The financial collapse that so many of us have been anticipating is seemingly closer then ever. Over the past several weeks, there have been a host of ominous signs for the U.S. economy. Yields on U.S. Treasuries have moved up rapidly and Moody's is publicly warning that it may have to cut the rating on U.S. government debt soon. Mortgage rates are also moving up aggressively. The euro and the U.S. dollar both look incredibly shaky. Jobs continue to be shipped out of the United States at a blistering pace as our politicians stand by and do nothing. Confidence in U.S. government debt around the globe continues to decline. State and local governments that are drowning in debt across the United States are savagely cutting back on even essential social services and are coming up with increasingly "creative" ways of getting more money out of all of us. Meanwhile, tremor after tremor continues to strike the world financial system. So does this mean that we have almost reached a tipping point? Is the world on the verge of a major financial collapse?
Let's hope not, but with each passing week the financial news just seems to get eve worse. Not only is U.S. government debt spinning wildly toward a breaking point, but many U.S. states (such as California) are in such horrific financial condition that they are beginning to resemble banana republics.
But it is not just the United States that is in trouble. Nightmarish debt problems in Greece, Spain, Portugal, Ireland, Italy, Belgium and several other European nations threaten to crash the euro at any time. In fact, many economists are now openly debating which will collapse first - the euro or the U.S. dollar.
Sadly, this is the inevitable result of constructing a global financial system on debt. All debt bubbles eventually collapse. Currently we are living in the biggest debt bubble in the history of the world, and when this one bursts it is going to be a disaster of truly historic proportions.
So will we reach a tipping point soon? Well, the following are 25 signs that the financial collapse is rapidly getting closer....
#1 The official U.S. unemployment rate has not been beneath 9 percent since April 2009.
#2 According to the U.S. Census Bureau, there are currently 6.3 million vacant homes in the United States that are either for sale or for rent.
#3 It is being projected that the U.S. trade deficit with China could hit 270 billion dollars for the entire year of 2010.
#4 Back in 2000, 7.2 percent of blue collar workers were either unemployed or underemployed. Today that figure is up to 19.5 percent.
#5 The Chinese government has accumulated approximately $2.65 trillion in total foreign exchange reserves. They have drained this wealth from the economies of other nations (such as the United States) and instead of reinvesting all of it they are just sitting on much of it. This is creating tremendous imbalances in the global economy.
#6 Since the year 2000, we have lost 10% of our middle class jobs. In the year 2000 there were approximately 72 million middle class jobs in the United States but today there are only about 65 million middle class jobs.
#7 The United States now employs about the same number of people in manufacturing as it did back in 1940. Considering the fact that we had 132 million people living in this country in 1940 and that we have well over 300 million people living in this country today, that is a very sobering statistic.
#8 According to CoreLogic, U.S. housing prices have now declined for three months in a row.
#9 The average rate on a 30 year fixed rate mortgage soared 11 basis points just this past week. As mortgage rates continue to push higher it is going to make it even more difficult for American families to afford homes.
#10 22.5 percent of all residential mortgages in the United States were in negative equity as of the end of the third quarter of 2010.
#11 The U.S. monetary base has more than doubled since the beginning of the most recent recession.
#12 U.S. Treasury yields have been rising steadily during the 4th quarter of 2010 and recently hit a six-month high.
#13 Incoming governor Jerry Brown is scrambling to find $29 billion more to cut from the California state budget. The following quote from Brown about the desperate condition of California state finances is not going to do much to inspire confidence in California's financial situation around the globe....
"We've been living in fantasy land. It is much worse than I thought. I'm shocked."
#14 24.3 percent of the residents of El Centro, California are currently unemployed.
#15 The average home in Merced, California has declined in value by 63 percent over the past four years.
#16 Detroit Mayor Dave Bing has come up with a new way to save money. He wants to cut 20 percent of Detroit off from essential social services such as road repairs, police patrols, functioning street lights and garbage collection.
#17 The second most dangerous city in the United States - Camden, New Jersey - is about to lay off about half its police in a desperate attempt to save money.
#18 In 2010, 55 percent of Americans between the ages of 60 and 64 were in the labor market. Ten years ago, that number was just 47 percent. More older Americans than ever find that they have to keep working just to survive.
#19 Back in 1998, the United States had 25 percent of the world’s high-tech export market and China had just 10 percent. Ten years later, the United States had less than 15 percent and China's share had soared to 20 percent.
