National debt--scary figures

Started by CREATIVE1, May 07, 2006, 10:00:49 AM

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CREATIVE1

David Broder,a columnist for the Washington Post (I can't find the article online but can get more detail later) released these chilling figures last month in an article titled "A Perfect Storm of Fiscal Ruin is Brewing"

Our share of the national debt--$156,000 for every man, woman, and child
10 years--countdown to NATIONAL BANKRUPTCY if we continue on this path
20 years--how long it will take to fix it if we do everything right starting now

John, maybe Panama is looking better.  Cash out for gold and move along----


Amanda_931

Oh, don't worry about it.

Lyndon LaRouche belives that we are on the verge of hyper-inflation, so that that $156,000 bucks will be about the price of--oh a--20" box fan--or maybe a good whole-house heat pump.

:-/

Fortunately--or not, LaRouche is widely considered a nut.

Here's the column.  Jim Cooper really is a conservative Democrat. He has a district somewhat east of here--still one of our salamander-shaped districts, IIRC.

http://www.washingtonpost.com/wp-dyn/content/article/2006/04/12/AR2006041201726.html



jraabe

Inflation is the friend of the debtor... and the U.S. is the world's biggest debtor.

The best we can probably hope for is "controlled" inflation - whatever that might be.  :o

When you add the national debt to the personal debt of the average American, you can really see how we got to be the richest folks on the planet!  ::)

CREATIVE1

There are alot of crackpots out there.  In the 1970's, my mother was all fired up about "pink money" and started hoarding the last of the silver quarters.  Obviously, nothing happened. Doom and gloom sells books, newsletters, and gets you air time.  

I'm a strange combo of idealistic hippie by lifestyle and educated financial planner/tax advisor by trade--and I haven't exploded yet!  Probably why Washington State is so attractive--independent spirits and DIYers abound.

jraabe

#4
I hear ya!

I love an exciting conspiracy theory and there are lots of good "gloom and doom" scenarios that would certainly seem to be valid.

How we've lasted as long a we have is a mystery to me. I thought it would all end in the late 70's and that people would be eating tree bark by now. But we're richer than ever and the consumerism gravy train just keeps rolling along.

Can you imagine?? In perhaps 2050 the average American will live alone in a 5,000 sf home with 4 vehicles in the garage.  :o

• And this from the Daily Reckoning:

Yes, all central banks favor inflation. And yes, Americans would vote for inflation, if they could; they are deep in debt and would welcome inflation as a way out.

But for every debtor, there's a creditor. And for every fool who borrowed money to buy something he couldn't afford and didn't need, there's a lender who lent to someone who might not be able to pay him back. The big question is: who will turn out to be dumber - the lenders or the borrowers? We don't know the answer, but we suspect there is enough dumbness to go around. When the ship goes down, there will be plenty of losses for everyone.


CREATIVE1

Ah, yes, the Daily Reckoning.  One of the most thought-provoking free newsletters around.  A very interesting point--in uncertain times, is it better to be a debtor or debt-free?  Probably BEST to be part of a community of free spirits and DIYers--- ::)