THERE IS ONLY ONE WAY TO STOP THE COLLAPSE AND NEITHER REPUBLICAN NOR DEMOCRAT IS ADDRESSING THE REAL ISSUE. SO GET AS ANGRY AS YOU WANT AND VOTE OUT WHOMEVER YOU WANT - UNTIL THE FEDERAL RESERVE IS ADDRESSED YOU CAN EXPECT THE ECONOMY TO CONTINUE TO COLLAPSE.
------------------- ARTICLE -------------------------
WASHINGTON: The US debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015, according to a Treasury Department report to Congress.
The report that was sent to lawmakers Friday night with no fanfare said the ratio of debt to the gross domestic product would rise to 102 percent by 2015 from 93 percent this year.
"The president's economic experts say a 1 percent increase in GDP can create almost 1 million jobs, and that 1 percent is what experts think we are losing because of the debt's massive drag on our economy," said Republican Representative Dave Camp, who publicized the report.
He was referring to recent testimony by University of Maryland Professor Carmen Reinhart to the bipartisan fiscal commission, which was created by President Barack Obama to recommend ways to reduce the deficit, which said debt topping 90 percent of GDP could slow economic growth.
The US debt has grown rapidly with the economic downturn and government spending for the Wall Street bailout, the wars in Afghanistan and Iraq and the economic stimulus. The rising debt is contributing to voter unrest ahead of the November congressional elections in which Republicans hope to regain control of Congress.
The total US debt includes obligations to the Social Security retirement program and other government trust funds. The amount of debt held by investors, which include China and other countries as well as individuals and pension funds, will rise to an estimated $9.1 trillion this year from $7.5 trillion last year.
Completely agree, brother!
Political parties have nothing to do with it at all. Party affiliations are just the smoke screen for money channels going on behind the scenes. The Federal Reserve was organized under deceit for the express purpose of creating a nation of dependant citizens and magnifying the pockets of those at the top, yet behind the scenes away from cameras, to an ungodly degree.
Interesting to see that you keep bringing up subjects that are off in the distant future.
Why don't you try living in the present? Fix the issues presently causing the problems you are complaining about coming in the future.
The present is pretty clear, as a nation you are broke and facing foreclosure on some of your major assets.
The Obama stimulus and bailout attempt is either a last ditch attempt to hold it all together or the straw that will break the camel's back.
The future is more than worth worrying about - it is very close and Ryankett is right to point this up. Blindly pushing on with failed thinking is to take the Lemming way, new thinking takes imagination and courage. But then I am not American so I guess I don't count, just like the rest of the world you are all in hock to.
But I'm not so sure that the 'Liberal Conservatives' (who ever would have thought that those two words could be used together?) 'deficit reduction' plan is going to work for the UK either. Whilst the intent is truly admirable, and I hope that it works for the long term, I am worried about the immediate consequences of such drastic cuts in expenditure and whether they will truly make much of an impact on our future economic health.
They talk about a private-led recovery and then increase corporate taxes for some of our key industries, such as manufacturing. They talk about small business development, and then take out a layer of consumer spending (public servants). By all means cut public expenditure, but how are they going to seek to ensure that the private sector is encouraged to come in and mop up?
I suppose that renewable energies is a big one, but we cant all work on public-private energy initiatives!
It all smacks of Thatcherism at the moment, but we will see.
It is interesting to see that you have tried to incite me on this forum several times by making reference to the UK debt problem, before indirectly admitting that the US debt problem far exceeds the UK debt problem by any possible measure.
There cannot be any comparison between the U.S. debt and any other singular Nation on the planet.
The U.S. debt is greater than the combined debt of any 10 Countries you can put together and makes all other look measly in comparison.
The UK debt is still very bad, over 50% of GDP per capita, but yes the US debt is not far from reaching 100%.
There are countries with a higher debt than the US per capita.
There could be a way out for the US if things got far too bad, if it dissolved into 50 independent states without central control over monetary systems, in other words 50 seperate countries - I'm sure that most states would do a pretty good job of managing their finances.
It would also result in less wars, no doubt. Perhaps only Texas would believe that it could control the world. Unless you started fighting each other Most of you would be happy just getting along.
Ignorance is truly bliss. People love to look to the future, when they refuse to address the problems of the present.
Good luck you two. Hope you enjoy your little banter for all it will do. Exactly nothing. More talk than action, is the damn problem.
But, you continue to run off with the words and enjoy.
looking to the future is about what to do with the present. Retreating into personal fantasies, or constructing virtual realities around ourselves is the way to waste time and effort.
The current economic system is in serious trouble and something needs to change, history tells us that if we do not change we become exctinct, creeatures, nations and species the same.
