Do you think America can sustain running up national and consumer debt at this pace? How big of an issue will this be in 08? What solutions do you suggest?

EC-We are now importing more and producing less each year while continuing to sell off more of our large companies (See the list of companies sold). Our tax base has receded and we now have fewer American owned companies remaining to produce wealth and generate taxes.

Our government now must borrow more (See the list of countries to whom we are indebted) to continue to operate and pay its bills. This has impacted every level of our economy.

Living on ever increasing debt since 1987:

• Home mortgages from $1.8 trillion to $8.2 trillion
• Consumer debt from $2.7 trillion to $11 trillion
• Government debt limit recently increased to $8.9 trillion
• Household debt has quadrupled
• The 2006 balance of trade deficit (debt) of $765 billion, equals over $1.4 million dollars leaving the country every minute to pay for excessive imports.

Balance of trade deficits (The means through which foreign countries accumulate our money to buy us out)

• 2001 – $363 billion = $690,000 per minute
• 2002 – $421 billion = $801,000 per minute
• 2003 – $495 billion = $942,000 per minute
• 2004 – $611 billion = $1,200,000 per minute
• 2005 – $711 billion = $1,400,000 per minute
• 2006 – $765 billion = $1,450,000 per minute

Posted by JohnKonop on Sunday, April 22nd, 2007 at 8:21 pm | under Uncategorized | |RSS 2.0 feed | Comments and pings closed. |