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US Economy - Page 5

The rich are much richer than you and me:

The average family's net worth plunged 41% -- to just $62,200 -- from 2007 to 2009, according to EPI's calculations. Ref. Source 8

Economy US

End of the Recession? Who's Kidding Whom?
By Immanuel Wallerstein

"The United States wants to believe in an economic upturn." Exactly, they "want to believe" it, and not only people in the United States. But is it so? Ref. Source 6

US Economy History & Civil Business Politics

U.S. Budget deficit to hit $1.5 trillion:

A continuing weak economy and last month's bipartisan tax cut legislation will drive the government's deficit to a record $1.5 trillion this year, a new government estimates predicts. Ref. Source 4

Page 5 Economy US

They need to desperately put in a bill to pay the interest on the debt first and then set aside the money for defense (what ever we agree to cover), social security, blue cross and shield and then figure out what is left...when it runs dry...that is all.

Economy US

Name: Victim
Country:

Comments: If the government wants to help the economy then they can stop taking so much money from me. Not me but a lot of others like me that feel like we're being taken advantage of so that Its just robbery, they call it tax but I feel like a victim that has just been robbed every time I receive my pay slip.

US Economy

You are going to start seeing many more people like "Victim" start to speak out. It used to be that being a millionare was considered the line in the sand for rich, but today our government has moved that line down to .25 of that amount. Actually, they are looking to take that level yet lower again to about .15 or .125 of a million. In effect, they have at least on paper created many more "rich". However, for any of those that know what it is like to totally foot the bill for a child to go through college, private school, buy a house, etc... You know that 150,000USD per year isn't rich. Are you well off? Yeah. Rich? No...not by a long shot. However, Uncle Sammy is gonna get you for about 33-35% of what you make and then add what the state and local governments get (not to mention sales taxes paid throughout the year for all sorts of goods).

The hard working people of the US are beginning to tire for paying for those that arent. The US public is very compasionate to those that are in need, but we are rapidly tiring of those that are living off the state because it is a easier ride or because taking that job that is lower pay than what you had is beneath you. This creeping towards a total welfare state I fear is taking the can do attitude that the US is famous for from our people and we will become a country of slackers.

Our president's speech at the State of the Union address should actually concern those as he was doing a typical political double-speak. How does one work on the debt, increase spending programs but yet not increase taxes? The debt has gone up by nearly 30% in 2.5 years. We can always cut spending later, I know. However, much like a mudslide or avalanche, once the speed gets going...there is little that will stand in its way, so shall the wreckingball of interest to the US economy unless it is stopped before it picks up speed. We may already be too late.

US Economy - Page 5

All tax payers should expect to pay more taxes for the unforeseeable future. That is really the only way we are going to get out of this situation at this point. That means tough choices for all of America.

The big question remains how do you spend those tax dollars. I am no mathematician but obviously we need to work on this debt. America has been in this situation before and we made it out on top. I think we can do it again but there is going to be a lot more belly aching from the populous.

I hate the saying but I think it applies nicely to this particular situation. If you don't like America you know were the door is.

That said the politicians better not mess this one up. There is no room for failure at this point and the pressure is on.

US Economy Politics Business Civil & History - Page 5

Ex-White House economists issue debt warning:

Ten former White House economists on Thursday called for US politicians of all stripes to get serious about tackling the country's spiraling debt, warning of a looming crisis "that could dwarf 2008." Ref. Source 7