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Is The U.S. Going Broke?

This link shows the mounting debt of the U.S

The Debt Clock

This article explains what the government is doing.

News Article

This is what the economy was like only four years ago.

year 2000 financial report

It looks as though the United States is going broke. I find it interesting that the governments tactic of not reaching a debt ceiling is to raise it.

Broke US Is

Without even looking at the charts and reports you reference, I can answer your question.

Yes, the US is going broke. Massive socialist-style spending programs tend to do that. However, US citizens are implacably opposed to the overwhelming taxation seen in other socialist countries, so the legislature has had to move incrementally through various "stealth" taxes to fund the huge bureaucracy, the massive spending programs, and the unbelievable level of regulation so beloved of the far Left. Since these stealth taxes severly cut into the lifestyles of the common people, they have to be very careful in how they raise them.

Corporate taxes are the favorite "stealth" tax. By demonizing corporations, politicians have convinced most people that it is a very good idea to severely tax the profits of all corporations. Of course, this requires that the corporations increase the prices of their goods and services in order to maintain a reasonable profit margin for the shareholders. So, despite the "fact" that the taxes are only against the corporations themselves, they are actually levied against the consumer. Eventually, this changes the spending habits of the consumer, resulting in lower tax revenues.

The people are becoming more and more savvy about this subject, and are electing people who pledge to resist raising taxes. At the same time, we keep demanding more and more "pork" programs for our local states. This type of activity is what is making the government go broke.

I think that the only way out of the spiral is to put a cap on government spending programs, except for the military. National security is really the only "program" that is legitimately a government concern. Almost everything else, from health care, to welfare programs, to environmental protection are all illegitimate encroachments into the lives and affairs of the states, cities, and individuals.

Is The U.S. Going Broke? History & Civil Business Politics

I think you hit it on the head Nighthawk. In fact, I would go even further to say that the US IS broke, not going broke. The fact that the debt ceiling has to be raised continually is like the person who is in debt just ignoring the telephone calls; their debt just increases more and more, the longer they ignore it. Another good reason for not brining into presidency the Leftists who will only look for ways to increase government, thus adding to the debt that they claim they can control and slash.

Broke US Is

I think this is proven by the increasing levels of credit card debt as families struggle to maintain their level of lifestyle, not only in the U.S, but here in Australia and Britain too.

I am finding it increasingly difficult to cope as the cost of living seems to spiral, yet my wages remain the same.

So I ask now, how long can this situation continue before our economies ultimately collapse?

Broke US Is

NONSTOP BORROWING PLACES U.S. ON ROAD TO BIG FINANCIAL DISASTER

You owe $145,000. And the bill is rising every day. That's how much it would cost every American man, woman and child to pay the tab for the long-term promises the U.S. government has made to creditors, retirees, veterans and the poor.
Ref. https://deseretnews.com/dn/view/1%2C1249%2C...59249%2C00.html

Is The U.S. Going Broke?

What most people don't know is of a nasty law passed in August of 1974 by Richard Nixon. It is called ERISA Act. I forgot what it stood for but I know what the basic premise of the act was. It switched people's retirement accounts from one payed by company benefits to one in which you had to create your own lifeboat to swim dangerous waters. Now when most people can get a job, their retirement is based on the stock market's rollercoaster ride. I will also tell you another dirty secret. We all heard of the 75 million baby boomers who are retiring in 2009.
I am sure you know that you have to take your IRA out before you are 70. Well, come on class,what happens when 75 Million people take their money out of the stock market? It goes broke! And because of the finacional,physical and mental burden, the U.S will not be able to bear the cost and government will go broke and America will be a 3rd World Country. I am sorry to prognosticate such a negative future but it is true. And besides, as a friend I can tell how to profit from crashes! . That will be in the International Business form if you are interested.
Oh, so you don't think I pulled that litany out of a hat, it's was in one of the Rich Dad Poor Dad books. I forgot which one exactly.

Is U.S. Broke

Name: Shage

Comments: You got it all wrong, USA is broke its a train wreak, but has not hint the wall yet , your moron government ,went wrong in 1971 when they took the USD off the gold standard ,your been going down hill ever since then, they only did that to buy your votes, now its time to pay back, but you have money to pay it back, so the rest of the world is not going to bail you out this time, you are finished ,get off the train before it hints the wall, I would say next year 2010 or 2011, your country will be over your army will have no money know one in there right mind will lend you guys money, china has 2 trillion dollars in there bank and are just waiting for you to go belly up,they act like they want to help you ,but not really they hate you guys,get it together people, best of luck.

Message Edited... Persephone: Take the time to spell properly and use good grammar before submitting here.

Is U.S. Broke Politics Business Civil & History

I believe that this year and next year will be what makes or breaks us as a country. I have looked at a lot of data and I feel we are broke. We just have to wait for the train to reach the station so it all come crashing down around us. Only then can we pick up the pieces and rebuild this country back to the power it once had.