I see an economic diasater coming...

[triffid]

Q: How did the debt grow from $5.8 trillion in 2001 to its current $14.3 trillion?
A: The biggest contributors to the nearly $9 trillion increase over a decade were:
â€"2001 and 2003 tax cuts under President George W. Bush: $1.6 trillion.
â€"Additional interest costs: $1.4 trillion.
â€"Wars in Iraq and Afghanistan: $1.3 trillion.
â€"Economic stimulus package under Obama: $800 billion.
â€"2010 tax cuts, a compromise by Obama and Republicans that extended jobless benefits and cut payroll taxes: $400 billion.
â€"2003 creation of Medicare's prescription drug benefit: $300 billion.
â€"2008 financial industry bailout: $200 billion.
â€"Hundreds of billions less in revenue than expected since the Great Recession began in December 2007.
â€" Other spending increases in domestic, farm and defense programs, adding lesser amounts.

[triffid]

So here the great recession we are in started in dec,2007.Yet I remember our great leaders denied we were in recession until sept.2008.Two weeks after I quit my last job.so make that the second half of sept.2008.No wonder people are confused.It would not have affected my decision to quit but I would have liked to have known.triffid

[screaminvern]

If you have so many complaints in life now then maybe you should be a politician in your next life, if it exist.

You haven't been affected at all by the state of affairs in this country?

[triffid]

 Imagine two men marooned on an island. They barely survive. One works hard, hunting, gathering, and planting. The other dances on the beach like Zorba, depending on the kindness of his companion for his daily rations. The problem is not the lack of balance. The problem is the slacker. You could redress the balance between them by getting the productive one to slack off too. But then, they’d both starve. I am once again talking about greece and germany.triffid

[triffid]

The United States Has Effectively
Defaulted At Least Six Times
Default #1: The Continental Currency Default of 1779
Largely to fund the Revolutionary War, the Continental Congress of 1775 issued notes totaling 241 million Spanish milled dollars over roughly a two-year period.
They were the first of the so-called “Continental dollars.” But since Congress had no power of taxation, it made each of the then-13 states responsible for paying them off, prorated based on their population.
But the states couldn't pay them off. So in November 1779, Congress agreed to redeem the notes â€" with currency worth less than 1/38th the Continental's original value.
Default #2: The Default of 1790
In addition to its currency issuance, the Continental Congress borrowed money both domestically and abroad. The domestic debt totaled approximately $11 million Spanish dollars. The interest on this debt was paid primarily by money received from France and Holland as part of separate borrowings.
When foreign lending dried up, Congress defaulted on its domestic debt starting on March 1, 1782 â€" by refusing to pay and, instead, accepting the notes for payments of taxes.By 1790, Congress repudiated these loans entirely.
Default #3: The Greenback Default of 1862
In August 1861, to fund the Civil War, Congress created a new currency which became known as the “greenback” due to the green color of its ink.
The original greenbacks were $60 million in demand notes in denominations of $5, $10, and $20 â€" redeemable at any time at a rate of 0.048375 troy ounces of gold per dollar.
But in January 1862, only five months later, the U.S. Treasury defaulted by refusing to redeem them on demand.
Later, the Treasury issued “greenbacks as non-redeemable legal-tender.” They traded hands at discounts from the original greenbacks of as much as 40%.
In effect, the currency was devalued by as much as 60% to finance the Civil War.