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Originally posted by xbranscombex
How do you figure it's over?
You tell me, if I wanted, that if I sold my business here in Canada..
Got 600,000k I couldn't move to a nice, small, place in the U.S for 300,000k and live on the rest?
[edit on 10-3-2009 by xbranscombex]
Originally posted by Rigel
Anok is right on the point, speaking of an ideal socialism, that would be governmentless, id est ANARCHISM. That's not however the problem questionned by the OP.
Still, many countries are running on a partially socialist model, France beeing one of it, and maybe the most efficient, economically as well as socially.
While France and USA partake in many common political parameters, it seems that the idea of the State deeply differs - in theory as well as in facts.
In France, the State is equally perceived by right or leftwing politicians as the first garantee of the people - ie the citizen's - liberty. Also an american could see France as a leftish state, all well considered.
It's now viewed as a basis of french citizenship to :
1 - Get thousand of euros when you have babies
2 - Get half or third of your salary for MONTHES when fired or lose your job for any reason - just need to have worked... 6 monthes !
3 - Can not work at all and get the RMI : Revenu Minimum d'Insertion or Minimal Income for Insertion, which is about 500 euros, so half of the SMIC, this one be the Minimal Wage per Hour, the same for any professional activity, about 1000 euros - per 35h/week - for one month.
4 - Free HealthCare for All (since several yrs) : CMU, Couverture MAladie Universelle, or Universal Disease Cover : anybody has free access to high-tech healthcare (yeah, you read well).
5 - Right of Strike
6 - Powerfull Unions defending the workers rights and interests (but NOT in a lobbyst way, except for the MEDEF, he Unions of... Capitalists Owners)
7. Prudhommes : A Juridical court that deals with workers/boss cases, most of time in benefice of the worker.
8 - Pension : You give money to the State through a tax through your life and get money (like the third of you salary) from your 60's anniversary to the end of your life.
Sounds bad ? Not to me...
I keep seeing this posted on how China owes the USA. This isnt true. Yes they own a substantial amount of US Debt, but it only amounts to 22%. I would say this is far from owning anything.
Except the corpse owes China
I'm still living my dream...
I agree. I am living my dream too. I have made more money this year then ever before. In fact I have upgraded my job and pay significantly because of the situation we are in. I originally owned a small painting business in SW Florida, but of course with the construction industry the way it is now and has been over the past year and a half, business was real slow. I went out got an Insurance Brokers License and a Job and now am on pace to have my best year ever. If the economy didnt go the way it had I would still be a painter, I job that I actually never liked. This is the definition of the american dream. One bad situation has turned into a great opportunity for me. I couldnt be happier. I do agree the debt is a little scary. However you are looking at about 30-35 pecent of our debt held by foreign governments. Of course that number rises with other individual foreigners that are buying securities, but as you can see, no nation is close to owning the USA. Even if all the nations together pooled all their bonds and securities they would still be far from a majority ownership. Not saying our debt isnt a problem, but to claim that other foreign governments own the USA is just plain wrong as is the claim that the American Dream is over.
Originally posted by Wildbob77
Sorry to bust your bubble, but I'm still living my dream.
I do think there will be a rough road for the next few years but we'll get through it.
Perhaps we'll come out better because of this readjustment.
Best of luck to everyone.
WASHINGTON (Reuters) - President Barack Obama forecast the biggest U.S. deficit since World War Two in a budget on Thursday that urges a costly overhaul of the healthcare system and would spend billions to arrest the economy's freefall.
An eye-popping $1.75 trillion deficit for the 2009 fiscal year underlined the heavy blow the deep recession has dealt to the country's finances as Obama unveiled his first budget. That is the highest ever in dollar terms, and amounts to a 12.3 percent share of the economy -- the largest since 1945...
..."I think we just ought to admit we're broke. We can't continue to pile debt on the backs of our kids and grandkids," said John Boehner, leader of the Republicans in the House of Representatives.
$787 billion to fund "stimulus," another $9 trillion committed to guarantee bad debts, 0% interest rates and quantitative easing to drive more lending, new off balance sheet vehicles to hide from the public the toxic assets they've absorbed. All of it to be funded with debt, most of it the responsibility of taxpayers.
Picture it if you will: the economy stabilizes, money flows out of Treasurys, which drives interest rates back to normal. Asset values that had appeared to stabilize fall again. More writedowns ensue, more balance sheets turn up insolvent. The debt deflation conflagration ignites again, burning up what's left of the economy.
Right now the United States is spending, trillions more in loan repayments, and zero percent interest rates on Federal Reserve funds. This system cannot continue forever. At our current pace, we are just making Foreign takeoversSecretary of State on a goodwill mission overseas to secure more loans.
As I said the debt is worriesome however I dont think it is the end of the american dream.
I wouldnt say its over, yet.
But its getting damn close.
Drastic action needs to happen, towards the bankers, corporate entities and big government.
If these three factors are allowed to continue after, or during the crisis.... then the dream will end.
America can not survive another 5yrs unless it changes things at the top... and at the moment, that looks like the last thing on its agenda.
I think that we'll pull out of this one but it will take awhile and I think that inflation will be something that we learn to live with.