Record $14 trillion-plus debt weighs on Congress

**mashman** · 17th January 2011, 08:43

What will they do...

"Remarkably, nearly half of today's national debt was run up in just the past six years. It soared from $7.6 trillion in January 2005 as President George W. Bush began his second term to $10.6 trillion the day Obama was inaugurated and to $14.02 trillion now. The period has seen two major wars and the deepest economic downturn since the 1930s."

"Here's what then-Sen. Barack Obama said on the Senate floor in 2006: "The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. government can't pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance the government's reckless fiscal policies."" Get outta that one Mr Obama. And who are these super rich countries that that you can borrow Trillions off?

Anyhoo, they're gonna be searching for ways to cut the deficit etc... sounds like it's open season on new tax creation... Hmmmm, is it just me or does that sound remarkably familiar to our situation?

Govt outsourcing to the private sector is the best way to get things done eh? I think not!

Good luck America, looks like you're gonna need it. Hope you don't go the way of the Tunisians

(the Tunisian link I chose highlights the UTTER ignorance of the media

"We should stop trying to fit the events in Tunisia into a Western context. It simplifies things, but it also overlooks the real forces of change at work in the North African country. This isn't about Facebook, or Wikileaks, or Twitter — it's about the people of Tunisia being fed up with decades of marginalization at the hands of a Western-backed kleptocracy, and taking charge of their own future. Among the issues that brought about the events of the last month: Low wages, few job prospects for a growing educated class, high food prices, and a heavy-handed government lead by former President Zine El Abidine Ben Ali. Did social media have an effect on events in Tunisia? Undoubtedly, yes. Is this a social media revolution? Absolutely not.")

**NinjaNanna** · 17th January 2011, 15:38

can anybody say, "bye, bye, world super power!"

Or maybe the yanks have caught onto your idea of eliminating money? Just figuring they'll use as much of it as they can before they discard it all together.

**mashman** · 17th January 2011, 16:20

Originally Posted by NinjaNanna

can anybody say, "bye, bye, world super power!"

Or maybe the yanks have caught onto your idea of eliminating money? Just figuring they'll use as much of it as they can before they discard it all together.

Heh... they'll never give that up without a fight... unfortunately the love of money is such that there'll probably be some form of cull followed by a global election to appoint the first World Leader... free money for all, as long as they vote for ya. Money is ingrained into our culture, so much so that after it's all settled, we'll move forwards in excatly the same way as we have up til this date... exceptionally slowly, painfully and only if there's a profit involved...

But hey, i'm a rabid socialist, hippy, greeny, capitalist, nutcase that's obviously completely out of my mind

... heaven forbid i'd have a free thinking thought that couldn't be aligned with the ideals of any political party, or economic model... it must really confuse people

Fingers crossed it all happens in my life time... i'll get seriously fucked up and watch the world go by...

**shrub** · 18th January 2011, 13:30

a terminal dependence on cheap oil that is getting expensive combined with running two very, very expensive and completely futile wars would have been enough, but add the miracle of a free market economy that was completely out of control, and the outcome is inevitable.

I wonder when the US will go to China for aid?

**mashman** · 18th January 2011, 22:57

Originally Posted by shrub

a terminal dependence on cheap oil that is getting expensive combined with running two very, very expensive and completely futile wars would have been enough, but add the miracle of a free market economy that was completely out of control, and the outcome is inevitable.

I wonder when the US will go to China for aid?

when did it stop being out of control? as long as they can generate more money, she'll be right

good luck with that thinking eh

Haven't they already? cheaper products putting more money in the pockets of the consumer to give to the govt...

**tri boy** · 19th January 2011, 06:25

Perfect timing for the Chinese President to be over there.
He'll buy as much US land as possible, using the US $ as payment.
The Chinese must be laughing.
Hawaii would be a good purchace for them.

**shrub** · 19th January 2011, 09:07

Originally Posted by mashman

when did it stop being out of control? as long as they can generate more money, she'll be right

good luck with that thinking eh

Haven't they already? cheaper products putting more money in the pockets of the consumer to give to the govt...

Ah yes, quantitative easing. The Weimar Republic and Zimbabwe have had great fun with quantitative easing - everyone became incredibly rich. Hell, I would be a multi-millionaire in Zimbabwe, I have a $100,000,000 bank note.

**MisterD** · 19th January 2011, 09:27

Originally Posted by shrub

add the miracle of a free market economy that was completely out of control,

Free market...the US? Don't make me laugh. The subsidies that their steel industry and farmers get in particular are about as far from "free market" as you can get.

The US is the ultimate example of Crony Capitalism...not the same thing.

**mashman** · 19th January 2011, 09:30

"Camden ranked first the previous two years. In 2009, the city had 2,380 violent crimes per 100,000 residents — more than five times the national average, the FBI said."

"About 335 workers, representing one-sixth of the local government work force, lost their jobs, according to Mayor Dana Redd. It was worst in the public safety departments, where nearly half the police force and close to one-third of the city's firefighters were laid off."

... I would have thought the opposite should have happened if crime in the city was so bad... it'll only spread past the boundaries of Camden

all to save a few bucks

...

**Little Miss Trouble** · 19th January 2011, 10:08

Good thing Australia and New Zealand have already been sucking up to... err I mean... organising trade agreements with China...

**shrub** · 19th January 2011, 11:50

Originally Posted by MisterD

Free market...the US? Don't make me laugh. The subsidies that their steel industry and farmers get in particular are about as far from "free market" as you can get.

The US is the ultimate example of Crony Capitalism...not the same thing.

Actually, there is no such thing as free market capitalism in it's textbook form. What is presented as, and passes for freemarket capitalism is pretty much what happens in the US, and to a lesser extent here. Selected segments are completely unfettered (usually banking and the money markets) while other sections enjoy cronyism. For example, in NZ dairy enjoys exemption from the ETS and (in Canterbury and Southland) environmental protection is bypassed.

**toycollector10** · 19th January 2011, 13:11

But the USA still wants a manned mission to Mars.

http://www.flightglobal.com/articles...ls-emerge.html

Meanwhile, back on planet Earth, namely the USA, some states can't afford to gas up all of their police cars because they have so much debt.

**sgtp** · 19th January 2011, 16:54

What will ultimately destroy America is the US dollar no longer being the currency in which oil is traded. Once this happens every single thing will rise in price some crazy percentage on the order of 200-500%. Sad days are ahead.

Being american myself, I fear whats going to happen to all my family back home.

**mashman** · 19th January 2011, 17:02

Originally Posted by sgtp

What will ultimately destroy America is the US dollar no longer being the currency in which oil is traded. Once this happens every single thing will rise in price some crazy percentage on the order of 200-500%. Sad days are ahead.

Being american myself, I fear whats going to happen to all my family back home.

I hope you're wrong

I finally shifted my kids from the other side of the world over similar fears for the future of the UK...

**gatch** · 19th January 2011, 17:16

I am not an economic expert. I don't understand the finer points of what is going on.

But to me it seems like this is all just a bad story. As all these trillions are only on paper. Money that until recently didn't exist, being borrowed for reasons that don't make sense, or have much to do with the average schmo that will be burdened with the consequence.

It is frustrating that such a small group of idiot cunt "experts", can concoct these various ways of making money, royally fuck everything up for nearly everyone else and can't possibly be made to make amends for ruining millions (billions ?) of lives.