Re: Debt crisis could trigger economic meltdown: Obama

[Guest guest]

He's such a joke. We were in a crisis before the market crash. Debt was a problem before that. Obama and the Democrats added to it by turning the debt from a faucet to a fire hose with their spending. Now they are hyping up debt threat so they can go on spraying money all over the place, though mostly into the pockets of the corrupt banker and "green" friends.

They should do like Canada and some other countries. They need to slash spending and slightly raise taxes. That means dumping Obamacare and most of the other new initiative. If not, the economy will collapse no matter what and it will be all their fault.

In a message dated 6/14/2011 2:35:15 P.M. Eastern Daylight Time, no_reply writes:

Delay in raising the US debt ceiling could reverse the fledgling recovery and trigger a new economic meltdown, US President Barack Obama said in a interview broadcast on Tuesday."We could actually have a reprise of a financial crisis, if we play this too close to the line," Obama told NBC television's "Today Show" program.

[Guest guest]

Canadian citizens are carrying a record high personal debt though.

http://ca.news.yahoo.com/interest-rates-stay-low-household-debt-reaches-record-1\

50450013.html

" OTTAWA - The federal government and the Bank of Canada are again sounding the

alarm over growing household debt as two new reports suggest the problem is

worsening in the face of a weakening economy.

<snip>

" The report indicated that while the average family of four owes about $176,000,

some owed much more, and single-parent families, retired Canadians and those

with income of $50,000 or less were seriously struggling. "

Currently, the Canadian dollar is worth MORE than the American dollar, so try

imagining you are a family of four , and owing about $180,000.00.

Canadians are heavily taxes at home, at the market, etc. And the majority of

that cost goes to...you guessed it...government health care.

Now when you consider that Americans already have a high personal debt that

nearly matches what the Canadians have and THEN putting a national healthcare

system into place, what do you suppose THAT will do to the economy?

Administrator

They should do like Canada and some other countries. They need to slash spending

and slightly raise taxes. That means dumping Obamacare and most of the other new

initiative. If not, the economy will collapse no matter what and it will be all

their fault.

[Guest guest]

Canadian citizens are carrying a record high personal debt though.

http://ca.news.yahoo.com/interest-rates-stay-low-household-debt-reaches-record-1\

50450013.html

" OTTAWA - The federal government and the Bank of Canada are again sounding the

alarm over growing household debt as two new reports suggest the problem is

worsening in the face of a weakening economy.

<snip>

" The report indicated that while the average family of four owes about $176,000,

some owed much more, and single-parent families, retired Canadians and those

with income of $50,000 or less were seriously struggling. "

Currently, the Canadian dollar is worth MORE than the American dollar, so try

imagining you are a family of four , and owing about $180,000.00.

Canadians are heavily taxes at home, at the market, etc. And the majority of

that cost goes to...you guessed it...government health care.

Now when you consider that Americans already have a high personal debt that

nearly matches what the Canadians have and THEN putting a national healthcare

system into place, what do you suppose THAT will do to the economy?

Administrator

They should do like Canada and some other countries. They need to slash spending

and slightly raise taxes. That means dumping Obamacare and most of the other new

initiative. If not, the economy will collapse no matter what and it will be all

their fault.

[Guest guest]

I know. Canada made some good chances a few years back when they had their own problems but they didn't cut the socialist system enough, so there is more trouble on the way.

US debt per person is probably close to or higher than the Canadian debt for a family of four. I've seen it as high as $500K per family of 4 in the US and the debt is still piling up. Giving that the typical income is what, around $50K, that's a huge amount of inflation to try to cover that gap. Even if the US government taxed at 100% it couldn't fully fund its operations without debt. Even if it sold every scrap of public and private property it couldn't pay off its debt. Yet the politicians keep piling it up and special interest groups not only fight the smallest cuts but keep screaming for more and more money. I really don't think there will be any way to end the cycle, well, aside from total collapse and the likely reduction of population through starvation and violence that will come from it. The question then it what kind of thing will replace the fallen system?

In a message dated 6/14/2011 11:09:10 P.M. Eastern Daylight Time, no_reply writes:

Currently, the Canadian dollar is worth MORE than the American dollar, so try imagining you are a family of four , and owing about $180,000.00.