#20 The U.S. government budget deficit increased to a whopping $150.4 billion last month, which represented the biggest November budget deficit on record.
#21 The U.S. government is somehow going to have to roll over existing debt and finance new debt that is equivalent to 27.8 percent of GDP in 2011.
#22 The United States had been the leading consumer of energy on the globe for about 100 years, but this past summer China took over the number one spot.
#23 According to an absolutely stunning new poll, 40 percent of all U.S. doctors plan to bail out of the profession over the next three years.
#24 As 2007 began, there were just over 1 million Americans that had been unemployed for half a year or longer. Today, there are over 6 million Americans that have been unemployed for half a year or longer.
#25 All over the United States, local governments have begun instituting "police response fees". For example, New York Mayor Michael Bloomberg has come up with a plan under which a fee of $365 would be charged if police are called to respond to an automobile accident where no injuries are involved. If there are injuries as a result of the crash that is going to cost extra.
I have to disagree with the premise that the wealth is leaving the country. Much of it is staying right here but its condensed into about 6% of the population. With so much wealth controlled by so few, it’s no wonder our political system is being powered by the wealthy. I do agree wholeheartedly with the overwhelming evidence that we, as a people, are getting poorer and poorer. The wealthy controls who runs for office in this country so the chances of electing someone that can change the direction this country is going in, is virtually impossible.
Because of their influence the wealthy uses our tax money to send our military into countries to further their business empire. They did it in Iraq and are doing it in Afghanistan and a number of other countries but in a more secretive and subtle manner. As a baby boomer I’ll ride this out but it’s my children and definitely my grandchildren will know less and less individual freedom along with more and more deficiency.
The wealthy among us lived a fine lifestyle back when our marginal tax rates were much higher, and our income disparity was much fairer. The numbers of middle-class jobs are down by 10% since 2000, despite a 10% population increase since then. The top 1/10th of 1% of Americans average 60% of the nation’s entire income, and the top 10% of wage earners, excluding the top 1/10th of 1%, receive more money for their labor than the bottom 90% put together. Why should 90% of Americans have to live like slaves so that the lucky few among us can live like kings? Many of us have worked really hard for many years, but only a lucky few of us have much left to show for their years of labor. In 1970 the average CEO earned 25-40 times what his average blue-collar worker did. Today that figure is over 300 times. Why should anyone who works 60 hours hours per week need to earn more than $1 or $2 million per year? I worked 60 hours per week my entire career, at one time I owned my own business too, and I never made 6 figures ever, though I got close. Remember, for every person earning more than $1 million annually, there need to be a couple dozen people earning less than $30K to balance it, as there is only so much money in our money supply.
I still believe strongly that the only way out of this for us is going to have to be the enactment of legislation that forces anyone who wants to sell their products in this country to perform a minimum of half or 2/3rds of the labor value of that product here at home. Our good friends the Saudis have such a law, why not us?
Gary2, why do you bother to read these blogs focused on economics?
“Tea baggers” is an insult and a clue to your character.
And have a merry, merry christmas. All looked over by corporations of loving grace.
Bob, I agree with much you have written and this question is not meant to attack. Why the willingness to sit back and watch?
AND we keep electing the same politicians bought and paid for by the special interests…
How stupid is the American public
Gary2: The uber-rich fatcats, robber barons and The White Shoe Boys are going to be heavily “taxed” in The Banana Republic of America (previously the USA), although the “tax” won’t necessarily be collected by the Internal Revenue Service (for my friends in the UK, that’s the American equivalent of the Inland Revenue) or state revenue agencies. In the future, the “tax” that the uber-rich will be paying in the BRA is what I call the Desperate People Doing Desperate Things Tax (DPDDTT), which is quite common in some Third World banana republics. DPDDTT isn’t a “tax” in the traditional sense, and it is often collected at gunpoint or knifepoint through things like kidnapping, carjacking, extortion and violent home invasions. DPDDTT is so common in places like Port Moresby, Johannesburg, Guatemala City and Caracas that the rich need round-the-clock bodyguards and are essentially prisoners in their own homes. Arianna Huffington addresses this problem in her new book “Third World America: How Our Politicians Are Abandoning the Middle Class and Betraying the American Dream.” Señora Huffington doesn’t call it DPDDTT (that’s my term), but it’s the same idea.
