Is America about to go broke?

Government obligations for Social Security and Medicare may soon exceed the combined net worth of every household and nonprofit organization in the country.
Much worse than you probably think
The figures exist, but they are ignored. News reports regularly inform us of the growing federal deficit, projected at a stunning $1.75 trillion for fiscal 2009 and $1.17 trillion for 2010. But regularly reported, less visible government obligations have been growing much faster.

articles.moneycentral.msn.com...

I personally have a difficult time believing the Bank Stress Tests. Credit Card defaults are only beginning, we have the Commercial and Prime Real Estate problem just beginning.

I doubt they included the future defaults of each.

We print trillion to pay trillions then plan on taxing it on the way back in. Will this solve our economic crisis? Will this restore the Global wealth that has been rapidly deteriorating? What will our economy look like if we make to the other side of this crisis? There are big plans ahead.

We are about to enter an era, to which we have never seen before. I, for one would like transparency on these new regulatory and financial restructuring plans. Not after the crisis. I also wonder what the chances are of a global currency.

It was moved

sorry~

[edit on 11-5-2009 by Estharik]

reply to post by wonderworld


I do not understand what you mean by "broke" Google HJR-192 and tell me what you come up with. From what I understand, there is no money in circulation, not since 1933 or whenever HJR-192 was passed

reply to post by pluckynoonez


Yes, thanks I'm aware of getting rid of the gold standard. Every administration, has been able to control the Federal defecit or close to it.

I understand what you mean by referring to that bill, however we still have been able to pay our debts until the last few years. Now it's gone global.

Our problems will have a Catastrophic affect on the rest of the world.

My guess is we will not only experience hyperinflation but by 2010 we will have hyperinflation.

None of us truly know how bad this really is. Not even most experts. All the numbers arent in yet.

There's no chance of us going broke. They can print all the fiat money they want and there's not one damned thing we could do about it. As long as we keep feeding the PTB the right to control our money, we are in a continual state of demise. We are already broke, Its been that way, as others have said, since we have had ZERO, NADDA, ABSOLUTELY NOTHING, to back up those little pieces of paper and our worthless ( generously layered in copper and silver over zinc) coinage. We might as well use those damned 'Commemorative Coinage" that's huckstered on TV!!!

Zindo

lol i think we need a slowpoke emote

I was sure i had just time traveled back to 2007 when i read this title, yes America is going 'broke' -they're giving away their economic influence to china who when they have passed the magic 'power' threshold will radically change their game, the chinese all sorta assume that mao's big leap forward will start to bear fruit before the start of the next decade -the resources boost they'll have firmly set in place by 2015 will give them the edge in space conquest / mining which in turn will give them a further boost for the rest of the century ensuring that chines industry is the only viable option due to high tech space factories, etc....

The American and western economic power base has been undermined while it's been over stretching - it now has nothing to underpin it, we'll see the bubbling of economic disquiet for a while yet though as the superstructure slowly dissolves.

reply to post by NatureBoy


I agree but think it's more like a flashback to 2008.

We still have some experts that say the worst is over. We'll see a turn around by the end of the year. The sub-prime mortgage mess is behind us. I find there information misleading to the public.

I worry people will fall out of their savings routine and start living like the Jones again and charge their necessities or luxuries.

Our generation was taught to spend, spend, spend. when in reality it was a lie. Gravity caught up with us in 2008. What goes up must come down.

The only difference this time is it's not a typical business cycle. We now sucked the world in with us.

I, as well know we are broke, busted. Ive yet to figure out what the cure all will be.