It is impossible to tell how bad the U.S. Economy is because politicians have long been manipulating economic data to justify existing stale policies. The reality is that the U.S. Has lost all sense of direction; promoting productivity gains at the expense of the real economy; while funding it with borrowed money. The reality is that the U.S. Cannot reverse this trend because over the past 20 years it has also lost its moral compass and is no longer trusted to regain its role as the world's leader. That leaves few options for the U.S.; except to downsize and accept the inevitable. The wealth of a nation is in its people; unfortunately the U.S. Has long undermined its own citizens through a third world education, exposing them to unnecessary wars and the recent brainwashing of otherwise nice people into thinking they are living under an existential threat. If the Americans wake up, kick out and impeach every member of their government and take back control of their country, they may just find a way out of this impossible situation. The Roman Empire was far more powerful and adept than the U.S. At its peak and it crumbled due to the same arrogance and stupidity that has infested the past 6 U.S. Administrations. America should not aim to regain its past glory; it should aim to save its people from the calamity about to befall them.
We allowed our industry to sneak away to the Orient. But we can and must bring it back home. We should consider gradual (to minimize sticker shock) but increasingly higher and finally permanent (to assure U.S. Mainland industry confidence) protective tariffs on selective but essential (to guarantee marketability) products to save us from ourselves--we who can visualize no further than buying cheaper, often inferior, products from countries with cheap labor.
Then we would no longer have to mourn the loss of America’s robust mainland industry with its tension of naturally self-interested industrial giants vs. Naturally self-interested labor unions, resulting in secure jobs for our hopeful populace, resulting in a growing middle-class, and resulting in adequate taxes for progressive government programs and secure entitlements funding.
If you ran your household the way this country is being run, you`d be broke too. They need to stop spending and borrowing . It`s time to tighten the belt and stop hammering the working people who are just trying to do the best they can. Start cutting welfare and other freebies and start putting these able bodied people to work. I chose to only have 2children, why should my tax dollars go to someone who has 4or more kids. They need to start supporting themselves. I am a firm believer in sink or swim. You`d be amazed at how many would start swimming if they had to.
Yes we are broke. For years we have been making new money on finances we do not have. We have taking the road most traveled by borrowing, borrowing and borrowing. America needs debt relief, not only it's government, but its people too. Those leading our country should not have kept making money when the finances to back it up was not there.
I feel that there is no doubt that the U.S. is broke. Though unfortunate, there must be truth to this statement. For far too long this has been an issue. Those who think otherwise are in denial. Who really wants to believe that this could be the truth. Sad as it is and with the fact that we live in a free county, it is a scary situation for the younger generation in years to come. I'm not so certain at this point if this can ever be fixed. None of us want to face the fact that we are leaving behind something that cannot be fixed. We've waited to long to try to repair it.
How many more people would be employed today if the tax cuts FOR THE MIDDLE CLASS were continued? If an honest REASONABLE budget were passed by our extremist congress? We're far from broke but getting closer to the kind of inept self serving government I've witnessed in the Balkans and Afghanistan...
The U.S. is not broke. When you are able to pay sports players millions of dollars, and singers and actors/actresses all this money, you are not really broke. A real country that was suffering through such a hard time would come together and actually think. Really think. About priorities and what we have to do reduce our debt and not be "broke".
What it means to be broke, is that your net debts are greater then your net assets. The US has a great deal of debt, ~$16.5T, but you can't count debt of the US government that is held by the US government, which is ~$5T owned to SS, mostly. So that leaves $11.5T in debt, then the question is, what is the US government assets and how much that worth. The US government holds tons of land, gold, oil, weapons, building and patent that would easily be worth well over $11.5T. So, no the US is not broke, despite the huge deficit.