General Question

SquirrelEStuff's avatar

Is the US going bankrupt?

Asked by SquirrelEStuff (9171points) January 11th, 2008

Please watch this interview with the Comptroller General of the US. He is the head of the GAO, aka Government Accountability Office, David Walker. . I think we have established on this site, that I am not an economist. I just know that my job, is not making my life better than it did for my ancestors. Please check out the link, then comment.
http://www.dailypaul.com/node/23862

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34 Answers

jrpowell's avatar

This is a site for answering questions. Asking bullshit questions to pimp Ron Paul is abuse.

SquirrelEStuff's avatar

This has NOTHING to do with Ron Paul. I tried several times to post the direct youtube link. For some reason it didnt work. But just for you Ill try it again.
http://www.youtube.com/watch?v=I-16u9×3tfE

Did you even watch the video??

SquirrelEStuff's avatar

See, it still didnt work.

bob's avatar

This link should work: link

Here’s the deal: Yeah, in 40 years, or in 20 years, we might have to cut some of the entitlement programs. Or raise taxes. Does that mean our economy—or our country—is doomed? Not at all.

There are plenty of economists who aren’t freaked out over the fact that our country is engaged in deficit spending. They might think we should stop. But it’s not the end of the world. Really. It’s going to be OK, even if Ron Paul isn’t elected president. Under President Clinton, the US had a budget surplus. We can get back to a surplus again, and/or keep our debt at manageable levels.

The sky is not falling. That’s Ron Paul’s message, but it’s not true. The other presidential candidates are not liars or buffoons. The vast majority of serious political thinkers in this country are not liars or buffoons. The sky is not falling.

SquirrelEStuff's avatar

What is the average salary for an economist?

mirza's avatar

The average salary of an economist is about $ 72,000 . It usually differs depending on where you work .( payscale). Chris, I would recommend you to read some actual books about economics when you have time to better understand how the federal government works.

SquirrelEStuff's avatar

Thanks for the info Mirza. Im gonna take you up on that. However, dont you feel that its something that should be extensively covered in public school? It is what makes the world go round. At least our world. When I hear numbers like 58 trillion dollars owed to SS and medicare, I definitely think people should be more informed about this kinda stuff, not just on a professional level, but on a basic knowledge level.

segdeha's avatar

Bob’s probably right to the extent that massive public debt will not sink the U.S. completely, but think of what we could be doing as a society if we weren’t paying hundreds of billions of dollars in interest payments on the debt each year.

GeauxTigers's avatar

No worries. The money the government spends is monopoly money.

segdeha's avatar

@gatekeeper, “Monopoly” is perhaps more a propos than you intended. In fact, inflation is a direct result of printing money to cover debts and it costs us dearly, keeping regular folks on the treadmill.

hossman's avatar

The definition of bankrupt is when the person or entity lacks sufficient income OR assets to pay its debts. Now while the U.S. is certainly engaged in reckless spending, it still has sufficient income to pay its debts (it only chooses not to) and certainly has way more assets that it would need to pay its debts.

Our debt situation is a matter of choice. We could pay the debt if we wanted to, but we’d have to renege on a few of these entitlements we have recklessly provided, like prescription coverage for the wealthy rich.

In fact, here in Illinois, we don’t even try to pretend we’re not buying votes anymore. Our governor is now going to give free public transportation to everyone disabled or over 65, regardless of income. It’s nice to know Warren Buffet will be able to get around next time he’s here.

GeauxTigers's avatar

@hossman, of course you point out the intentions behind the free public transportation – Warren Buffet wouldn’t be caught dead on free public transportation. Those who need it, will get it; those who don’t, won’t use it in the first place. From a logistical standpoint, a simple age check is much easier to carry through with than adding the income check step.

hossman's avatar

Yup, I agree with you there, gatekeeper. But I’m betting plenty of the wealthy are already taking advantage of government prescription coverage. And I’m betting there are plenty of wealthy attorneys, doctors, executives, etc. who are already taking the train to Chicago for convenience who will take advantage of the free ride.

SquirrelEStuff's avatar

Does anyone see a problem here??? We need to get rid of the Fed and stop spending immediately.

I am sorry to promote right here, but times are about to get tough if we dont do the right things. Im sure many people will sell their freedoms for an easy way out. The Security and Prosperity Partnership is looking closer and closer every day. SPP.gov The North American Union is coming.

http://www.ronpaul2008.com/articles/227/monetary-policy-is-critically-important/

segdeha's avatar

Word.

@chris6137, I’m right there with you. I believe the U.S. people would be better off without the Federal Reserve determining the state of the economy. It only stands to reason that the people running the show will make decisions in ways that most benefit them. Returning power to the people means that the decisions will benefit the largest number of Americans.

hossman's avatar

Just thought I’d let you guys know that senior citizens in Illinois were overwhelmingly AGAINST the free rides, it’s going to put a $20 million hole in the public transportation budget, but it was passed into law anyway.

And Illinois is now starting to talk about constitutional amendments to remove amendatory line item vetoes from the governor’s powers and provide for recall referendums.

Illinois is a prime example of what happens when one party becomes so weak that the government becomes in essence a one party system. The dominant party then acts with no regard for the voters.