DPDDTT is how folks from Hillbrow (a really nasty area of Johannesburg) “spread the wealth” and encourage the more affluent South Africans to make generous donations to the “Hillbrow fund,” and they aren’t very polite about it. Speaking only for myself….. if I made seven figures, I would much rather live in the Netherlands than in Papua New Guinea or South Africa because in the Netherlands, I wouldn’t have to pay DPDDTT and wouldn’t need 24-7 bodyguards. But the BRA decided to flush its middle class down the toilet (VERY bad decision), and things are going to get really dangerous around here as the poverty, misery, suffering and desperation intensifies. Michael T. Snyder put it best when he said that if Americans are willing to trample one another to death for some bargains on Black Friday, how bad are things going to get when Americans have gone without food for two or three days? Exactly! And when the neo-poor, the desperate, the cold and the hungry can’t find any rich people to kidnap, they will go after what they think is the next best thing: the American middle class (what’s left of us).
My fellow Americans, get ready for the horrors of DPDDTT, coming soon to a Chicago or a Philadelphia or a Houston near you.
*40% of doctors plan to retire. Our paper “money” is headed toward parity with toilet paper. Atlas is shrugging.
*Government, with its debt-based fiat money, is the problem, not the solution.
*Fiat money makes you a slave to the people privileged to print it.
*Precious metals are the money of free men, who deal with one another as equals.
*Once the tipping point is past, once the crash is upon us, do not look to government to save you; their only answer is more of the coercion and fraud that caused the crash. Trade value for value with honest men, and guard your own heads. Government always was a bad idea.
Oh Gary, you ignorant fool. You need to start familiarizing yourself with something we conservatives call “facts.” Start with Hauser’s Law. It basically proves that we can’t soak the top 1% like you propose:http://www.muditajournal.com/wp-content/uploads/hausers-law.gif
Gary, your a clown. The “Rich” are already rich. How are you going to tax their “income” when they don’t HAVE or NEED income. They are already RICH!!! Open your eyes man. You are professing an age old marxism basic philosophy. The “taxing the rich” ONLY hurts the middle class who are still earning income to feed their families.
Gary2: Now don’t get me wrong. I want entrepreneurs to prosper, grow their businesses, make tons of money and create jobs. Hell, I want that computer geek in his dad’s basement to invent something terrific and get rich doing it. But that’s upward mobility, which is what you have in developed capitalist countries. This isn’t a developed capitalist country anymore. It’s a fascist Third World banana republic under the iron boot of a corrupt, thieving oligarchy, and in Third World banana republics, desperate people do desperate things. In the words of Gerald Celente, “when people have lost everything and they have nothing left to lose, they lose it.” They also collect the Desperate People Doing Desperate Things Tax (DPDDTT) and can be really nasty about it.
And if people think the crime problem is the BRA is bad now, just wait. God help The Banana Republic of America.
leave Gary2 alone. He is just a product of public education that spews the socialist agenda. He grew up believing he is “owed” a living.
Every country that has gone down the path of “taking” from one citizen to “give” to another citizen, has ended the same way….they disappear.
When half of the population believes the other half “owes” them, then it’s over. John Galt becomes a common name. The “producers” will just sit it out.
I believe America is almost, at that point, now.
TO INNERTTADER
Try to leave the USA ? Better investigate the EXIT tax…..its like the Death tax. You still get screwed.
MM
Bob: Very good points. The problem with this country is not the absence of wealth, but the fact that a tiny minority of corporate fatcats (many of them bailed out by the taxpayers) are getting wealthier and wealthier while most people are becoming poorer. In want to see innovative entrepreneurs get rich, grow their businesses and create good jobs. Instead, we’re seeing Third World conditions, which is really tragic because so many people immigrated here to escape Third World conditions.
We in the west have lost our way. We have far to many people trained in the redistribution areas, and plying their trade doing that. We have far too few people trained and working in the production areas of both valuable goods and services. Compared to China how do we fare in producing engineers and others trained in hard sciences and mathematics? People that add to the overall pie. We certainly outproduce them in the areas of sociologists, womens studies, psychology, and other completely unproductive areas. But they add nothing to the overall pie.
We need to discontinue all these redistribution activities and training people in them and get back to basics. Then we will again compete on a level playing field with China and other debtholders. Of course we could wait for them to catch up with us in redistribution professionals and activities. But we might not live that long.
