$16 TRILLION, HERE WE COME: Should America Really Be Worried About the Debt?

www.webtoday.tv ^ | 1/18/2012 | WebToday.tv

[geraldmcg]

When Barack Obama and the Democrats fought to raise the debt ceiling last summer, there wasn’t another news story that could drown out the fervor on that issue. But, now that the national debt has ballooned to $15 trillion dollars and grown to the size of the entire U.S. annual economy, and Obama is already talking about raising the ceiling again, where is the same fervor?

Have Americans become somewhat desensitized to it all? When liberal economist Paul Krugman says we should all relax about this whole debt thing, is he insane? Or not?

Put financial analyst and business owner Phil Cioppa in the camp that says we better not lose our zeal on this issue. Should we be concerned, even scared about sweeping this under the rug for a few more years? Absolutely, he says.

“Think about it,” says Cioppa, shaking us all by the lapels. “As of January 10, the debt now exceeds the size of the economy for the first time in U.S. history. The American people are going to be saddled with debt for generations to come if the federal government does not contain this disaster. And this is not a Republican or Democratic Party issue. It is an American issue. And the American economy will not be able to sustain this much longer. There are consequences to this plight!”

[Jonty30]

I’m not worried.

I figure that it will only take 90 days to starve to death.

I can count to 90.

[Jonty30]

I’m not worried.

I figure that it will only take 90 days to starve to death.

I can count to 90.

[Don@VB]

Just my opinion; The Republician Congress should insist that Obama’s bogus recess appointments be vacated as a precondition to any debt ceiling discussions.

[USS Alaska]

It is an American issue. And the American economy will not be able to sustain this much longer. There are consequences to this plight!”

The demonRATs don't care and the pubbies have balls as big as BBs.

If we win the white hut, senate and house and don't slash spending {and I don't mean cut the rate of growth} then we as a free nation are finished.

At my age, I'll head for a small property that I have in the deep woods, where there is ample well water, no electricity, no natural gas but loads of trees for fire wood.

I'm not sure how long my paper money and assets would survive in that scene, but I've got about 6 months of food stuffs and years of ammo and while I'd not recognize any season for hunting, I wouldn't expect wild game to last too long.

I'll be living after the majority have departed, but it won't be pretty, and only close friends and family will be welcome.

I don't like the thoughts of it, but you take it like it comes and if we don't get the debt under control, there is no uncle sugar to bail out the USA.

[ALPAPilot]

My wife's Aunt gave me the book Lords of Finance for Christmas. It is a Pulitzer Prize winning history book written in 2009. It details the monetary history and those responsible from just prior to WWI up to the Great Depression. After WWI all of the European powers had massive debt (much of it owed to the U.S.) That, along with German reparation obligations, as even Keynes noted, gave the Europeans two options: massive inflation or recession inducing high interest rates. The outcome: massive depression followed by WWII.

Either way Shakespeare gave good advice: Neither a borrower nor a lender be, For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry.

[CodeToad]

There seems to be this general feeling that is a Republican takes office then all will be well with this budget issue. Of course, that’s just Americans being lazy again.

[Georgia Girl 2]

Don’t worry, be happy. If the GOP is voting for it then it must be OK. Sure thats the ticket.

[Linda Frances]

Lesson 1:
 
Why the U.S. credit rating was downgraded:
 
• U.S. Tax revenue: $2,170,000,000,000
• Fed budget: $3,820,000,000,000
• New debt: $ 1,650,000,000,000
• National debt: $14,271,000,000,000
• Recent budget cuts: $ 38,500,000,000
 
Let’s now remove 8 zeros and pretend it’s a household budget:
 
• Annual family income: $21,700
• Money the family spent: $38,200
• New debt on the credit card: $16,500
• Outstanding balance on the credit card: $142,710
• Total budget cuts: $385
 
Got it?
 
OK, now Lesson #2:
 
Here’s another way to look at the Debt Ceiling:
 
Let’s say, you come home from work and find there has been a sewer backup
in your neighborhood, and your home has raw sewage up to your ceilings.
 
What do you think you should do?
 
1. Raise the ceilings, or
2. Pump out the sewage.
 
 
Your choice is coming in November of 2012. 

[AutumnFire]

couldn’t have said it better myself...doing same thing...food with long shelf life, medicines, ammo, generator and fuel, etc. better safe than sorry.

[Bikkuri]

Let it crash.. The Libs don’t understand where the food on the shelves come from.. they will eat their own when the SHTF..

I am starting to think this is what has to happen to rebuild the USA the way it was intended.

We know how to survive.. do they? ;)