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I remember people fretting in 1980 about America's National Debt reaching 1 trillion - it is now 17 trillion and steadily growing.
"Not long ago Greeks were enjoying high paid salaries, early retirements, excess cash, and seemingly never ending economic growth.
Today, just a short time after a financial collapse that rocked global financial markets, Europe’s darling has turned into a frightening example of what happens when governments and their people take on more debt than they can ever hope to repay.
I remember people fretting in 1980 about America's National Debt reaching 1 trillion - it is now 17 trillion and steadily growing.
"Not long ago Greeks were enjoying high paid salaries, early retirements, excess cash, and seemingly never ending economic growth.
Today, just a short time after a financial collapse that rocked global financial markets, Europe’s darling has turned into a frightening example of what happens when governments and their people take on more debt than they can ever hope to repay.
No, we are not Greece, we have control of our money supply for one. And our money is used as the worlds primary currency. We borrow in our own currency not Euros! Our deficit is falling.
Unlike Greece we actually collect our taxes (Greece's gap between taxes owed, and taxes paid was 33%). We have a diversified economy, if the value of the dollar fell worldwide, our exports would explode.
And we've been this far in debt before as a % of GDP, we recovered from that, we will recover from this.
Everybody agrees that government spending needs to be cut but nobody can decide what to actually stop spending on. It's really scary and doesn't bode well for our country when you consider that 70 million Baby Boomers are heading towards retirement. Yeah, 10,000 people a day become eligible for Social Security. Something's gotta give!
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