We're worse off than Greece. The only differences are we don't smoke as much, our building are newer and we can print out own money.
I appears that the UK has run out of money.
Aren't you beginning to see that Jim Jones had the right idea after all?Start preparing the Kool Aid, folks, Your kids haven't got a chance."This is the way the world ends.This is the way the world ends.Not with a bang, but a whimper."~ T.S. EliotHOWEVER, even though it be "nasty, brutish and short, " life will go on. Too bad it will be filled with misery and degradation.~ FreeThinke
Scary stuff. Where it ends, nobody knows.
AOW, you will really want to see this video.http://www.youtube.com/watch?feature=player_embedded&v=MqoGORXAv2o
Time to head for the hills!
I'm depressed now. Where's my stash of dark chocolate? This is horrible in every sense of the word.
Forget the children born today. This debt, with it's compounding interest will take more than a generation to pay down.
I know! Let's put the GOP back in the White House and they can triple this!
Makes you wonder what the next generation will think of us. Probably regard us with contempt. Can't blame them for that.
Regarding the UK debt topic, see this -Mr Osborne’s bleak assessment echoes that of Liam Byrne, the former chief secretary to the Treasury, who bluntly joked that Labour had left Britain broke when he exited the Government in 2010. That same mentality of the UK labor party is now running Australia.
My "lifetime share" of the national debt is zero. Please forward my bill to Senator Harry Reid.
Jim,Thanks for the link to that video.But I think that the figure quoted is out of date now (too low).
Soapster,Yeah, the Fed Reserve has sunk in its fangs -- or, in the case of the graphic you linked to, wrapped its tentacles around nearly all sectors of our society.And America sleeps on.
Leticia,It's beyond depressing!
One of the assignments that I gave to my economics students this week is to use the interactive site I linked to in the body of this post.Now, my students are doing very well with their stock "investments" (all theoretical, of course). But any gains they are making are well offset by the climbing national debt.
Liberalmann,Get a clue!I give the GOP a pass in NO way. But are you so blind that you cannot see the acceleration of the climb in the national debt under the Obama administration?
According to the interactive site that I linked to in the body of the post my share of the national debt = $124,920; my father's share (b. 1911) = $35,493. The little girl down the street "owes" well over $1 million!
FT,It's just hideous, isn't it?
Ahhh, no sweat, kiddies. By the time that generation grows up, the dollar will little tiny aluminum coins in the "need a penny" cup and actual pennies will have long ago ceased to be used.As our National Debt increases, the value of our money decreases, and this is happening faster over time. I checked out a bunch of numbers on Google and very clearly, the ratio of inflation to debt is getting closer. From 1912 to 1962, a 50 year period, inflation increased mildly compared to our debt, a ratio of over 50 to 1. but from 1962 to 2012, the dramatic increase in our National Debt was accompanied by a very dramatic increase in inflation and the ratio is now about 7.5 to 1. So while it's true that the debt has increased for each of us in real terms, the RATE of increase compared to the value of the dollar is dramatically decreasing. That $1.5 million for the next generation was only $199,000 50 years ago in buying power, and by the time the next generation is grown up, it will have a lot less buying power than that.Eventually the inflation rate will surpass our debt increase, if the trend continues, and our debt will actually go into reverse, so to speak. At the end of WWII in Germany it literally took a wheelbarrow full of paper money to buy a loaf of bread. Because of our inflation, other nations will quit lending to us and our National Debt will be confined to within our own borders. There may come a time when one average person will have enough of our worthless money to pay the entire debt off, though no doubt events will bring changes long before that preclude such a scenario.
Uh-oh. Is 210/190 bad?BZ
"It's just hideous, isn't it?"Yes, Ma'am, it sure is. I wish I knew what we might do about it. The corrupt system under which we live is so strongly entrenched I can't imagine how it could ever be deposed.Romney's "victory" last night, despite his being just another manifestly shallow, pro-status-quo candidate, gives further proof that We the People are being disregarded by The Establishment. One could swear the entire campaign has been nothing more than a charade. The media told us who our candidate was going to be almost before the primary season started.Once upon a time, the USA was THE to escape TO. It's rapidly becoming a place to escape FROM.The trouble is there doesn't seem to be anywhere we could GO.~ FreeThinke
And a certain segment of the population (a small one by now, I hope) want 4 more years of this?
Bush debt: 5 trillionObama debt: 1.3 Trillion (and the auto industry banks saved,a great depression averted)Grow up.
hard to take you seriously Liberalmann when you quote stupidity. The debt is now at alomst 16 trillion..at the end of bush it was about 10.6 and most of that came from the last 2 years of Democrat controlled Congress.Ti suggest Obama share is only 1.3 trillion is beyond obsurd,,, the budget he just proposed has an additional 1.3 trillion for just this year and that isbased on a GDP of 2.9% which is as absurb as you....
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