The remote log cabin won't work either, we are nothing without our society, alone we are just a blip of paranoia with a gun in a box.
Ryan, just get yourself a remote cabin, big machine gun, and a stock of food and ammunition. While you can.
by Tim Mitchell 3 weeks ago
From Riches to Rags: Causes of Fiscal Deterioration Since 2001 by Committee for a Responsible Federal Budget (Jan 10, 2024) says;https://www.crfb.org/papers/riches-rags … ation-2001 [Who in the hell are those people. There about page is at the next link.]https://www.crfb.org/staff-members“In...
by Jim Bauer 2 days ago
I am so sick and tired of the push by the Biden administration to force student loan forgiveness on the American taxpayers, many of whom did not go to college and now must pay the debts.I think we're ALL being duped. The kids, the taxpayers, and the ones who are getting off Scott free are the...
by CMHypno 13 years ago
Do you think this will happen?http://www.dailymail.co.uk/news/worldne … e-GDP.html
by logic,commonsense 13 years ago
Read an article on MSN that the projected deficit for this year is 1.5 trillion dollars. Makes bush look like a piker with his measly 3-400 billion dollar deficits.Course there will be those that forget that bush is no longer prez and will find a way to blame him.Obama and the Dems own...
by Ralph Deeds 10 years ago
Economists Agree: Solutions Are ElusiveBy EDUARDO PORTERPublished: April 23, 2013 "Last week the International Monetary Fund hosted a conference of some of the world’s top macroeconomists to assess how the most intense crisis to have shaken the industrialized economies since the...
by Gary Anderson 12 years ago
I have been watching the Yahoo boards and people are furious at the Republicans, especially the Tea Party. They are getting the lion's share of the blame for the debt downgrade. Here's why:1. Obama wanted a grand plan. The Republicans rejected it.2. Obama wanted shared sacrifice including taxes for...
Copyright © 2024 The Arena Media Brands, LLC and respective content providers on this website. HubPages® is a registered trademark of The Arena Platform, Inc. Other product and company names shown may be trademarks of their respective owners. The Arena Media Brands, LLC and respective content providers to this website may receive compensation for some links to products and services on this website.
Copyright © 2024 Maven Media Brands, LLC and respective owners.
As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.
For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://corp.maven.io/privacy-policy
Show DetailsNecessary | |
---|---|
HubPages Device ID | This is used to identify particular browsers or devices when the access the service, and is used for security reasons. |
Login | This is necessary to sign in to the HubPages Service. |
Google Recaptcha | This is used to prevent bots and spam. (Privacy Policy) |
Akismet | This is used to detect comment spam. (Privacy Policy) |
HubPages Google Analytics | This is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy) |
HubPages Traffic Pixel | This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized. |
Amazon Web Services | This is a cloud services platform that we used to host our service. (Privacy Policy) |
Cloudflare | This is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy) |
Google Hosted Libraries | Javascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy) |
Features | |
---|---|
Google Custom Search | This is feature allows you to search the site. (Privacy Policy) |
Google Maps | Some articles have Google Maps embedded in them. (Privacy Policy) |
Google Charts | This is used to display charts and graphs on articles and the author center. (Privacy Policy) |
Google AdSense Host API | This service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy) |
Google YouTube | Some articles have YouTube videos embedded in them. (Privacy Policy) |
Vimeo | Some articles have Vimeo videos embedded in them. (Privacy Policy) |
Paypal | This is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy) |
Facebook Login | You can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy) |
Maven | This supports the Maven widget and search functionality. (Privacy Policy) |
Marketing | |
---|---|
Google AdSense | This is an ad network. (Privacy Policy) |
Google DoubleClick | Google provides ad serving technology and runs an ad network. (Privacy Policy) |
Index Exchange | This is an ad network. (Privacy Policy) |
Sovrn | This is an ad network. (Privacy Policy) |
Facebook Ads | This is an ad network. (Privacy Policy) |
Amazon Unified Ad Marketplace | This is an ad network. (Privacy Policy) |
AppNexus | This is an ad network. (Privacy Policy) |
Openx | This is an ad network. (Privacy Policy) |
Rubicon Project | This is an ad network. (Privacy Policy) |
TripleLift | This is an ad network. (Privacy Policy) |
Say Media | We partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy) |
Remarketing Pixels | We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites. |
Conversion Tracking Pixels | We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service. |
Statistics | |
---|---|
Author Google Analytics | This is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy) |
Comscore | ComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy) |
Amazon Tracking Pixel | Some articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy) |
Clicksco | This is a data management platform studying reader behavior (Privacy Policy) |