THE RACE: Economic train wreck may lie ahead | Political Headlines | Comcast
A "fiscal cliff" of steep tax increases and deep spending cuts scheduled to begin next year looms darkly over the presidential race.
While both parties blame the other, almost nobody thinks President Barack Obama and Congress can resolve the impasse before the Nov. 6 election.
Thus, the winner will immediately face an enormous challenge that must be dealt with in a matter of weeks.
Right now, the candidates are competing for attention with the Summer Olympics in London.
But the unemployment report for July, due out Friday, likely will serve a cold dose of economic reality as Congress begins a month-long summer recess.
Economists and analysts don't expect much change from the dismal 8.2 percent rate in both May and June, especially considering last week's report showing economic growth at a rate of just 1.5 percent.
Economic weakness weighs on Obama's re-election chances and plays to what polls show is Republican challenger Mitt Romney's biggest strength, handling the economy.
All aboard the **** train---choo-choo ,time to pay the piper
A "fiscal cliff" of steep tax increases and deep spending cuts scheduled to begin next year looms darkly over the presidential race.
While both parties blame the other, almost nobody thinks President Barack Obama and Congress can resolve the impasse before the Nov. 6 election.
Thus, the winner will immediately face an enormous challenge that must be dealt with in a matter of weeks.
Right now, the candidates are competing for attention with the Summer Olympics in London.
But the unemployment report for July, due out Friday, likely will serve a cold dose of economic reality as Congress begins a month-long summer recess.
Economists and analysts don't expect much change from the dismal 8.2 percent rate in both May and June, especially considering last week's report showing economic growth at a rate of just 1.5 percent.
Economic weakness weighs on Obama's re-election chances and plays to what polls show is Republican challenger Mitt Romney's biggest strength, handling the economy.
All aboard the **** train---choo-choo ,time to pay the piper
Well to begin our beloved United States of America has sadly fallen out of power like most intelligent people have come to realize no matter what any of the uneducated people of this society may say. You, the one running your mouth right now saying "Get the F@$% out then," are just too ignorant/lost to understand that you CANNOT just leave this country and that in fact most of us who do understand ECONOMICS have no desire to leave OUR HOME. Most people in this so called "Land of the Free" have NO IDEA what is actually going on in this place. What happened to our Constitution? No longer do we have our 1st Amendment Right of freedom of speech (Patriot Act) which is the main reason why most people are so scared to speak about our Country's issues. Like here in Arizona, if you acquire a Medicinal Marijuana card you forfeit your 2nd Amendment Right to Bear Arms (WTF)? Anyways, to our DEFICIT! Sadly enough most people of the 90's generation decide(d) to go to college and borrow more money that the United States does not have to lend when in fact this generation should have been the one to wake up and work to help pay off this debt for ours/our children's sake. As it sits right now, the United State's total debt is approximately $56 trillion 956 billion 66 million dollars (most likely quite a lot more) sadly to say 
Most people would say, "Oh, that's not true, the US Debt is ONLY $16 trillion, but sadly this is not the case unless you really are very naive (no disrespect intended). Just so the CARING people of this country do know, YOU, each citizen no matter what you may say, owes about $181,343 to the FED just for being/living in this country =/ Funny enough each family owes around $684,369. Like I was saying though (cough, cough) our student loan debt is now about $871 billion $712 million which is quite entertaining to many of us I'm sure since the majority of those who graduate(d) with an Associate's or Bachelor's start out making nothing since the economy has very little open positions for PEOPLE of this so called "STATURE" (Not all of you though, just the ones who refuse anything less than what they "THINK THEY"RE WORTH") yet SOME of the GOOD do end up making about $25-$40k a year yet they USUALLY owe that much or more in student loans for the most part =/ A lot of us may think we we owe nothing because us ourselves have done nothing wrong, but unfortunately that is entirely inaccurate. Let's take a closer look at our United States population, shall we? Where we stand right now, there are around 314,086,558 citizens in