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Yep, fiscally we've passed the tipping point. It's going to manifest in a generally lower standard of living across the board. The question now is how far the decline will be. If it means going from a 60" big screen and two nice cars to a 42" big screen and two medium-nice cars, that's one thing, hopefully that will be the extent. We'll see!
There's one thing on which we can be certain: The deck hands will be pointing the finger at each other as the boat sinks.
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I disagree. I don't see any signs that the Debt matters, and my evidence is that it hasn't been lowered in over 60 years. Someone tell me what it looks like when the bond holders (which happen to be, mostly the Fed (China's ownership of our debt is grossly overstated, *we* own most of our own debt) come looking to be paid up...
Taxes are not historically high, yet all the right can seem to speak about is how taxes are crushing business. That is what it means to be living inside of a bubble. Corporate profits hit many all-time highs under Obama, the bad for business President, let's all sweep those facts under the rug.
He cut 18 different taxes for small businesses. Let's sweep that under the carpet, also.
Let's not talk about how the recession itself is the reason foodstamps and things have increased - let's blame "entitlement MINDED people," as if that's not GROSSLY overstated, also.
Social Security needs reform, that doesn't mean we're done-for, it just means we need ideas. 51% of the Country is on "some sort of" assistance? Someone needs to break down what's inside of that 51%, because many of those inside of said 51% have PAID FOR what they're on, in BLOOD, or in DEDUCTIONS all of their working lives. Calling it entitlements when you worked all of your life like you were supposed to is a farce.