Quote:
Originally Posted by aegsm76
The US is headed for third-world status as a country if something is not done.
Any upward tweak in interest rates will but the debt ratio to GDP close to 90% in the next 10-20 years.
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America better become a praying nation... I'm not sure anyone but God can stop what's looming. Corruption runs high not only in Congress and the Presidency, but in local politics. We're involved in too many overseas conflicts, which spikes the deficit. People have been encouraged by the government to incur significant debts, themselves... and many can't continue to maintain the plastic lifestyle. Those who relied on social security payments and company retirement funds now hope for more social security, and they are living longer on retirement and relying more on outside resources instead of family than anyone even 40 years ago would have guessed. Their votes count, so they're promised more so that politicians can keep their positions, even if they know it will hurt the country. At the same time, the younger generations want now what their parents took years to acquire. And again, their votes count. People get laid off and refuse lower paying jobs knowing they can rely on unemployment. Some people refuse to start work; it's easier to live on food stamps. Blame can be laid at many doorsteps, from the President to the poorest. But who or what will wake 300,000,000 people?