Pixie,
It’s not the “DAMN LAWYERS.” It’s the system. The lawyers only interpret the system that is already in place and the judges can only rule on what the law allows! Blaming lawyers only shows that people are not familiar with the laws. This is where the change needs to happen. Also, the insurance companies have made it very appealing to sue — because they keep paying the corrupt Plaintiffs off! If the Plaintiffs were held to the fire and forced to prove their case, then a lot of lawsuits would go away and people could do their jobs! This is not the fault of a lawyer!
What America do you all live in?
The bottom 80% of our country only owns 15.5% of the wealth ..as fun ad it is to shout about socialism, America is about as far away from socialism as it’s ever been and is realizing that such an income inequality makes it nearly impossible to finance a federal government. realistically the only way to finance our perpetual wars IS by taxing the rich, because indisputably the bottom 2/3rds of the country simply don’t even have enough money for their taxes to make a difference. The wealthiest one percent are able to orchestrate an inordinate amount of control over the united states government, and wage wars that the majority of the population is opposed to. They are just beginning to realize that with the ability to accrue such an absurd amount of wealth, power, and influence, comes the responsibility of funding the policies they advocate – because the remainder of America has a meaninglessly small income in comparison ( due to the sharp income inequality that simultaneously allows them to get so rich)
Maybe this whole problem would go away of all the money willing to be spent lobbying the government and campaigns was instead used for the government itself.
If you are so enamored of the rare indiviual’s success at the expense of the many,
Most of our current economic problems stem from the actions of the Federal Reserve and can be traced back to it’s beginning in 1913. Contact your repersenitive and demand that congress audit the Fed.
Taxing the rich would be ineffective at best.
Why punish people (even further) who have given their time, energy and money to pursue their American dream?
And taxing the poor would unleash the biggest public revolt of all time.
Taxing anyone, anything, is a rather moot point though. We’re so far in debt, it doesn’t even matter. We’ve kicked the can down the road, off the cliff and into the canyon.
Why do people keep quoting Ayn Rand principles, and blame all our problems on taxation? If that were true, then why, with the tax rates lower now than ever in our country, are things going so poorly? The Bush tax rates are still in place, and will be for the next two years. Why aren’t things doing great? Maybe because that Ayn Rand, trickle down garbage doesn’t work!!!
Richard,
I also came to this blog looking for answers and solutions. I’ve looked for months on the www. It’s too late to “fix” the current world economy. All that remains of this system is the horrible reckoning. We haven’t gone through enough pain yet to stop the blame games and focus on new solutions.
I wonder if that day will EVER come.
I wonder which countries will survive this stupidity of mankind.
I wonder what life will be like in this world for my children.
And I pray.
Here’s a great video on the economy, what’s coming next and how to prepare. Check it out now…the video goes offline this Sunday.
http://www.wakingupamerica.com/theelevationgroup
Instead of putting all of our lives in jeopardy and destroy our society, why won’t the governments not only stop new spending entitlements, but cut the current entitlements to the bone? I guess it would take a liberally minded person to try and argue why we shouldn’t stop spending and not cut entitlements. BTW, why not stop funding the IMF….
Completely “redistributing” wealth doesn’t work, correct. Neither does the top 1% making 5,000x or 10,000x the annual salary of those at the bottom. Sorry, you can dispute that all you wish, but in history, those folks with millions upon millions – as 50% or 60% of the country quite literally starves or is homeless – things do NOT turn out well for the wealthy. In France, many of the rich (tens of thousands!) actually lost their heads. Huge protests, riots, home invasions and murders, massive civil unrest (think pitchforks and torches!) are probably on the way at some point in this country’s next 5 years. Deservedly or not, the rich on Wall Street and DC, etc. will eventually pay for the fact they have made billions and billions in salary and huge bonuses – comprised of taxpayer dollars (in bailouts that would have otherwise bankrupted their companies – shifting private debt into public debt) – while about 20% of the country is unemployed, most homes are underwater (or soon will be), 42 million are on food stamps (and sure to rise, until they simply no longer work) Imagine when every shelf in the grocery store is empty – for weeks. I wouldn’t want driving around town in my new Mercedes at that point! But that’s just me.
The bottom 50% of the population dies fairly early (mostly of diseases induced by their own bad habits) but the top 1% survive to a ripe old age.
That’s not fair! Shouldn’t the government take the lives of these selfish few survivors, “harvest” and “redistribute” their organs to the poor bottom 50%, whose hearts, lungs, and livers are ruined all too early?
