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Originally posted by Number23
Could the lot of you be any more clueless?
The debt and deficit are SHRINKING and as a percentage of GDP and are historically quite low. While America's per capita debt is about $29K, her per capita GDP is almost $43K! Additionally, extensive debt reduction has been historically correlated with recessions.
The EU has a larger debt burden with half the growth, twice the unemployment of America and is in the midst of a demographic death spiral. Maybe we should be writing the EU's obit?
Go here to get some informed and factual analysis of America's debt.
[edit on 7-8-2006 by Number23]
Originally posted by Vitchilo
Why save money? There's a reason why the government is spending like there is no tomorrow. Because there is no tomorrow. Wars, lack of ressources, destruction of forests, climate change, diseases, the future isn't bright and they know that. Next year, 2007, the amazonia forest will die. After this, all hell will break loose. Oil is gonna diseapear in the next 10 years too. Water gonna be rare in the next 10 years. Life will take a severe drop, american way of life will go to hell.
That's why they are spending like there is no tomorrow. Because they don't care, because they are rich. They continue to do pollution, to make wars, to pump oil, they do nothing for the health of the planet, they just got richer and richer.
So we must change government and do something for the planet before it's too late, if it's isn't already. Our childrens will be mad at us for what we have done to the planet.
In 1980, biologist Paul R. Ehrlich bet economist Julian Lincoln Simon that the price of a portfolio of $200 of each of five mineral commodities (copper, chromium, nickel, tin, and tungsten) would rise over the next 10 years. He lost: by 1990, the prices had fallen to $576. See also: Wager between Julian Simon and Paul Ehrlich.
Originally posted by CrabEyes
The debt we have gotten ourselves into is insane, and I'm just curious if there is really any way for us to get out of this (you can see what the debt is here Debt Clock) and if there is a way how?
I'm not to up on economics or anything and I'm just wondering how we're gona get ourselves out of this one or if it's even possible, because I think it's safe to say this is the biggest debt ever racked up by anyone or any nation in history...
Originally posted by BattleofBatoche
There will come a time when America's lenders will say NO. How much more money can the U.S. borrow?
Do you really think it is right to pass this debt with insane interest/usury to your exisiting & unborn children?
If you think this is the way to do it then you've already proven my point.
Somebody is going to be left holding the bag.
Option 1: worldwide economic collapse and start over
option 2: economic collapse>chaos>world war> mass death
option 3: slavery
it doesn't look good.
Originally posted by Number23
Slavery? Who thinks up this stuff? How did so many ignorant people find each other?
In addition, (how many times do I have to say this?) America has a lower debt burden then EU and most of the Industrial world AND AMERICA HAS THE BEST PERFORMING INDUSTRIAL ECONOMY ON EARTH.
So let's review America loan application:
World's largest GDP
World's per capita GDP
Word's highest worker productivity
Historically low debt burden
Robust growing economy
Virtually full employment
Sure, maybe investor money will go to the countries with less growth, lower GDP, more unemployment and higher debt burden.
Good luck with that.
Manufacturing outpaced the overall economy in 2005, though it experienced slower growth last year along with most sectors. Today, the Commerce Department released its annual report on GDP by Industry for 2005 which showed that manufacturing GDP increased a solid 4 percent last year in inflation-adjusted terms, or half a percentage point faster than the 3.5 percent pace of the overall economy.
As in every year since 1987, manufacturing's share of GDP was larger than every other private sector except FIRE (Finance, Insurance and Real Estate) in 2005.
Manufacturing’s share of U.S. Gross Domestic Product is bigger than the entire GDP of France or the United Kingdom, as well as bigger than the combined economies of Canada and Mexico. America is the world’s manufacturing power house and bigger than the entire economies of Spain or Canada. It would be the eighth largest economy in the world if manufacturing were a country and roughly equal to the entire economy of China.
Manufacturing is the top U.S. exporter, responsible for 64 percent of U.S. exports. Without the foreign exchange earned by manufactured exports, the United States could not pay for its imports.
Back in 1995, right in the middle of a nine-year economic boom, Louis Uchitelle co-authored an absurdly downbeat series of New York Times articles on "The Downsizing of America." That series was full of opinion polls, as though popular illusions could substitute for facts. More recently, there has been hope that scandals at the New York Times might have given new editors at least a casual interest in factual accuracy. Apparently not. A couple of weeks ago, the unrepentant Mr. Uchitelle wrote yet another weirdly apocalyptic piece claiming, that "manufacturing is slowly disappearing in the United States."
If you were hoping for some proof this time, be prepared to be disappointed again. Mr. Uchitelle says, "Manufacturing's share of real gross domestic product... has dropped to between 16 and 17 percent, from 18 to 19 percent in the 1950s.... The downward trends are alarming." Similar statistical exercises recently led to an interesting debate between my old friends Bruce Bartlett and Paul Craig Roberts. Yet the National Association of Manufacturers' Web site shows that "manufacturing's share of the U.S. economy, as measured by real GDP, has been stable since the late 1940s.... The overall share remains the same over the business cycle."
It is impressive for any private activity to maintain a stable share of GDP, since government spending has risen from about 20 percent of GDP in the early 1950s to 30 percent since the 1980s. Manufacturing does not need protection from foreign countries; it needs protection from domestic governments.
Mr. Uchitelle claims "the essence of a great world power is its edge in producing not services but manufactured products." By that standard, the two greatest world powers are Turkmenistan (with 39.8 percent of GDP attributed to manufacturing in 2000) and Cuba (at 37.2 percent). In China, services have risen from 21.4 percent in 1980 to 33.7 percent by 2002. In Hong Kong, manufacturing declined from 22.4 percent of the economy in 1980 to 5.2 percent in 2001.
Mr. Uchitelle claims "the shrinking manufacturing sector is again a source of public agitation, this time because so many American manufacturers are decamping to China and India." Don't editors check the facts? Direct U.S. investment in other countries was worth more than $1.5 trillion last year, according to the July Survey of Current Business. Europe accounts for 52.3 percent of American investment abroad, Mexico for 3.8 percent and China for seven-tenths of 1 percent. Any decamping to India is statistically invisible.
Originally posted by Number23
So companies are going to try to sell their products to the people with LESS money...?
I guess you really didn't pay attention in economics class.
Oh and I love when people bring up the manufacturing crap. It's sure sign you don't read beyond the headlines, if you bother to read about economics at all. Since you clearly have now idea what you're talking about, allow me to educate you.