Is Washington Bankrupting America?

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investorzzo's picture
investorzzo
Status: Diamond Member (Offline)
Joined: Nov 7 2008
Posts: 1182
Is Washington Bankrupting America?

According to a recent poll, 74 percent of likely voters are extremely or very concerned about the current level of government spending. And 58 percent think the level of spending is unsustainable.

Is the public right? Is Washington bankrupting America? Some facts from the video:

Spending per household has risen over 40 percent in the last 10 years and is set to do so again in the next 10 pushing debt (and interest on the debt) to unprecedented levels. But that’s just a result of PAST spending…

Our government owes $106 trillion in FUTURE spending commitments – that cannot be paid for.

We can solve it, but politicians will have to make tough choices. Increasing taxes can’t do the trick ($106 trillion is equivalent to taking all of the taxable income from every American nine times over), nor is it fair to saddle taxpayers with a problem created by government irresponsibility.

We need real spending reform. Merely returning to the spending per household levels of the 1990s would balance the budget in three years.

http://www.ritholtz.com/blog/2010/05/is-washington-bankrupting-america/

http://www.bankruptingamerica.org/

V's picture
V
Status: Platinum Member (Offline)
Joined: Dec 14 2009
Posts: 849
Re: Is Washington Bankrupting America?

Yes

V

The Evolutionary Ape's picture
The Evolutionary Ape
Status: Bronze Member (Offline)
Joined: May 31 2009
Posts: 62
Re: Is Washington Bankrupting America?

No.  We will print our currency to Mars ensure we don't default and go bankrupt.  Hyperinflation, sure.  Default, I doubt it. In the end the general American's quality of life will resemble that of bankruptcy.

dshields's picture
dshields
Status: Platinum Member (Offline)
Joined: Oct 24 2009
Posts: 599
Re: Is Washington Bankrupting America?

gov spending at all levels of govenment is out of control and has been for some time now.  i live in new jersey and we have the highest property taxes in the nation and our local school systems and local governments are broke.  how is that possible ?  what would you say to a truly rich person who told you he/she was broke ?  i would say "you have grossly mismanaged your money".  the governments (state and local) of new jersey have grossly mismanaged our money - the people of new jersey's money.  it is an outrage.  it makes me so angry when i think about it.  and then there is the fed gov.  it is an outrage also.  how did this happen to us, the people of america ?  the peoples of europe can go broke if they want to but we should not allow that in america.

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