Even though I am on the Socialist side of politics, neither the Democrats nor the Republicans have made any effort to reduce their own spending activities. Sadly enough, this is primarily a crisis of Capitalism, although the Democrats could have done more to help America out. I am actually from Australia, but I am deeply saddened when I heard of the deadlock over the debt ceiling.
Sorry America, but it will happen eventually. Quite sad really, as America was once prosperous, and the deficit was manageable. What on earth happened???
Simply cant complete with cheap labor of India or China....If you don't manufacture anything you cannot export....Military tech has a potential future...But China and Russia are producing way cheaper which is flooding markets....Simple thought is China or India have such huge homegrown markets that they dont have to depend upon exports.....
Economics 101! (Or what your parents taught you). Whatever goes around comes around. Ask yourself one question, "Are you better off today than your parents were?" Really think about it. The deterioration of the family. The divorce rate of 50%. The lack of faith. The animosity of the rich to the poor. How many days do you get up and hate going to work? The rich get richer and the poor get poorer. Kids moving from parents because lack of work. Kids moving in because of lack of work.
As if 16 trillion will ever be paid back. That will be defaulted on.
At the rate we are spending money, it could happen in our own lifetimes
I believe that the United States' current economic system is fundamentally flawed and that bankruptcy is eminent without major changes and, especially, if the country continues to anger its primary debt holder, China, by trying to raise funds by penalizing major trade partners.
Bankruptcy in the United States is very possible, if we don't change our ways. There is so much spending going on that we can't balance the budget. There are ways to invest into the future, yet the United States seems to be focused on how to get the most bang for their buck. Doing this has made people wary, while the rich get richer, and the divide between rich and poor continues. If we can't pay our debts, as a nation, there will be bankruptcy.
The citizens take 10 out of the bank and replace it with 5, it would seem to be simple to understand .
Yes, bankruptcy for the whole United States of America is in the future, if the federal and local governments continue to spend money the way they are. They are giving handouts to people that are supposed to be helping the American citizen but that aren't doing anything, so people the money is supposed to help are falling deeper and deeper into debt, and the Federal government isn't making it any better by their spending habits.
The United States' money belongs mostly to China these days, meaning that the country is in serious debt and is not bringing in enough money to become financially solvent. At some point, bankruptcy will be the only option for the country because there simply is not enough money to both run the country and continue to pay back the debt.
There is a lot of concern over the constantly growing national debt, and all of it is legitimate. Over the past several generations, the federal government has bitten off more than it could chew, believing it could either send the bill to the next administration or raise taxes, not realizing the effects of tax hikes on economic activity between individuals. It would be suicidal to raise taxes to pay for the current level of spending, but we can avoid bankruptcy if we cut spending to match existing federal revenues, or cut taxes and cut spending further to match post-cut federal revenues. If there is any surplus, it should be used to pay existing debts.
The United States is the economic linchpin of the world's economy and they simply can not go bankrupt. Although there are threats in Congress to prevent the raising of the debt ceiling, it is really all talk. When push comes to shove, Congress will have to raise the debt ceiling to prevent a worldwide economic catastrophe.