So what does a country do once its bankrupt?

[Mr.Fitnah]

So what does a country do once its bankrupt?

The US will have to rely on other countries to bail it out in the form of (even more) loans, we'll lose our AAA credit rating, our super power status will end, the stock market will crash, credit institutions will crash, unemployment will skyrocket, a large number of government funded programs will simply end (like social security and medicaid), we'll probably be invaded by other countries, etc. Bad stuff.

We have already been invaded and done nothing.
This is how an empire ends .

 

[dilloduck]

So what does a country do once its bankrupt?

The US will have to rely on other countries to bail it out in the form of (even more) loans, we'll lose our AAA credit rating, our super power status will end, the stock market will crash, credit institutions will crash, unemployment will skyrocket, a large number of government funded programs will simply end (like social security and medicaid), we'll probably be invaded by other countries, etc. Bad stuff.

We have already been invaded and done nothing.
This is how an empire ends .

Don't we just head for another country now as refugees ?

 

[boedicca]

Instead, the US will most likely inflate away its debt, as it did after WWII. It will also change social security and medicare, reducing the total amount of liabilities of the government.

Yes. The bright lights of our ruling class will destroy our currency and the accumulated wealth of the working and middle classes. Then, as a reward for paying taxes over a lifetime, our meager benefits will be reduced so the ruling class and their bureaucrat drones can continue to receive excessive pay and pensions.

That is destruction of a different kind, which by any name, is still a significant decline.

 

[rdean]

We're not bankrupt yet. We still have the best manufacturing base in the world. Huge amounts of natural resources, a skilled labor force. Our infrastructure, while aging is still sound. We have the best colleges and universities in the world and a lot of educated Democrats to once again, come to America's rescue. If we can keep the "cut taxes for the rich and start more wars" crowd out of office, and with the right management and proper regulations, things will actually start to look pretty good.

 

[Mr.Fitnah]

The US will have to rely on other countries to bail it out in the form of (even more) loans, we'll lose our AAA credit rating, our super power status will end, the stock market will crash, credit institutions will crash, unemployment will skyrocket, a large number of government funded programs will simply end (like social security and medicaid), we'll probably be invaded by other countries, etc. Bad stuff.

We have already been invaded and done nothing.
This is how an empire ends .

Don't we just head for another country now as refugees ?

Im pretty well dug in here waiting for the golden horde to mount the rise.

 

[dilloduck]

We have already been invaded and done nothing.
This is how an empire ends .

Don't we just head for another country now as refugees ?

Im pretty well dug in here waiting for the golden horde to mount the rise.

I can't decide if I'm going to try to fight for my homeland or mow their lawns.

 

[Some Guy]

Once this nation finally goes bankrupt, maybe then will people realize that you can't have a large chunk of the population leaching off another, and that sooner or later, you actually have to pay for what you get.

 

[boedicca]

We're not bankrupt yet. We still have the best manufacturing base in the world. Huge amounts of natural resources, a skilled labor force. Our infrastructure, while aging is still sound. We have the best colleges and universities in the world and a lot of educated Democrats to once again, come to America's rescue. If we can keep the "cut taxes for the rich and start more wars" crowd out of office, and with the right management and proper regulations, things will actually start to look pretty good.

Please read the 2009 Financial Report and get back to me on that.

Current Report: Financial Report of the United States: Publications & Guidance: Financial Management Service

Here's a clue: pay special attention to the present value of unfunded entitlement liabilities.

 

[Mr.Fitnah]

we're not bankrupt yet. We still have the best manufacturing base in the world. Huge amounts of natural resources, a skilled labor force. Our infrastructure, while aging is still sound. We have the best colleges and universities in the world and a lot of educated democrats to once again, come to america's rescue. If we can keep the "cut taxes for the rich and start more wars" crowd out of office, and with the right management and proper regulations, things will actually start to look pretty good.

please read the 2009 financial report and get back to me on that.

current report: Financial report of the united states: Publications & guidance: Financial management service

here's a clue: Pay special attention to the present value of unfunded entitlement liabilities.

i know that know with out looking, over 107 trillion dollars .

 

[Lonestar_logic]

So what does a country do once its bankrupt?

Borrow money from Communist China so it can invade two separate countries that posed no threat to the US?

Hey, Fitnah...why did you neg rep me for this post???

Perhaps it was because you're an idiot!

 

[dilloduck]

Once this nation finally goes bankrupt, maybe then will people realize that you can't have a large chunk of the population leaching off another, and that sooner or later, you actually have to pay for what you get.

Intially the strong will take from the weak before they have to start paying for anything.

 

[Murf76]

(1) Obama allows offshore oil drilling in Alaska

C'mon Maggie. Do you HONESTLY think those two test wells are going to put 700 Billion back into our economy? We need to be drilling everywhere and anywhere where we might find oil. That money needs to stay INSIDE our economy instead of going out. Game Time is clearly over.

(2)

The agency said a downgrade did not appear imminent and expressed confidence that the four countries would come to grips with their fiscal problems. Germany, the report said, has included a new debt provision in its laws, and the United States has established a commission on spending reform...

