@splinterfree 184116 wrote:
my personal belief is that nothing will happen after election. but, within 2 years you’ll see a lot of not only car flipping but proper popular revolt.
the us economy will dive and consumption will fall by a 1/3. and the whole world will suffer. it is inevitable if you understand that america has been living in credit for quite a bit of time. to such an extent that the country owes more that it produces…i stand to be corrected on this stat. whether its obama or mccain, somebody will either have to inflate the currency or stop printing money (which they wont).
the good news is that the USD is the world currency based on the brenton (or whatever its called) act. meaning that everybody takes USD as the common currency. the fact that USA gets to keep their own currency as their debt when inflation expands is good for USA (hardly for anyone else), is only in US’s favour because its cheaper to pay debts.
perhaps i have a crude way of putting my thought, and i admit that i’m not an expert, but i can’t see the current situation having hit the bottom. its a bigger bubble than the dot.com era. we’re fucked mates :flush:
tada…
This is just from memory so correct me if I’m wrong.
the economy is roughly 11-13 trillion ( I heard both 11 and 13 , before credit crisis)
we now owe about 10 trillion (53 trillion in unfunded liaibility if you include ssi and medicare)
Deficits:
Reagan went from 700 billion to 3 trillion, I’m not too sure about this but I believe Bush (41’st president) & Clinton added about 2 trillion but then Clinton had the 5 billion budget surplus in the second term.
Bush(43) 5 to 10 trillion (including bailout $$). (remember the national debt clock running out of digits a few weeks ago.)
We just had the first quarter of negative GDP of about -.3% I believe. A recession is defined as two consecutive quarters of negative growth. Q2 was 3.3% growth.
China has bee growing about 10% a year however, their Q3 was only 9%.
We need to create about 100-150,000 jobs each month to keep up with people entering workforce. we’ve lost about 760,000 jobs since Jan.
Durring the depression unemployment was about 25%. now it’s about 6.1%, The lowest it’s ever been was 3.8%. Generally it hovers about 5% which means everyone that wants a job has a job. I remember waiting in the long unemployment line in 1991. It was about 10% unemployment back then. Took quite a while to find a job.