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  #1 (permalink)  
Old 02-20-2007, 08:11 AM
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"Prosperity" Is An Illusion Supported By Debt, Deception & Imports

http://www.economyincrisis.org/articles/show/1066

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Americans are now living on borrowed money, outsourced manufacturing, subsidized foreign insourced manufacturing, and a declining manufacturing base. We are gorging ourselves on unaffordable imports (toys, kitchen appliances, clothing and foreign cars) with no American owned production or earnings.
Debt Since 1987
  • Home mortgages from $1.8 trillion to $8.2 trillion
  • Consumer debt from $2.7 trillion to $11.0 trillion
  • Government budget debt limit recently raised and is now approaching $9.0 trillion
  • Household debt has quadrupled

2005 Balance of Trade Deficit debt $723 billion equals $1.4 million dollars per minute flowing out of the country for imports. This is the money foreign interests have been using in the last 25 years to buy out 13,000 of our best American companies (see the list of companies sold). By losing ownership of these companies, the profit that is made, the taxes that would have been paid, and the technology now resides in foreign countries.
If 'America' was a business, would you buy shares?
 
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Old 02-20-2007, 08:19 AM
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I agree but would also say it's not that simple.

Countries are not companies and can't be measured the same way.

I think (didn't go research this) that if you look at the GNP and the valuation of property, etc. you would see that the debt level can be supported.
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Old 02-20-2007, 02:57 PM
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Government budget debt limit recently raised and is now approaching $9.0 trillion
Thanks to GWB. When Clinton left office, our government had a surplus of around $400Million. True, not much, but in the black. That entire $9Trillion has been aggregated in the past 6 years by one administration.

Talk about fiscal irresponsibility. Throw the bums out!
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Old 02-20-2007, 03:15 PM
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Don't worry. Halliburton and the Carlyle group are doing just fine.
 
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Old 02-21-2007, 06:46 AM
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Not to mention the debt load of the average person. I know a few "rich" people who have the big house, lots of cool toys, take vacations, and live the "high life" while coddling six-figure debts. They have loans on their mortgages, loans on their retirement plans, car loans, boat loans, they do the credit card dance every few months to avoid paying APRs (one of the few financially responsible things they do), and they have ZERO savings. These are the same people who, everytime I go out with them, they want to go to the fanciest restaurant and spend hundreds of dollars on toys for their kids. Literally hundreds. They're not rich. They're a hop away from disaster. One layoff or medical issue could toss them over. And though the analogy of these people with the entire US isn't a perfect one, it's close enough to make me worry about the nation's economy.
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Old 02-22-2007, 09:59 AM
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Originally Posted by Ferre View Post
Don't worry. Halliburton and the Carlyle group are doing just fine.
Don't forget Eli Lilly ... Doing great, and keeping drug prices high.
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Old 02-24-2007, 07:02 AM
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Google will keep the US out of debt and the foreign money rolling into the US.
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