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Originally Posted by nation-x
http://en.wikipedia.org/wiki/Labor_theory_of_value
If you use these calculations... which most economists do... we are in no real danger because our output plus national net worth exceeds the debt by far.
I am not saying that nothing should be done... only stating that the problem isn't quite as epic as imagined by the fearmongerers.
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I'm sorry, as someone who delves deeply into economics, I found this statement absolutely hilarious. No offense nation but you're in no position to state that the right skews numbers, because the left does it as well. Here.
http://en.wikipedia.org/wiki/Debt-to-GDP_ratio
The left keeps spinning everything claiming the level is fine, when that is nowhere close to being accurate.
The most the CBO could spin it was 90% of the GDP by this year.. Now you take programs like social security and medicare, and you get a staggering number.
Under certain circumstances. I would say we have a chance to get out. If our budget deficit was constantly reducing, rather than reaching a historical high every month. If we had a strong dollar, strong domestic demand, trade surplus or reduced trade deficit, and most important, a huge manufacturing economy. Now, we have none of those. We have a dollar teetering on the edge of destruction, and overvalued stock market, and and unsustainable deficits and debts. So please don't try to spin reality and then claim the right is spinning it, no offense.
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Here is an interesting fact.
Total US Household Net Worth as of 2007 was $55,600,000,000,000. If you divide that by a population of 300,000,000 you get an average of $183,000 per capita. Interesting fact isn't it?
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Not sure where you got this "fact". The only fact is that household net worth has been steadily declining and it's just shit when adjusted for inflation. Another interesting fact is that based on our current deficits and debts, for every dollar Americans make, they spend about 1.50.