That’ll make the average lifespan longer for for everbody, won’t it? Maybe not, but that plan makes every bit as much sense as the redistribution of wealth plan. After all, your wealth is simply your saved up life, in material form.
I’m tired of hearing sheep complaining about the wolves they hired to keep order. If a few scammers have figured out how to buy your government — to get laws passed that enable them to steal from you “legally” — maybe you’d do better to turn your attention to the prostiticians who promised you so much, robbed you to pay for it, then delivered it to someone else.
In a self-governing nation, that’s what sovereign, intelligent people do. If your government tells you that you’re not self-governing anymore — that they have decided to be your boss instead of your hired help — what do you intend to do about that, Citizen?
Tax the rich…don’t tax the rich…it doesn’t matter when will anybody admit that Afghanistan and Iraq are the real problem…stop the wars, or they will stop us.
@INNERTRADER:
1. We had higher tax rates for the rich in the past, and had a decent economy. Giving the rich better tax breaks over the recent many years has not improved the economy, and aruguably help put us into this mess (They save thier money or store it overseas).
2. A very mild brand of Socialism is working just fine in Western Europe (e.g., no one goes bankrupt because of medical bills).
3. You are correct that the unregulated
“market place”, controlled by the corporate/banking sector to create jobs in China is indeed punishing the American middle class.
Wow, it is nice to hear from all the loyal serfs here.
“It’s your money my lord, I don’t begrudge you for it. What’s that? You require an extra bushel of potatoes this month? No problem Sire, I’m happy to do it. By the way, me daughter needs an operation, is there anything you could do about that? What, the stables need cleaning? Yes Sir!”
My sister has lived in Spain for 46 years working for a Spanish corporation who represents Boeing ( MacDonell Douglas ). She has seen first hand the worlds insatiable greed that has led us to this juncture where the U.S. has lost its trade advantage forever. A conservative person ( in the monarchical sense of the word ) she has complained bitterly of George Bush’s god damned pseudo fascist Homeland Security apparatus that demands she fill out reams of forms to get a spare part for our FA-18 fighter bomber while the Spanish govt gets a knockoff from Kazakhstan or the Czech Rep. over night.
As some may know, NATO pilots ( Spaniards among them ) flew sorties over Belgrade to stop the fighting in the Balkans. An army is supposed to bring PEACE and enforce it. In the 2010 national campaign, not one candidate spoke out for or against the wars in Iraq or Afghanistan. Rather it was about tax cuts, financial reform, jobs, deficit spending, loss of homes, cry baby ,cry baby. This country would rather drink the blood of their own children than lose their material well being.
Seems Rev Wright had a point.
Organized crime is still the best business model.In times like these, it’s time to dust off Arnold Rothstein’s truly genius work, the dark American Dream.
I urge all the citizens of this nation to pick up a trade to undermine the ruling elite whether they be right or left, corporate or government, religious or secular.
Does anyone get why the stockmarket is soaring right now? The AP said today that some market analysists think 2011 will mark a DJIA record. WHY??? Is everyone on Wallstreet insane? It is the piece of this crazy puzzle I have not figured out yet.
All of your arguments do not answer the basic question: how can an economic system that needs a 4 % to 5 % growth rate year after year survive in the long term ? At a 5% growth rate, the world economic outpout doubles every 14 years, we’v doubled our production many times since the industrial revolution and there was always room to grow.
Standing where we are right now, does any one beleive we can double out many more times? Doubling our population, our oil production , our water consumption, our food production, our base metals or anything else forever while living on a closed enviromenet called Earth ?
I thinks its clear that this system although its has elevated the human species to the pinacle of civilisation can not last much longer. It is therefore logical and intelligent to start thinking about a new foundation for the human race’s future on Earth as if we just keep going like it is, we will no longer have choices. Change will be forced on us, call it chaos, anarchy, famine revolution, destruction all could set in rapidly and my prediction is that it will be within our life time.
We ought to reverse to a much simpler way of life as the times they are changing and fast !
forget all the yapping and blogging and get busy planning and preparing, because their is another dark age coming in this world of a Biblical proportion, and don’t forget to exchange a your stacks of frn for some gold and silver before you can’t.
It is not theft when we tax the rich. It is OUR (working people/poor people) money that they stole by not giving any productivity increases to workers. It is not theft to take back something that belongs to you and that was stolen from you.