In economically healthier European countries such as Germany, France and Great Britain -- as well as the United States -- policymakers face a no-less urgent quandary, Moody's said, as they craft an "exit strategy" for the emergency programs adopted in response to the economic crisis.

washingtonpost.com

My problem with the constant THE SKY IS FALLING people is that they only look at situations half-way, take an old news story and pretend it's still alive or something new, and of course try to imply that Obama just woke up one morning and said "I think I'll try to bankrupt the country today..."

From your own link, it also says:

Economic recovery might ease the problem by increasing tax revenue, Moody's reported, but "growth alone will not resolve an increasingly complicated debt equation. Preserving debt affordability at levels consistent with AAA ratings will invariably require fiscal adjustments of a magnitude that, in some cases, will test social cohesion."

and:

Delaying the needed spending controls "would test the patience of the market. . . . Although AAA governments benefit from an unusual degree of balance sheet flexibility, that flexibility is not infinite," Moody's wrote. "We believe that the ratings of all large AAA governments remain well positioned -- although their 'distance-to-downgrade' has in all cases substantially diminished."

This is a warning. This administration is gambling with all our futures by ignoring it. They are gambling with our children's futures by ignoring it. And THAT is unacceptable.


Oh... and this was not an "old story". It was from TUESDAY, March 16, 2010.

 

[boedicca]

This is a warning. This administration is gambling with all our futures by ignoring it. They are gambling with our children's futures by ignoring it. And THAT is unacceptable.

They don't care. By the time the consequences of their malfeasance are full felt, they will be long gone, having drained a great deal of taxpayer wealth for themselves.

 

[MaggieMae]

Once this nation finally goes bankrupt, maybe then will people realize that you can't have a large chunk of the population leaching off another, and that sooner or later, you actually have to pay for what you get.

Well it's too bad that all the brainiacs in the past haven't tried to stop that snowplow before now. To abruptly END entitlement programs and stimulus put in place to get the economy at least in an upright position again, would have equally as devastating consequences.

 

[dilloduck]

Once this nation finally goes bankrupt, maybe then will people realize that you can't have a large chunk of the population leaching off another, and that sooner or later, you actually have to pay for what you get.

Well it's too bad that all the brainiacs in the past haven't tried to stop that snowplow before now. To abruptly END entitlement programs and stimulus put in place to get the economy at least in an upright position again, would have equally as devastating consequences.

I don't think ending them is a decision---it's the consequences of poor economic policy.

 

[Mr.Fitnah]

Oh... and this was not an "old story". It was from TUESDAY, March 16, 2010.

Thats a long time ago in progressive years.

 

[Murf76]

This is a warning. This administration is gambling with all our futures by ignoring it. They are gambling with our children's futures by ignoring it. And THAT is unacceptable.

They don't care. By the time the consequences of their malfeasance are full felt, they will be long gone, having drained a great deal of taxpayer wealth for themselves.

That's what pisses me off the most.. that these fuckers never have to pay the price of their own folly. The worst that happens is they get tossed out of office and take home free bennies for life.

It's imperative that we put fiscal discipline into our Congress in November. We need to put in a Congress so tough that Obama spends his last two years completely impotent. Let him spend his time doing word jumbles and practicing his putt. It'd be in the best interest of this entire country to pay him for doing NOTHING.

 

[boedicca]

Well it's too bad that all the brainiacs in the past haven't tried to stop that snowplow before now. To abruptly END entitlement programs and stimulus put in place to get the economy at least in an upright position again, would have equally as devastating consequences.

You're right. The country is addicted to entitlement crack. Every attempt to try to wean us off of it by phasing in privatized retirement accounts has been thwarted.

We'd be better off with the Chilean model.

 

[Charles Stucker]

When (not if) we go financially bankrupt, its going to be because Republicans and Democrats failed to control spending from Reagan's era forward. Bush/DeLay/Frist's era of Borrow and Spend will have as much to do with it as Pelosi/Reid/Obama's spending did.

Should the US go financially bankrupt, you can bend over and kiss your sweet behind goodbye. The default on Federal Bonds would absolutely destory investment and industry. Military personnel wouldn't be paid. Entitlements would dry up as would VA benefits. Federal law enforcement would sputter out.....

Its a nightmare scenario. I'm hoping that it won't happen, but history shows that at some point every form of government will fail.

I'll fix this for ya
from FDR's era forward

Unless your intent was to remind everyone it was pretty much a Democratic party show until Eisenhower?

 

[VaYank5150]

So what does a country do once its bankrupt?

The US will have to rely on other countries to bail it out in the form of (even more) loans, we'll lose our AAA credit rating, our super power status will end, the stock market will crash, credit institutions will crash, unemployment will skyrocket, a large number of government funded programs will simply end (like social security and medicaid), we'll probably be invaded by other countries, etc. Bad stuff.

We have already been invaded and done nothing.
This is how an empire ends .

Yes. It is called Capitalism and corporate greed.