When this occurs, how long before Mr. Obama says it’s not his fault?
I think they already said it in advance.
“When this occurs, how long before Mr. Obama says it’s not his fault?”
This is why he will push to renew Bernenke....he’ll need to use him as bus fodder.
More sickening food for thought...
Americans owe over 11 Trillion dollars in home mortgage debt (that’s just 1 - 4 family, not including multi-family and commercial mortgage debt!). That number was only 2.6 Trillion in 1990.
AND we owe over 2.5 Trillion in other consumer credit related debt (cars, boats, RV’s, credit cards). Credit cards make up a little less than 1 Trillion of that 2.5 Trillion total. That number is up from 800 Billion in 1990.
So, just in home mortgage and consumer related debt, we owe almost 14 Trillion dollars (on assets that are very likely worth less than we paid for them)!
What’s worse, we do not pay the low, low interest rates on our debt that the gov’t pays on its debt.
1 Trillion (just ONE) is $1 per second for 32,000 years, and that’s without interest!!
I continue to see articles where people are freaking out about the national debt, but at least the gov’t can tax and print money.
The avg debt ratio for an American citizen is now 130%... and unemployment is going to continue to climb and will probably stay high for years to come (especially if Obama gets his way on healthcare, cap and trade, card check, etc.)
We need job-friendly, business-friendly, PROFIT-friendly policies that lure jobs back to the U.S. and keep people from going out of business and encourage people to start businesses! What they are proposing is just the opposite. Scary, scary stuff indeed.
Source: U.S. Census bureau.
Home mortgage debt: http://www.census.gov/compendia/statab/2010/tables/10s1155.pdf
Consumer credit debt:
http://www.census.gov/compendia/statab/2010/tables/10s1153.pdf