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The America dream is death bury in debt

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posted on Oct, 30 2008 @ 10:02 AM
When President Bush said after 9/11 to Americans to go out and “shop” that wasn’t an under statement, that is exactly what people did, they went out and shop to show patriotism.

But while they “shop” the shopping became a frenzy.

Spending money has been the cure of all of America’s ills recently[.
The financial system is broken, you say? How about spending $700 billion?
The era of financial excess, however, may be over for good. America is traversing on an unsustainable course and must adopt a new ethic of fiscal responsibility.
Over the past eight years our national debt has nearly doubled. As of Oct. 23, the national debt totaled $10.5 trillion. When unfunded social obligations such as Medicare, Medicaid and Social Security are taken into account the total is over $55 trillion.

Well what is the big problem here? We are spending wealth that we do not own and do not produce.

Since 1978, America has lost 16,613 of its best wealth producing companies to foreign interests, enriched from selling their second-rate products to eager American consumers.

Individual consumers are no better with their finances than the government. Since the 1970s Americans have been saving less and less, increasingly living off credit.

Non-mortgage consumer debt for American consumers is $2.58 trillion. Americans owe another $10.54 trillion in mortgages. The average American family owes roughly $117,951 while saving a mere $392 per year.
Americans have also developed an obsession with plastic. The average family owns 13 credit cards, owing an average of $8,400 on those cards and paying $950 in credit card interest each year. Last year, Americans made over $1.5 trillion in credit card purchases.

How does your debt compare?A snapshot of American debt shows a troubling picture

The interesting thing is that our own government is borrowing from countries that would love to see America detroned by them and their whish will pretty much come true very soon.

“Chinese Dream” Soars as “American Dream” Crumbles

[edit on 30-10-2008 by marg6043]

posted on Oct, 30 2008 @ 11:04 AM
I have a mortgage. I owe about $800 on a new riding lawnmower I bought in August. I'm not paying any interest on it. In other words, no unsecured debt. Trying to keep the pantries full and putting money in an emergency fund every time we get paid. Trying to get 3 months of household expenses put back. I work in a pretty much recession proof industry, so if I lose my job here, I can get another job within a couple of weeks.

posted on Oct, 30 2008 @ 01:26 PM
Many people are doing what they can to survive in an economy that is no longer consumer friendly but big wealthy elites and global elites friendly.

Back in the 90s my husband made much less, we had investments, send children to college and we lived the life.

Now my husband salary has triple he is now negotiating another 9 percent rate and our lives are not the same.

The economic toll has taken over our finances, our retirement accounts and our way of life.

Even when he is making more money doesn't seem to be enough.

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