason that the founding fathers didn't allow for regulation at the federal level is that they knew, as we are seeing now, that this would lead to the government being run by business and that business would eventually strip the population of its wealth. In a free market, every single penny comes from the population. If the population has no money, the market fails.
The government is now trying to replace the population as the source by giving money directly to business, but business will still have no one to sell their products to no matter how much you give them. The only fix for this is to put money in the hands of the population, but our government no longer thinks in terms of the Citizens.
Now that Congress has spent, given away, and wasted $11 trillion of the population's money, we have a problem.
If you want to stop this madness, go here.
ewebsmith.com/self/Sta...
Buy some farmland in a temperate climate near freshwater, purchase lots of seeds and jars, pull the family back together, cook meals at home, learn to get by with less and save your money :)
This is not a problem with capitalism; this is a problem with corrupt politicians not doing their jobs, and us, as their bosses, not doing ours.
That's IRRESPONSIBLE growth, not SUSTAINABLE growth. So what we have now is the inevitable result.
The stock market has taught us that slow growth is not enough. Now it'll have to adjust.
The S&%t has already hit the fan, government please don't toss more money in the toilet, instead let's set up some long-term solutions, BUT START TODAY !