Charlie's avatar

You all are doing pretty good with this so let me add this. After WW1, and after the Government let the Federal Reserve System start it’s business here in the US, Roosevelt had to give the Federal Reserve System all the GOLD held by the USA. And since this country was broke at that time and the Debt was still going up, X-Pres. Nixon gave all the Silver that the USA held to the Federal Reserve System. Understand that the System isnot Federal as in Federal Government. It is in Federal as in a Federation and in this case it is a Federation of Bankers which is a PRIVATE banking business, set up by a man called WARBURG in 1909 whose Brother was the head of the German Banks before the WARS. To answer the question, This country has been basically BROKE since 1912. Try reading the archives at www.worldreports.org for more up to date stuff.

segdeha's avatar

But Charlie, what about Fort Knox?! I mean, were all those Bugs Bunny cartoons showing all that gold locked up there just propaganda??? Say it isn’t so!

Charlie's avatar

It’s gone and has been since 1933. All that gold went to Sachs Bank in New York in payment for funding the stupid Wars they got us into in the first place. They had to do that or the Federal Banks couldn’t operate. Our money system is based on Debt. No debt, no useable money but it isn’t money but NOTES on the Debt. Look a a one dollar Federal Reserve Note on the back. See the eye? That is the mark of the illuminitti, The one world order. Do some checking and you will find forces out here that hate the Freedom, what little is left, that We have.
Keep your guns handy, you’ll need’um.

hossman's avatar

Charlie, how many years of freeze-dried food do you think will get me by until the militia throws out the Illuminati, Bilderbergers, Rockefellers and Trilateralists and restores liberty?

bob's avatar

And that’s why hossman’s at 1931.

Charlie's avatar

Forget Freeze dried food. Better off canning food. It can be used right out of the can without adding anything to it. Around here, most everyone has close to a years supply of food, from vegtables to meat. Some have more, some less. There are Malitias in nearly every state now. Do some checking around for your area to keep up to date on what is going on. They also have a survival list of and for things you may need.

breedmitch's avatar

Charlie, people like you scare me.

hossman's avatar

That’s fair enough. I’m betting you scare him, breedmitch.

segdeha's avatar

And that’s why hossman’s at 1940. ;-)

hossman's avatar

Is the freeze-dried food better in New Zealand? Because my beef stroganoff keeps on turning out more like cheesey burger supreme.

bob's avatar

And that’s why… oh, forget it.

Charlie's avatar

Breedmitch. I am a realitist. Like this, if WE have a national guard that is BY law here and organized to protect our nation then does it need to be in an other country doing what the regular army should be doing if it is a war? It is pure insane to think our government is run by people for us, you and me. It is run by the “POWERS that Be” which is not the people of this country. The illegal Mexicans in this country was PLANNED. How do you brake the backs of people that has FREEDOM? Bring in enough others that will take our means to make a liveing away from us. Once WE free people are broke and become dependent on the “GOVERNMENT” then there is no FREEDOM. “They” tell us what to do!!!

Charlie's avatar

I answered this question some time ago but the fact is still there. Roosevelt turned all the gold over to the FEDERAL RESERVE System ( which is not Federal but Federated, a private banking firm) in 1933. Nexon turned the Silver over to this bunch of crooks in 1964. YES, this country is broke because the only way the Banks can work in this country is to have a debt and the only time anyone is in debt is because they are broke and barrow to pay for something. BUT, to make it worse, the people within OUR government can correst this. Bushes war has put you and me in DEBT to these Banks several Trillions of $$$$$! With the signing of a pen those people CAN, but won’t, take us out of Debt. Look up Leo Emil Wanta and you will see why they won’t.

Charlie's avatar

Hossman. It is comeing and has been for years unless there is NO men/Women in this country that loves and respects FREEDOM. Freedom is not free and yet we have too many people in this country that want to sit on their a—at their PC’s and do nothing but let others take care of them and the problems this country has. I am one that stands up and says “NO”. By the way I keep a loaded gun beside my bed. Are you all ready when the Chinese come to take over?

breedmitch's avatar

Still scaring me.

SeventhSense's avatar

@Charlie- Ummmm…uhhhhh…speechless
As to the question:
The fact is that our government should have been in bankruptcy for decades. The fact remains that our government does not have to operate on the basis of a household or business. Regardless of what our electorate tell you. When I can print my own money and send pallettes of it to Iraq, I will agree with this analogy. The U.S.A. is the only government on earth that holds its debt in the monetary unit it prints. Our creditors have not come due and there is no clear indication that they will since we are all so interdependent. Where else is China going to sell it’s shit. If the rest of the world ever did decide to play hard ball, we would start wars and manufacture disturbances like a drunk at a poker game….of course in the name of freedom, democracy, liberalism, conservatism or humanitarian aims. And this is the real danger. The US is like a big drunk who runs out of money and then starts fights when he can’t afford another round. As for Social Security, well I imagine they will make some retroactive changes to policy in the coming years. Your best bet is to open your own business, write off everything, pay as little as possible to them and make your own security.

DREW_R's avatar

Going? We are already there. With bush and Obama our great great great grand children will be paying for it.

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