Obama taking US on the road to Greece

CMike

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Obama is taking the US on the same path as Greece.

Pretty soon America's debt is going to be the same as it's GDP.

Here is an analysis on it.

Greece's Crisis Foreshadowing America's? - CBS News

Many of the same risky financial practices that now imperil the Greeks were at the center of the all-too-recent U.S. meltdown.

As with Greece, America's national debt has been growing by leaps and bounds over the past decade, to the point where it threatens to swamp overall economic output. And in the U.S., as in Greece, a large portion of that debt is owed to foreign investors.

Not good, if these debt holders begin to wonder if they'll be paid back. A foreign flight from U.S. Treasury securities could sow financial chaos in the United States, as happened when many investors lost faith in Greek bonds.

It's something that could affect all Americans. The U.S. has never defaulted on a debt, and even the hint of such a possibility could send interest rates soaring and choke off a fragile recovery.

How long can the United States remain the world's largest economy as well as the world's largest debtor?

"Not indefinitely," suggests former Federal Reserve Chairman Alan Greenspan. "History tells us that great powers when they've gotten into very significant fiscal problems have ceased to be great powers."

After all, Spain dominated the 16th century world, France the 17th century and Great Britain much of the 18th and 19th before the United States rose to supremacy in the 20th century.

"Unless we do things dramatically different, including strengthening our investments in research and education, the 21st century will belong to China and India," suggests Norman Augustine, the former CEO of Lockheed Martin who chaired a 2009 bipartisan commission studying the nation's top challenges.
 

boedicca

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Greece's deficit is 13% - the U.S.'s this year is 11%.

Greece is the Canary in the Sovereign Debt Coal Mine.
 

VaYank5150

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HOLY SHIT! WE ARE ALL GOING TO DIE!!!

Fearmongering is SO 2008....
 

Kevin_Kennedy

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Not "taking" us on the road to Greece, simply continuing us down the road to Greece.
 
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CMike

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Sometimes fear is good motivation to put someone or a country back on a path that doesn't lead to a cliff.
 

rightwinger

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Sometimes fear is good motivation to put someone or a country back on a path that doesn't lead to a cliff.
Come on AmwayMike.....Playing that slippery slope crap a bit much aren't you?
 

VaYank5150

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Sometimes fear is good motivation to put someone or a country back on a path that doesn't lead to a cliff.
OR....it is good motivation to invade a country that was no threat to us, costing us trillions of dollars and thousands of American lives....
 

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CMike

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Barak Hussein is leading America off a cliff.
 
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CMike

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Sometimes fear is good motivation to put someone or a country back on a path that doesn't lead to a cliff.
OR....it is good motivation to invade a country that was no threat to us, costing us trillions of dollars and thousands of American lives....
:cuckoo:
 

VaYank5150

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boedicca

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The Defense budget, bloated though it may be, is not the major source of burgeoning government.

Entitlements and interest on the debt will swamp everything else, if we don't reform them soon. Instead, Obama has added yet another entitlement, which the CBO recently confirmed will not reduce the deficit. Instead, there are 52 programs for which spending is not yet identified contained therein.

Obama did not create this problem by himself - his Administration is, however, responsible for policies which are making much much much worse.
 

jillian

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everyone wants 'entitlements' cut.....

except for the ones they get themselves.

:cuckoo:


and psssssssssssssssssst.... the problem was bush cutting taxes during wartime FOR THE FIRST TIME IN HISTORY.
 

boedicca

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And that's the problem in a nutshell.

Once government gets to the point where the majority feed from the public trough, society will decline. The cost is unsustainable.

We have two choices: we can do something about it, which does mean real cuts to entitlements and the cost of goverment - or we can ignore the evidence, and head for a larger scale implosion.

We cannot BORROW OUR WAY OUT OF A DEBT CRISIS.
 

VaYank5150

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And that's the problem in a nutshell.

Once government gets to the point where the majority feed from the public trough, society will decline. The cost is unsustainable.

We have two choices: we can do something about it, which does mean real cuts to entitlements and the cost of goverment - or we can ignore the evidence, and head for a larger scale implosion.

We cannot BORROW OUR WAY OUT OF A DEBT CRISIS.
So we cut entitlements to OUR citizens in order to provide them (via the "defense" budget) to everyone else's???
 

boedicca

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You really do not understand of what the bulk of federal spending consists.

Defense is about 20% - it can be very reasonably asserted that the proper role of the federal government is National Defense. Can we do it more cost effectively - yes. There is a great deal of waste and pork buried in Defense. Nobody claimed they should have a blank check.

Now, what about the other 80%?



Note the large increases in entitlements - they are on a trajectory, along with interest when rates inevitably increase, to swamp everything else.

A family with maxed out credit cards equal to 60% of their annual income doesn't solve its problems by getting more credit cards to increase that debt to 100%.

The same principle applies on a larger scale. When one is spending too much money, it's time to stop spending more than one earns.
 
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VaYank5150

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You really do not understand what the bulk of federal spending consists of.

Defense is about 20% - it can be very reasonably asserted that the proper role of the federal government is National Defense. Can we do it more cost effectively - yes. There is a great deal of waste and pork buried in Defense. Nobody claimed they should have a blank check.

Now, what about the other 80%?



Note the large increases in entitlements - they are on a trajectory, along with interest when rates inevitably increase, to swamp everything else.

A family with maxed out credit cards equal to 60% of their annual income doesn't solve it's problems by getting more credit cards to increase that debt to 100%.

The same principle applies on a larger scale. When one is spending too much money, it's time to stop spending more than one earns.
Good. I agree American entitlements are out of control. Generational welfare is out of control. HOWEVER, to fouocs solely on that, while providing everything we do to other countries, is simply wrong, in my humble opinion. I agree with you that throwing everything under the guise of "defense" should not be allowed.
 

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