The rich pay more taxes because they have all the money Duh! Even a republican can see that. You are also only talking about federal taxes, when you factor in everything else. The rich DO NOT pay more than the rest. Ever hear about the wage cap on ssi taxes? Or the low capital gains taxes? I love how conservatives spin “facts”. I guess the study that just came out saying fox news viewers are dumber than the rest of us is true. Most folks already knew that so there was really no need for a study.
I can’t remember who said this but “wherever you see great wealth you see a crime scene”
The wealthy got that way by exploiting people with low wage jobs etc. Look at the profits wal-mart/McDonald’s etc make by paying poverty wages.
Where are the rich going to go? Europe etc taxes then much more. Let them leave! They are the problem and not the solution. Our country will of course take their ill gotten wealth when they leave as it was our country that enabled them the opportunity to get rich in the first place. Time to pay their dues.
To lostinmissouri:
I don’t think Gary2 believes everyone is “owed” a living. What I believe is that in real life not only is no one owed a living, no one is owed opportunity! That’s right, and also no one is owed health, safety, security or liberty. You have to fight for all of those things, sometimes to the death if necessary. If you are willing to live without those things, you become a serf.
This is on Micheal’s other blog “the end of the American dream” and was posted by MP. I copied it here to debunk all the right wing garbage of socialism failing.
Socialism hasn’t failed in every instance. Read this article: http://www.forbes.com/2009/05/05/world-happiest-places-lifestyle-travel-world-happiest.html The top 3 happiest countries have a social system… Being Dutch myself I can tell you we have high taxes for the people who can afford it and the basic necessities in life for all; housing, education, unemployment and help in general. We’re not perfect either but let’s try to leave no one out. We’re no communist country either. Social is not a bad word. You’re a rich person in the Netherlands if you pay 50% tax, believe me. Open your mind and look what other cultures are doing and adapt it to your culture…
It isn’t just the issue of coming with more jobs. If a CEO creates a bunch of Wal-Mart jobs–low-paying, without benefits, non-union–is that something we should praise? I know the answer, from my little corner of the world. But, it should be much more explicitly said–we got into this crisis precisely because people were not being paid enough and people had to use credit to pay off things like health care costs and other basic living expenses.
Or as Jesse Jackson has said, “Even slaves had jobs”.
Well said from working life.org-I may not always articulate my posts as eloquently as I would like so when I come across someone who says it so well I wanted to share it but not pawn it off as my own post. I totally agree with this.
Different day, same politicians elected, further into debt and all looking for a way out, nothing will change, so get out and set up in a nice place, Cayman islands, Lichtenstein, or somewhere where you dont have to feel like you have to defend your position, forget it and move on, pick a better place than the USA to live !
OOPS! All of the free market don’t tax the rich people have forgotten the wonderful bonuses the bankers and their traders have “earned” (while doing nothing productive)that you dear taxpayer funded in the bank bailout.
The middle class should be angry, very angry
What some here are overlooking, perhaps, is that a lot of the uber-wealthy 1%, who “deserve” all the money they’ve “worked so hard” to make are actually committing theft and fraud every single day – and getting away with it. They bribe politicians. They write, and re-write the law to suit themselves. They have blood-thirsty lawyers that get them out of having to pay damages to people they killed or made sick because their products are or were untested, or they (oops!) dumped a bunch of toxic waste somewhere without bothering to spend money on appropriate disposal. Big agra and big pharma now control the FDA. This is but one example of the corruption rife in Washington’s so-called “regulatory” agencies. If you feel safe taking prescription drugs or eating food in America, you are living in a dream world.
Furthermore, these elitists? They don’t give a rats ass about this country or what it was supposed to stand for. If the United States dies, what does it matter to them? THey are internationalists, not patriots. They want to sell jobs to the lowest bidder and goods to the highest and the government is so corrupt, it goes ahead and panders to this. Through “free trade” these people would push the standard of living in this country down to what it is in the 3rd world. Want jobs? Well, I guess you American’s will have to stop being so snobby and work for $.20 an hour, like they do over in Bangladesh. That’s okay, right? You can just work 23 hours a day. Pull yourself up by your bootstraps, and all that. Show us how tough you are!
Those brainwashed by the gospel of “deregulation” need to wake up. Corporations are profit-making entities. They do not have consciences. Without regulation, they can and do destroy health, property, and lives. We don’t have child labor laws, paid vacations, and a 40-50 hour work week because corporate bosses are “really nice”. We have them because (whatever they may have become later on) the labor movement fought for them.
