August 28, 2005
Plan to fix our national debt - change other nations
Experts Warn Debt May Threaten Economy - Yahoo! News
A chorus of economists, government officials and elected leaders both conservative and liberal is warning that America’s nonstop borrowing has put the nation on the road to a major fiscal disaster ? one that could unleash plummeting home values, rocketing interest rates, lost jobs, stagnating wages and threats to government services ranging from health care to law enforcement.
David Walker, who audits the federal government’s books as the U.S. comptroller general, put it starkly in an interview with the AP:
“I believe the country faces a critical crossroad and that the decisions that are made ? or not made ? within the next 10 years or so will have a profound effect on the future of our country, our children and our grandchildren. The problem gets bigger every day, and the tidal wave gets closer every day.”
Federal Reserve Chairman Alan Greenspan echoed those worries just last week, warning that the federal budget deficit hampered the nation’s ability to absorb possible shocks from the soaring trade deficit and the housing boom. He criticized the nation’s “hesitancy to face up to the difficult choices that will be required to resolve our looming fiscal problems.”
[snip]
Ben Bernanke, who recently left the Federal Reserve Board to serve as President Bush’s top economic adviser, has argued that the problem is not with the United States. The trouble lies overseas, where people want to save rather than spend their money. The key is to encourage other countries to spend and invest more, he says, though he also believes that the federal budget needs to be balanced.
Bold emphasis is mine.
Does that seem like a realistic solution to anyone else? To solve our problem by getting others to spend more?
Perhaps we have a jedi mind trick task force that will save us.
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2 Comments to “Plan to fix our national debt - change other nations”
March 20th, 2006 at 3:48 pm
Stubborn politicians. The problem lies within our government borrowing money and wasting it.
December 12th, 2006 at 7:56 am
The problem that our nation faces is not just our economic decline. It is also the decline in the sociology of the American Masses. Apathy, procrastination, poor work ethics, lying, cheating, these have all become common place in the American workforce. Today we are entering an age when we are using more than we need, and expecting everything to be handed to us. The energy used by China is one third the energy used by the U.S. and yet we are submerging ourselves into a deeper quagmire of debt. I understand that a substantial part of that excess energy is used to increase our standards of living, but how much of it is wasted when it doesn’t need to be? The disrespect that the American people have towards their property and the property of others is also deeply concerning. Basically, the AMERICAN PEOPLE ARE TO BLAME FOR OUR PROBLEMS.
Politicians make us happy. That is the theory behind democracy. If we like short term bandages more than we like long term answers it isn’t their fault. It takes a true leader to stand up to a crowd for what they believe, especially if htat crowd is most of America.
Ideas to fix the problem. Raise tariffs-creates more american businesses-more exports-higher revenue to consolidate debt.devalue the american dollar by printing more and raising minimum wage-inflation hurts businesses but makes the debt less in terms of value-also increases economic revenue-more income equals more revenue to cosolidate the debt.
In all someone has to stand up.
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