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The poor in America have two vehicles, a big screen tv, air conditioning, a heater, refrigerator, food on the table, clothes in the closet, a dvd player, a cell phone....
The GDP per person in the US is over $48,000. The GDP per person in China is under $9,000, India is under $4,000, Brazil is under $12,000.
In other words, to keep the US Economy “RICH” we need to expand/continue subsidizing gadgets to the poor/low income citizens.
But now one part of the world has completely rebuild (Europe) and the other has Caught Up rapidly with us (BRIC). It's time to face reality.
How exactly has BRIC caught up with us? Median wages? Standard of living? GDP? GDP(PPP) per capita? Productivity?
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Originally Posted by montanamom
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.
Income is also wealth, even if you consume it all. An American who makes 50k/year and saves only $1,000 of it is far wealthier than someone in China who makes 6k/year and saves $1,000. Net worth they are the same but your income stream and ability to maintain a lifestyle based on consumption of it is a factor in your wealth
yes but cant see it yet. when we actually pay the money off that we have borrowed both our government and as individuals. when we actually have to start paying for stuff instead of signing for stuff, yes will realize we are poor.
dead beat nation. we dont need a president, we need debtors anon 12 step and counseling.
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.
There were big headlines recently that the median net worth in the United States plunged 40% because of the recession, to about 77k. This in a country with notoriously poor savings habits. Do you believe the median net worth in China or India is anywhere near 77k?
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Originally Posted by Tampaite
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.
This isn't true at all. There are countless successful lawyers and doctors who started their lives with huge personal debt loads from their education. There are many companies that are known to carry heavy on the liabilities side despite turning a profit.
Quote:
Originally Posted by Tampaite
900+ companies in the US received bailout which is SHAMEFUL for being known as the most wealthiest country on the planet.
You do realize that by "bailout" they made loans to companies to ensure stability/confidence/liquidity which have mostly been paid back with interest?
This isn't true at all. There are countless successful lawyers and doctors who started their lives with huge personal debt loads from their education. There are many companies that are known to carry heavy on the liabilities side despite turning a profit.
You do realize that by "bailout" they made loans to companies to ensure stability/confidence/liquidity which have mostly been paid back with interest?
Exactly, those successful lawyers and doctors did not get a bailout period unlike the companies. What about their stability/confidence and liquidity??
What Washington politicians need is a swift kick in the rear, all of them! And that won't happen until we start defaulting on our sovereign debt. When that occurs, only then will the best days be ahead for this country! Then the Republicans and Democrats will be forced to put their arms around each other, worn out from the telphone calls from seniors asking: I didn't get my social security check last month, or this month!
How exactly has BRIC caught up with us? Median wages? Standard of living? GDP? GDP(PPP) per capita? Productivity?
Income is also wealth, even if you consume it all. An American who makes 50k/year and saves only $1,000 of it is far wealthier than someone in China who makes 6k/year and saves $1,000. Net worth they are the same but your income stream and ability to maintain a lifestyle based on consumption of it is a factor in your wealth
I have to rephrase. BRIC is catching up with us. With rapid speed, i might add. Eventually we will come down some and they will come up some. We and BRIC will meet in the middle.
What Washington politicians need is a swift kick in the rear, all of them! And that won't happen until we start defaulting on our sovereign debt. When that occurs, only then will the best days be ahead for this country! Then the Republicans and Democrats will be forced to put their arms around each other, worn out from the telphone calls from seniors asking: I didn't get my social security check last month, or this month!
You are delusional, if you think we will turn things around once we default. If we default, the Elites in Washington will do everything in their power to do away with the last pieces of democracy that are left. Like they say, never let a crisis go to waste.....
Income is also wealth, even if you consume it all.
$100 jeans Americans buy may only cost $10 in China - so much for consumption
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An American who makes 50k/year and saves only $1,000 of it is far wealthier than someone in China who makes 6k/year and saves $1,000. Net worth they are the same
Net worth (minus housing) of Americans is negative, so it's not really the same.
It's true, though, that life styles generally differ dramatically - but, just wait a bit. Soon you'll no longer consume imported good, without first paying for them. Things will change, a lot.
The GDP per person in the US is over $48,000. The GDP per person in China is under $9,000, India is under $4,000, Brazil is under $12,000.
That doesn't take into account different costs of living. With $48,000 you can live the high live in some parts of the world.
While it costs $200 to frame a large painting here, in India it may cost only $3.58.
Quote:
Originally Posted by tijlover
What Washington politicians need is a swift kick in the rear, all of them! And that won't happen until we start defaulting on our sovereign debt. When that occurs, only then will the best days be ahead for this country! Then the Republicans and Democrats will be forced to put their arms around each other, worn out from the telphone calls from seniors asking: I didn't get my social security check last month, or this month!
It's a myth that the US can default. Anyone who prints their own money, will never default.
Not to say other bad things won't happen... but a default isn't possible for the US.
Quote:
Originally Posted by Tampaite
Exactly, those successful lawyers and doctors did not get a bailout period unlike the companies. What about their stability/confidence and liquidity??
Their "bailout" was their student loans if you want to look at it that way. Just like those student loan "bailouts" the companies that got the "bailouts" have to pay them back, with interest.
Quote:
Originally Posted by Tampaite
Wrong!
If you think everyone living in improvished area would/could commit suicide then pretty soon you won't have anyone living there.
You're not comprehending the meaning behind that. Those who grow up in that poverty, only know that poverty. Those who grow up not in that poverty, are the ones who commit suicide if they were to be thrust into it.
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Originally Posted by Ruth4Truth
The city and state bankruptcy issue is scary. It's not going to get any better. States are starting to reneg on or reschedule their pension payouts. It's possible the economic difficulties today represent just the tip of the iceberg.
It'll start getting better when states stop their wasteful spending.
I've always viewed pensions as unsustainable over the long run. Especially with the boomer population.
Public school systems are a joke. We waste a lot of money on inept teachers and unneeded administration.
We spend too much on police.
Welfare... Ay los mios.
Last edited by LordSquidworth; 08-03-2012 at 11:03 AM..
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