Redistribution of wealth is, of course, a ludicrous suggestion. How about patriotism, instead? Patriotic policies that protect the middle class such as Glass-Steagall, infrastructure development and large scale energy programs, science-drive programs, sovereign credit. Whenever a country uses sovereign credit to create needed infrasturcture, the investment pays for itself, and creates additional jobs as well. Stop drinking the mainstream media and economics textbook kool-aid and read some history.
Greetings,
I’m guessing that since only 3% of Americans even own passports that many of the people running their silly mouths about “socialism” have actually never left the country and can only repeat whatever Fox News tells them to say.
Germany is about as socialist as you can get but that little country (about the size of Arizona) out exports China. The people have excellent health care, education and public transit and pay for it all up front. The people enjoy 40+ paid holidays a year and also enjoy a 36 hour work week. Labor Unions are extremely powerful and, as a matter of fact, labor unions must have a voting seat on all boards of directors for all corporations.
Of course, you wouldn’t know that because you’ve never left the country. Oh yeah, before someone gives me any crap, I lived and worked in Germany for 5 years and I also own a home in Northern Italy near Venice (the Italians get 42+ paid holidays). The Europeans are aghast by our low standard of living, our terrible quality of life and our willingness to believe whatever the television tells us to believe.
Americans are very silly people and are about to realize what happens to fat, lazy, ignorant, uneducated people that believe whatever someone tells them to believe.
Good luck idiots.
Glad to see so much loyalty to Lucifer’s corporate elite here. Remember your place: to serve the capitalist elite. Kneel and obey, worms!
Wake up world. This is setting the stage for the Antichrist to come on the scene and take over. We are in the end times of the Bible and financial chaos plays a large part. Read Rev 11:1-2 very carefully. It proves that the 7 year Tribulation starts the day Palestine is recognized as a nation with Jerusalem as its capital, which is the number one agenda in the UN right now. It will happen in 2011. We are in a 70 year countdown that started on May 14, 1948 when Israel became a nation. 1948 + 70 = 2018 but then come back 7 years and you are at 2011. We are under attack spiritually, emotionally, physically, and financially. You have one hope and that is in Jesus Christ.
You cannot spread wealth. You can spread misery.
Jimbo you can tax 100% of all the income in the US and confiscate all the wealth of the hated rich and you won’t change a thing except run off any international investment in the US. That is a fact not opinion.
To Jimbo – you make some great points!
To the Ayn Rand types – it’s not socialism when people are dying in the streets from starvation.
I lived in the Netherlands for a few years. They have a socialist system. They have not “vanished from the face of the earth.” One of the biggest problems in America is the incredibly ignorance of its citizenry.
We could clean up 60% of the US economy with three actions:
1. Put the Federal Reserve and the money supply under the control of Congress, as it states in the Constitution (not in the control of for-profit bankers as now);
2. Back our money using a market-basket approach, with about 15% gold, 30% silver, 15% other mining commodities, 15% agriculture, and 15% energy.
3. Eliminate the IRS and put in a national sales tax. That would get the multi-billion-dollar “recreational” drug industry to pay taxes.
Maria,
I don’t think anyone could have stated what you just did any more accurately.
I believe there is a viable way to restructure the US economy and give us all a fresh start. A solution relatively simple which all Americans could help implement without much effort. Unfortunately time is of the essence and to quote you “We haven’t gone through enough pain yet to stop the blame games and focus on new solutions”.
I too pray.
Well, isn’t that a dismal picture?
Maybe a growth business would be a long term freezing plant/warehousing operation so people could voluntarily put themselves in suspended animation until things got………’better’.
At the rate we are going, there will be no way for many people to live through this. So ‘suspending’ them is at least theoretically better than putting them through starvation and exposure until death.
Then again, maybe 2012 is really a good thing in disguise.
NO cuts to Social Security until the US military is brought back from foreign bases and the DOD budget is reduced by $100 Billion a year until it is down to $400 Billion. We can NOT afford EMPIRE——never could.
America ceased being a country and became a wealth vehicle. They are killing this particular goose. When it goes down, we will return to the old days of survival of the fittest.
Let’s not worry about ridiculous Mercedes driving fools…life is so full anywhere you care to look… it’s every moment u live… Simplicity is the new philosophy…
Gene,
It’s probably best to know what you’re talking about before leaving comments. You ask the question: “why, with the tax rates lower now than ever in our country, are things going so poorly?”
