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USA is the most wealthiest country on the planet by far.
Being wealthy and being debt-free are two different things. China and India may have lower GDP per person but then they have lower debt per person too.
Example:
You(China) earn $2 per day but have no debt vs You(US) earn $200 and have $500 in debt who is RICH?
You can be wealthy but if you have tons of debt eventually you'll go bankrupt - look at AIG, GM and numerous other companies that received bailout - you have REAL-LIFE examples.
I see two things to happen: Either the wage increase rapidly(which has 0% probability) or your standard of living(a.k.a purchasing power) goes down(which is occurring as we speak)
Being wealthy and being debt-free are two different things. China and India may have lower GDP per person but then they have lower debt per person too.
Example:
You(China) earn $2 per day but have no debt vs You(US) earn $200 and have $500 in debt who is RICH?
You can be wealthy but if you have tons of debt eventually you'll go bankrupt - look at AIG, GM and numerous other companies that received bailout - you have REAL-LIFE examples.
I see two things to happen: Either the wage increase rapidly(which has 0% probability) or your standard of living(a.k.a purchasing power) goes down(which is occurring as we speak)
They sure do but their quality of life is nowhere near USA. USA has much more freedom then India and China also.
$500 in debt for how long though? Is that a investment borrowed money for the long run?
Gov't bailed out AIG, GM and numerous other companies and they are soaring since March of 2009. There are very low cost of living areas in USA where you have more buying power vs modest to high salary.
Being wealthy and being debt-free are two different things. China and India may have lower GDP per person but then they have lower debt per person too.
Example:
You(China) earn $2 per day but have no debt vs You(US) earn $200 and have $500 in debt who is RICH?
You can be wealthy but if you have tons of debt eventually you'll go bankrupt - look at AIG, GM and numerous other companies that received bailout - you have REAL-LIFE examples.
I see two things to happen: Either the wage increase rapidly(which has 0% probability) or your standard of living(a.k.a purchasing power) goes down(which is occurring as we speak)
I'll take earning $200 per day versus $2 per day every single time. Debt and credit are not bad, having debt beyond what you can service is bad. If you make little and have no debt because no one offers you credit isnt a badge of honor, its a sign of a pretty crappy existence.
I'll take earning $200 per day versus $2 per day every single time.
Again, just like the US Govt.
If you are earning $200 a month and borrowing $500 debt a month, you can't service your debt forever and have to declare bankruptcy. At some point debtors will seek their money back, plain and simple!
I'll take earning $200 per day versus $2 per day every single time.
Who wouldn't? And if you ever land in a world where the question is ever that simplistic... you'll be all set.
Send me a postcard with the directions there... OK?
Not that simple. It's EVERYONE's problem because we are all affected by what others do. When millions of people took out crazy mortgages they can't afford to pay back, ALL OF US were, and still are, very much affected by it.
If you are earning $200 a month and borrowing $500 debt a month, you can't service your debt forever and have to declare bankruptcy. At some point debtors will seek their money back, plain and simple!
More than half of the wealth is in the hands of the rich, that leaves the rest of us fighting for what is left. Yes, with falling wages and a declining middle class America is becoming a Third World Nation. Without a Federal Usury limit the banks will continue getting free money from the Fed and lending it out at 20+%
The U.S. is a poor country. Even a lot of this so-called wealth in the middle class is nothing but credit and debt.
I agree. The credit availability just makes us LOOK wealthy. What would happened if from now on, absolutely everything had to be paid for in full with cash that people earned or saved from working current jobs, the way it actaully was several generations ago before "borrowing" for things became the norm.
Take away all the cars, homes, and everything else that people are now making payments on with credit and loans. In reality, until we pay these off in full, we do not really own them anyway, the lenders do. I call myself the "homeowner" of my house, but I do not really own it, in fact, I will not "own" it for 26 more years!
Then take away all the food stamps, subsidized rentals, heating assistance, and other false sources of un-earned, non working wages paid income.
Now how "rich" of a country are we?
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