In American history vast debt wasn't built except in times of war followed by quick repayment. In recent times though the President has trained Americans to accept a trillion dollars of new debt to finance the economy as if it was nothing-just a bump in the road. It is remarkable that much of the electorate accepts those new trillions of public debt and excess printing of dollars at the federal reserve to buy U.S.bonds as if it were nothing real. Perhaps it is a drugged generation replete with economically illiterate voters that prefer economic doom to a balanced budget.
hart credit: http://www.usgovernmentspending.com/federal_debt_chart.html
According to some present polls Ohioans and some other 'swinging' states seem inclined to reject adult supervision and vote for the Obama charge it plan another four years. A Romney-Ryan budget cutting coupled with modest tax increases on the middle class and substantial ones on the rich would be the reasonable way to arrest the slide down the slippery slope to economic collapse. The fiscal cliff at the end of the year is the Presidential vote: if the voters reaffirm Obama the decline of U.S. economic solvency seems probable.
"Projected and Recent US Federal Debt Numbers
| Gross Federal Debt | Debt Held by Public | |
| FY 2013* | $17.5 trillion | $10.6 trillion |
| FY 2012* | $16.4 trillion | $9.7 trillion |
| FY 2011 | $14.8 trillion | $8.5 trillion |
| FY 2010 | $13.5 trillion | $8.2 trillion |
| FY 2009 | $11.9 trillion | $6.8 trillion |
| FY 2008 | $10.0 trillion | $5.3 trillion" |
hart credit: http://www.usgovernmentspending.com/federal_debt_chart.html
According to some present polls Ohioans and some other 'swinging' states seem inclined to reject adult supervision and vote for the Obama charge it plan another four years. A Romney-Ryan budget cutting coupled with modest tax increases on the middle class and substantial ones on the rich would be the reasonable way to arrest the slide down the slippery slope to economic collapse. The fiscal cliff at the end of the year is the Presidential vote: if the voters reaffirm Obama the decline of U.S. economic solvency seems probable.
I have no idea why Americans would gamble with America's future. Maybe they haven't suffered enough economically to not believe prosperity isn't dumped. Perhaps Obama will create a class conflict between rich and everyone else and redistribute wealth to pay down the debt his final year or simply liquidate it with a pen ala V.I. Lenin, it is certain that a moderate, rational course for the nation is not in the plans for an Obama led government unable to bring both parties toward the enlightened goal of no public debt.
image credit: http://www.usgovernmentspending.com/federal_debt_chart.html
President Reagan built up a substantial amount of public debt (to the previously unheard some of 5.3 trillion dollars) atop President Carter's debt of somewhere around 2 trillion. Yet President Reagan had the double goals of bringing the nation out of the post-Vietnam war slump as well as ending the cold war with Russia. He was a radical amongst his peers in believing that all nuclear weapons could be eliminated. Building a 500 ship navy and the U.S. Stealth fighter and bomber programs along with S.D.I. were part of that goal. He was successful in ending the cold war at least working well with President Gorbachev. President Obama has no excuse of equal substance. The U.S. economic crisis is a result of the government's own failure of economic creativity and leadership. Another President should be given a chance to solve that.
image credit: http://www.usgovernmentspending.com/federal_debt_chart.html
A healthy U.S. economy without significant public debt is a much happier environment than one with waves of escalating public debt crisis. Some fault Romney for not being an outspoken environmental reformer, yet in the Republican Party it would be difficult to get nominated much less elected if one were. As a sober-for-life non-drug using, non-smoking proven business organizer Romney presents a far better prospect for leading the U.S. economy in a better direction without the crevices and pitfalls of recession or currency collapse.
With the best spin the media can put on it the U.SW. economy still is sick. The national unemployment rate is more than 8% and the underemployed and discouraged job seekers if counted make the rate more than 15%. Jobs are still being outsourced and illegal labor from Mexico still floods the southern states. It is possible that the dollar may collapse or a war with Iran disrupting Persian Gulf oil may occur and the President has failed to wrap up the war in Afghanistan and secure a strong state for our former Northern Alliance allies. Of course the President seems to be clueless on the concept of ecological economics.
http://in.reuters.com/article/2012/09/25/climate-inaction-idINDEE88O0HH20120925 100 million will die from climate change by 2030
http://www.irishtimes.com/newspaper/opinion/2012/0927/1224324469890.html Arctic Ice Cap Declines With Future
Re-electing a Chicago lawyer with a dismal first term to a second may make some feel good about not rejecting the black man from political victory. Putting the national interests a distand second to race relations is a bad criteria for selecting a President to crisis leadership. Perhaps the Democrat voters except the Republican to come up with an even better candidate in 2016 to rescue the nation from more than 21 trillion dollars of debt and global economic crisis. I think that is unreasonable.
If the worst-case scenario develops and President Obama is re-elected it may be difficult to bring that future economy out of crisis. Serious, drastic federal budget cuts may be required and the environment will be the first casualty. That isn't even the worst case scenario. When a people prefer economic failure to success and work towards that end, they unremarkably, may achieve it.
-afterword-
Dollars have less value now than in 1960. In 1960 the U.S.A. still was on the gold standard, and it was about 32 dollars an ounce as opposed to today's $1751 per ounce.
The interest on the debt is scalable too-and that's the problem. The debt is increasing more than a trillion a year-and those are real trillions. It is also unrealistic to believe that economic growth will return to levels such that with tax cuts revenues would increase enough to even balance the federal budget-amazingly the Obama administration uses voodoo supply side economic theories themselves to paint an optimistic picture-and that's bunk.
The United States' economy is more financial than materially productive increasingly and its essential way of increasing productivity and profits is to gouge people here and abroad. The material needs increase for the economy with increased consumption isn't likely to rise anywhere near enough to make economic growth more than 3 or 4%-we are not an undeveloped nation and the poor are increasing rather than decreasing.
The interest on the debt is scalable too-and that's the problem. The debt is increasing more than a trillion a year-and those are real trillions. It is also unrealistic to believe that economic growth will return to levels such that with tax cuts revenues would increase enough to even balance the federal budget-amazingly the Obama administration uses voodoo supply side economic theories themselves to paint an optimistic picture-and that's bunk.
The United States' economy is more financial than materially productive increasingly and its essential way of increasing productivity and profits is to gouge people here and abroad. The material needs increase for the economy with increased consumption isn't likely to rise anywhere near enough to make economic growth more than 3 or 4%-we are not an undeveloped nation and the poor are increasing rather than decreasing.
Google's self-driven car technology is anticipated to be a normal state for most U.S. cars by 2040. If so Americans will buy fewer cars because if a car can drive 24 hours a day instead of sitting overnight in someone's garage it would be a waste to not share it. Probably taxi and truck driver jobs will be eliminated while car pooling will mean that maybe 30 people will time-share ownership of 15 cars that will with computer scheduling arrive when they are needed, drop off the passengers and move on.
Americans like to drive and will hate being chauffered by computer brains. That may induce them to finally make an electro-magnetic mass HIGH-SPEED TUBE technology for individuals to be flung about at 500 m.p.h generally.
Americans like to drive and will hate being chauffered by computer brains. That may induce them to finally make an electro-magnetic mass HIGH-SPEED TUBE technology for individuals to be flung about at 500 m.p.h generally.
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