Quote:
Originally Posted by Minte
The wage structure in China continues to increase. It's nearly $5.00 an hour now,so their grand plan to build their economy on the backs of american jobs has worked. That being said, I have read in a lot of places where the average wage in China will catch up to the minimum wage in the US by 2016. When that happens the Chinese won't need the US market and the money that the US owes them won't be the bartering chip it is today.
If spending isn't dramatically cut, and if the government doesn't find ways to generate more income a real bankruptcy will probably happen much sooner than 10-15 years.
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Spending does need to be cut and if the economy can get fully back on track that will help as well. The question is will we get leaders that can really cut the budget in a way that brings the debt down without causing serious issues and it doesn't seem like anyone we have out there from either party is capable of that. I'm not sure it will be as soon as 2016 that we could go bankrupt, but it does loom out there and without changes or some kind of huge economic improvement we could be in some serious trouble.