You do understand that the federal income tax did not exist at one time, right? You also know that when the top rate was lowered from 70% to 50% in 1982 that the economy and government revenue both sky rocketed? Or is it you really have no idea what you’re talking about?
been looking into those 10,000 dollar condos and get hard luck storys of health care costs, disabilities and associatives HOA.s run off with the money for repairs, and the remnant taste of alcohol,fast women, and ….renters…….not sure what “made” the neighborhood!
It won’t matter.
Tax the rich, tax the middle class, and the poor could offer their first born child to the government. It won’t matter.
All your taxes are going into a black hole.
Bill Gates could give every red cent in his possession to the federal government, and it still won’t be enough to pay for the 2010 cost of the war in Afghanistan. And don’t forget our future obligations. Social Security, Medicare, and Medicaid are the biggies. How ’bout we completely eliminate all three? (You’re going to have a lot of seniors asking for blood if you even suggest that.)
What to cut, then? How about some useless government agency like NASA? Sure, we could dismantle NASA. And it wouldn’t even make a dent in the budget.
Our debts are beyond astronomical, they are unsustainable, and they are beyond repair.
El Pollo de Oro is correct.
There is immense wealth in this country. Our Great Plains is the breadbasket of the world (well it used to be).
But like any good government/corporate bandits will do, they squandered the vast wealth for their own personal gain.
Africa has incredible natural resources. Fertile soil, minerals, gold, diamonds. So why on earth is so much of sub-Saharan Africa dirt poor? (no pun intended)
It’s typical of businesses today not to make clear the need for an email address to get a comment published. So here goes again after they refused me the first time. It says address required not email address required. Pretty dumb huh? Most of the comments center around the federal taxation system. People making $100,000. or less shouldn’t be paying any federal taxes. This enables that income group to fund their retirement and health insurance programs. If Congress would set a livable annual income amount of $41,600. and adjust it to the real cost of food, housing and essential services such as water, sewage, electricity, etc. then a reasonable level of consumption would be guaranteed and the general welfare of America would have a solid base and job growth would be essentially guaranteed. In addition, the federal fiscal and monetary policies should be geared to supporting the growth of the free market system. The Chinese have not only stolen our free market enterprises they have adopted a central government financial support of their free market system with a heavy hand to ensure monopolies are minimal in their free market system. And they tax the high income earners heavily to ensure the central control of the general welfare is adequately funded. Their consumption of goods by lower income citizens is rising at a high rate. Soon they will dump Walmart and such retailers because they don’t then have to buy U. S. Treasury debt which will probably default in the short run. They just won’t need to sell us their low, low priced goods made by slave labor anymore besides the Commies are afraid the poor will revolt if they don’t pay more. In summary, we need to dump the military gravy train almost totally[$300 billion per year is plenty to provide for the common defense of America]; we need to fund the rebuilding of America’s infrastructure pronto; we need to require our banks to finance the rebuilding of our manufacturing enterprises as well as funding the new enterprises that will be required to put 95% of Americans of all ages back to work which will require a responsible, accountable, and efficient monetary system[the Federal Reserve System is not responsible, accountable nor efficient so must be dumped]. This endeavor to retake America by ‘We The People’ is possible because it is a must if America is to become a thriving, progressive entity once again.
Our so called poor live much better than half of the other worlds people. If things aree so bad for them, why not deport them to Africa, Cuba or Mexico where they might find it better to their liking? Personally I am tired of being forcefully made to pay taxes to support them.
Another burden to carry… The financial system as a whole is already at its worst and the government has already known about this, even before the Lehman announced its bankruptcy. The problem is they have just taken it for granted and is confident that they can use consumer’s money/consumer credit to increase its fake assets. To top it all, the American government does not have the political will to be honest with the American people about our financial condition. And so effects are pouring in and is passed on to us, working majority.
We help Americans find jobs and prosperity in Asia. Visit http://www.pathtoasia.com/jobs/ for details.
@tim hammond
Keep your fear mongering to yourself you inferior. Your words are so wide that it can be used to describe anything even the bark of a dog doen the alley. Si dont tell us exactly where our hopes are when you can’t be exact in quoting those words.
This is a place for human superiors and intellects. Not inferiors like you fear mongering. So shut up take it else where to your medieval dark ages. Don’t try to resurrect your medeival powers. They’re gone forever never should have been allowed in our supreme human world.