Debt Commission Leaders Paint Gloomy Picture

Debt Commission Leaders Paint Gloomy Picture

www.newsmax.com

The heads of President Barack Obama's national debt commission painted a gloomy picture Sunday as the United States struggles to get its spending under control.

The nation's total federal debt next year is expected to exceed $14 trillion — about $47,000 for every U.S. resident.

"This debt is like a cancer," Bowles said in a sober presentation nonetheless lightened by humorous asides between him and Simpson. "It is truly going to destroy the country from within."

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"The rest of the federal government, including fighting two wars, homeland security, education, art, culture, you name it, veterans, the whole rest of the discretionary budget, is being financed by China and other countries," said Simpson. China alone currently holds $920 billion in U.S. IOUs.

Bowles said if the U.S. makes no changes it will be spending $2 trillion by 2020 just for interest on the national debt.

It is absolutely foolish for anyone to think that this can be sustained. We are going to hell in a hand basket and the losers will be the American people. Our economy is being raped as we speak, while the ones doing the raping, such as the banks and corporations are making what they can, while this gravy train is still on the tracks. Of course, it will be the American people left looking for the magical chair when the music ends.

I can't believe that the American people aren't going ape poop over this. If you tell an average American worker that his pay is going to be decreased by 20 percent, he will get angry and probably protest, however if you tell this same American worker that his dollar will go down in value by 20 percent, he remains mum, even though he will still be out of about 20 percent of his former income (though a tad difference exists, for all practical purposes, it is the same).

What's even more crazy, all of this borrowed money is going to corporate interests. They are the ones benefitting from this, not the American people. The American public is being left with the bill and it is the American people who are going to have their country repo'd, while the blood-suckers move on to greener pastures, after this one sucked dry.

Unfortunately, we have no manufacturing base to recover from the inevitable collapse of our economy. We will not be able to provide any value to the world, after our dollar is replaced as the international reserve. Right now, the only value we add to the rest of the world, is our currency but soon enough, that value will be depleted and another currency will take the place of the dollar.

Our economy has been effectively raped and the American people just stood by and watched it happen, with little more than a yelp in protest. This is unbelievable. I pray for the generations after ours and all I can do, is apologize in advance.

--airspoon


www.newsmax.com
(visit the link for the full news article)

You can thank globalization, the big bankers who got our tax money in bailouts, and corporations outsourcing for cheaper labor to grow thier profits* had they been patritic and 'american' employing employees here, they still would have made enough maney to sustain thier business. no, they went overseas for children to poor people, keeping them poor and demanding them to make x amount of product..... looks like were next

ya know
I thought there was a re-boot
switch around here somewhere
but I just can't seem to locate it.

let me say good post
S&F

reply to post by ziggy1706


Unfortunately, we'll be much worse off than the countries who took our manufacturing base because well, they took our manufacturing base and we won't get that back within our great-grandchildren's life-time. When our economy collapses, that's it, game over for any last hope of liberty or freedom.

With all of this being said, our land still does hold plenty of value, so our country wouldn't be worthless (though it sure would be as far as the public is concerned). We still have untapped minerals out the wazoo, along with tourism potential and of course Hollywood, though the big stickler is our minerals. For this reason alone, I suspect that TPTB won't have an interest in completely abandoning this country. Instead, they will just clamp down to maintain a fleeting populace and rampant poverty will envelop every corner of every state, something on a scale never seen before, not even by those who lived through the Great Depression.

TPTB would want total control, because our natural resources, namely the untapped minerals are far too valuable to give up on. I used to think that all of these people/institutions now raping our economy would just pack up and move on to the next consumer economy, leaving us alone to pick up the pieces but there is no way that they would abandon the rich natural resources that have been forbidden up until that point. Because of this, control is going to be maintained and because liberty would be an obstacle to control and ultimately profit when poverty becomes so rampant and the public becomes hostile, our liberties will have to be snubbed.

That's my take on it anyway.

--airspoon


[edit on 12-7-2010 by airspoon]