[retiredguy123]

Originally Posted by PugMom

i bet the Saudis could do it

No way. Saudi Arabia's GDP is only about $2 trillion. The U.S. GDP is $28 trillion and our debt is $34 trillion.

[tophcfa]

Originally Posted by Rainger99

Interesting article on global debt.

The world is sitting on a $91 trillion problem. ‘Hard choices’ are coming | CNN Business

The most disturbing language is that “Tackling America’s debt problem will require either tax hikes or cuts to benefits, such as social security and health insurance programs.”

The good news is that we may have another 25-30 years before the world economy collapses.

I am glad that I am not graduating high school this year.

Any comments or suggestions from any economists or financial experts? Is it as dire as predicted? Or does it exaggerate the problem?What are the solutions?

Perhaps the relevant question is, “has the national debt ALREADY reached an unsustainable level”? There is absolutely no doubt the debt level will reach unsustainable levels if we continue on the current course.

[Topspinmo]

Originally Posted by Rainger99

Interesting article on global debt.

The world is sitting on a $91 trillion problem. ‘Hard choices’ are coming | CNN Business

The most disturbing language is that “Tackling America’s debt problem will require either tax hikes or cuts to benefits, such as social security and health insurance programs.”

The good news is that we may have another 25-30 years before the world economy collapses.

I am glad that I am not graduating high school this year

Any comments or suggestions from any economists or financial experts? Is it as dire as predicted? Or does it exaggerate the problem?What are the solutions?

When can no longer print worthless paper money.

[Topspinmo]

Originally Posted by Two Bills

Income $10. Outgoings $9. = Happiness.

Income $10. Outgoings $11 = Penury.

Simple.

Well my formula income 4 dollars outgoing 10 dollars which current track IMO.

[MikeVillages]

If you are unable to pay off your credit cards every month.
When you have loans other then your home mortgage.

[jimbomaybe]

Originally Posted by retiredguy123

I thought that already happened in Detroit and Stockton. I just assumed that the Federal Government is bailing them out, but they don't want the public to know about it.

Both went through bankruptcy, only place a bankruptcy can be done is federal court, employees took a hair cut, but did not do too badly, no federal money to bail them out. But the numbers were not that large. Other municipalities and states have much larger unfunded liabilities, my understanding is the real danger is that of a cascading effect, a large enough default could start a chain reaction that could take the whole economy down.

[justjim]

While traveling this week we pulled into a McDonald’s just off the Interstate. Nobody to wait on you at the counter - please use kiosk sign. There was a line of about 12 - 14 cars in the drive-thru. On the counter next to the register was a rather large sign. “Sorry for the inconvenience. We need 10 employees immediately will train $15 hour starting wage no experience required.” We waited for food/beverages about 20 minutes after ordering on the Kiosk. 1. There is a serious workforce shortage. Plenty of jobs but nobody to fill them. 2. Apparently it is better for many not to work because child care and medical is so expensive. 3. 1% and 2% wage earners pay proportionately less taxes than do middle class wage earners. 4. Congress cannot compromise for the good of the Country as was done in the past. All of this contributes to spending more dollars than is taking in. No political references intended as there is plenty of blame to go around.

[Boomer]

So?

Any old, or almost old, regular citizen who is convinced the aged will not be the first to go is naive — and/or has lost the ability to think critically.

A Plutocracy will take out SS and Medicare, whether it be slice by slice or with a cleaver.

Plutocrats do not need SS and Medicare. But they never seem to have enough money. Given full reign, Plutocrats will never sacrifice themselves, not even just a little bit, which is pretty much all it would take.

Think!

Boomer — one of about 73 million Boomers still here.

Boomer$: The Pig in the Python……..Hard to miss. And Plutocrats will not miss.

[MightyDog]

Maybe slow down on foreign aid?

Particularly since, unbeknownst to most taxpayers, a hefty portion of that foreign aid swings back around and goes into the pockets of the U.S. legislators that approved the aid.

One of the many ways some Congress critters increase their net worth substantially after being elected. Not to mention that the leaders of the, usually, Third World countries receiving the aid also siphoning a chunk for themselves.

[golfing eagles]

Originally Posted by Topspinmo

When can no longer print worthless paper money.

I don't know where people get that idea from. We don't just print up extra money---we BORROW it---mostly from ourselves, some from other countries. Last I heard it was 15% international ownership---someone above posted 30%---it may have reached that by now. But the concept that someone in the Bureau of Printing and Engraving is working the presses overtime is nonsense

[golfing eagles]

Originally Posted by justjim

While traveling this week we pulled into a McDonald’s just off the Interstate. Nobody to wait on you at the counter - please use kiosk sign. There was a line of about 12 - 14 cars in the drive-thru. On the counter next to the register was a rather large sign. “Sorry for the inconvenience. We need 10 employees immediately will train $15 hour starting wage no experience required.” We waited for food/beverages about 20 minutes after ordering on the Kiosk. 1. There is a serious workforce shortage. Plenty of jobs but nobody to fill them. 2. Apparently it is better for many not to work because child care and medical is so expensive. 3. 1% and 2% wage earners pay proportionately less taxes than do middle class wage earners. 4. Congress cannot compromise for the good of the Country as was done in the past. All of this contributes to spending more dollars than is taking in. No political references intended as there is plenty of blame to go around.

If you think the top 1 or 2% pay LESS than the "middle class", you're dreaming. Remember, 47% contribute NOTHING. The top 1% pay 10% of tax and the top 10% pay 60%. But if anyone thinks the "middle" pays less, bring on the flat income tax----tomorrow.

[retiredguy123]

Originally Posted by golfing eagles

If you think the top 1 or 2% pay LESS than the "middle class", you're dreaming. Remember, 47% contribute NOTHING. The top 1% pay 10% of tax and the top 10% pay 60%. But if anyone thinks the "middle" pays less, bring on the flat income tax----tomorrow.

Correct. And, I wish someone would tell me how to take advantage of these so-called tax loopholes to avoid taxes. My Federal income tax payments exceed everything else I spend money on combined.

[MightyDog]

Originally Posted by golfing eagles

If you think the top 1 or 2% pay LESS than the "middle class", you're dreaming. Remember, 47% contribute NOTHING. The top 1% pay 10% of tax and the top 10% pay 60%. But if anyone thinks the "middle" pays less, bring on the flat income tax----tomorrow.

It's a mental shell game that certain politicians like to play. They harp about the sometimes lower tax rate paid by high earners while not mentioning the total dollar amount they pay in taxes. Weak minds believe the spin.

Good info here: Who Pays Federal Income Taxes? Latest Federal Income Tax Data

[MightyDog]

Originally Posted by retiredguy123

Correct. And, I wish someone would tell me how to take advantage of these so-called tax loopholes to avoid taxes. My Federal income tax payments exceed everything else I spend money on combined.

Are you willing to UNretire, part time? If so, I have ideas for you.

[Stu from NYC]

Originally Posted by MightyDog

It's a mental shell game that certain politicians like to play. They harp about the sometimes lower tax rate paid by high earners while not mentioning the total dollar amount they pay in taxes. Weak minds believe the spin.

Good info here: Who Pays Federal Income Taxes? Latest Federal Income Tax Data

And sadly they get reelected over and over