the United States that are reported. Only 114,,081,788 are income taxpayers, which is what, about 40% or so? Funny enough it is reported that ONLY (LOL) 22,988,896 are unemployed which doesn't really add up does it? On a stronger note, many of our friends and family decide to go to WAR against Afghanistan, Iraq, Iran, etc. adding an additional $671 billion $284 million reported, when in actuality it is proven that the 9/11 "TERRORIST ATTACKS" were done by our "own," but I won't get into that since most people in our country refuse to believe the truth and want to continue living in denial. Like most people do know however; out of all the countries that do own a chunk of our debt, China is IN FACT the top holder with a whopping $1 trillion $145 billion $500 million reported (most likely higher of course.) Japan sits right behind like most people do seem to know with $1 trillion $66 billion $100 million, but in fact, most of our debt is due to MEDICARE, SOCIAL SECURITY, and the famous 'WAR ON TERROR." Most of us see that nice chunk of cash taken out of our paychecks for Medicare and Social Security do you not? On recent reports which are most likely much less than the actual amount, Medicare is $795 billion $390 million and Social Security adds another $741 billion $300 million. Not something you see on the news, eh? Yes many people do blame the War on Drugs for a majority for our financial crisis but in fact the War on Drugs only costs us around $49 billion reported. Yes if we get into this subject the local and federal law enforcement could actually SAVE us $BILLIONS by just going after the crooks in POLITICS/SOCIETY who steal a vast amount of money/assets from the GOOD PEOPLE of this nation, but we all know that is not a possibility with the GOOD PRESIDENT (Barack Hussein Obama) being harassed by a CROOKED Senate/House of Representatives/Judicial System. They are of course TOO BUSY man handling the average MAN/WOMAN for having a gram of MARIJUANA or the one who blew a whopping .08 on an inaccurate alcohol monitoring system which led to their discharge in employment resulting in increased economic debt since they are no longer able to pay taxes, and they are now forced to collect unemployment (A WHOPPING $240 per week in AZ on average) and are no longer capable of paying their court fines anyways. I do sincerely apologize to those who read this and do not understand or are just too fearful/scared to accept the truth =( Anyways, absolutely no DISRESPECT to any of our brethren that this applies to, but we have around 83,224,323 families that reside in the United States of America. Unfortunately, 46,619,522 are recipients of food stamps, over 50%. Also, as most of us do in fact know, a HUGE portion of this MASSIVE DEBT is due to the fraudulent documentation in the housing market. Because of all the falsely distributed home loans that the families of our nation could not afford payments on, the debt has been increased by a substantial $13 trillion $213 billion $258 million (HOLY SHIT INDEED) which has led to a REPORTED (wink, wink) 919,639 foreclosures/1,296,662 bankruptcies. This is almost as much as the US National Debt that most people believe is the real deal ($16 trillion) which sadly is not the truth. (Just look up TOTAL DEBT for F$@#'s SAKE). Yes the credit card world is an issue that most people do understand but interestingly enough it ONLY sits at about $886 billion $919 million which increases the personal debt per citizen to about $50,375 (Yes, this number is different than the TOTAL DEBT per CITIZEN ;( Though it does seem impossible, the average family only has around $4,848 in the bank but let's not forget how much you owe on that car loan, home mortgage, and credit card balance. Shamefully, most corporations/businesses are operating on a negative cash balance. Companies like Kroger who employ somewhere around 339,000 employees are operating their "business" with a reported TOTAL DEBT of $8.14 billion... How does a company like this pay their employees? By borrowing more money from the state/federal banking system increasing our DEBT EVEN MORE. No wonder there is so much speculation about the internet potentially being shut down, huh? This is the kind of ACCURATE INFORMATION the STATES/FEDERAL GOVERNMENTS do NOT want their citizens knowing/understanding. What would happen though if they did shut it down? Sadly enough for them, it is quite OBVIOUS to anyone with a little comprehension of reality that the US/GLOBAL Stock Markets would CRASH IMMEDIATELY, as well as the decision would VASTLY increase the UNEMPLOYMENT rate due the majority of businesses operating online which would quickly lead to the END of the WORLD as we know it (World War 3/Anarchy). 
