Quote:
Originally Posted by greazzer
It looks like Bill Clinton is the only champion of debt reduction or at least deficit reduction in recent years, and recent is defined as the last 75 years. That view is based upon what I read in the attachment. Kind of scarey ...I wonder what the debt load is for each American right now and could this amount ever be paid back? I wonder why Bill was not hired as a "Debt Czar" He seems to be the only one to tackle this issue in recent history.
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my opinion is that the answer is no. I believe that sooner or later, we are facing a massive default on government debts and the worst economic disaster in recorded history.
For me the tough decision has been one where when do I decide that money I might have in a municipal bond for an airport or something similar will now become money that I probably won't get back? I have a few bonds like this, and unloading them early (some are 30 year bonds) will have me taking a loss, but not unloading them means I stand to risk losing all of the money invested eventually.
Then at that point, the money will become worthless anyway, so how do I preserve any wealth or comfort ive managed to accumulate If I know eventually the dollar will become a good source of toilet paper? This is all super negative thinking, but regardless of political affiliation, neither party has shown the slightest desire to actually tackle the massive debt of this nation. And every hour, the US government spends millions it doesn't have.
People say that a massive default is never going to happen and that things are improving, but in 1970 when the US was the largest creditor in the world, the same people would have balked at the notion that in 2013 the US would be the largest debtor in the world.
Alarming thoughts