Forum Post: 40 Trillion & Ticking: Global Debt Clock
Posted 13 years ago on Oct. 19, 2011, 8:08 p.m. EST by riethc
(1149)
This content is user submitted and not an official statement
Let's not forget why we are here.
Global Debt Clock http://ca.gdc.economist.com.s3.amazonaws.com/index.html
40 Trillion & Ticking: Global Debt Clock http://www.youtube.com/watch?v=JXzKcS_9qi8
Thanks for reminding me, RT.
Read and understand this:
http://pragcap.com/resources/understanding-modern-monetary-system
Debt doesn't matter. Longterm debt, but now now. We need a good economy. The debt can come much later. Trade debt, better idea to face with.
These bad banks will eat this debt as their last meal.
No that's not why we are here. Debt is a symptom of relentless concentration of wealth. That's why we are here.
We're not in disagreement, I think. I just want to ensure that we remember how much debt it is that these financial bastards created and is heaving onto the public.
how?
The most profitable industries in the world (energy, healthcare, finance) have been given billions in government handouts and tax breaks. Meanwhile, they keep raising charges causing hardship for millions. With all those massive handouts, tax breaks, and obscene charges, profits rise to record high levels. Millions in bonuses are paid to the executives. With record high profits, record high dividends are paid. 1/2 of all dividends in the United States are paid to the richest one percent. The bottom 95 percent of Americans share about 3 percent (that's three percent) of all dividends. The rest are paid to the top 5 percent and foreign investors. All of this causes a gradual concentration of wealth and income. This results in a net loss for the lower majority who find it more and more difficult to cover the record high cost of living, which again, is directly proportional to record high profits for the rich. As more and more people struggle to make ends meet, more and more financial aid becomes necessary. Most of which goes right back to the health care industry through Medicare, Medicaid, and a very expensive prescription drug plan. This increases government spending. This has been happening for 30 years now. During the same time, tax rates have been lowered drastically for the richest one percent. Especially those who profit from investments. These people pay only 15 percent on capital gains income. As even more wealth concentrates, the lower majority find it more difficult to sustain there share of the consumer driven economy. Demand drops as more and more people go broke. Layoffs results. Unemployment rises. This results in less revenue and more government debt.
Massive subsidies and tax breaks for Wall Street, massive tax breaks for the super rich, heavy concentration of wealth, record high charges along with record high profits and record high cost of living, more hardship for the lower majority, more government spending in the form of financial aid to compensate, more concentration of wealth, less demand, layoffs and unemployment. All of this results in slower economy and less tax revenue. At the same time more and more financial aid becomes necessary. It's a horrible downward cycle which gradually pushes the national debt higher and higher.
The other big factors are the wars in the Middle East.
This post is not intended to excuse those who sit on the couch collecting welfare, make no attempt to find work, or squease out kids they can't provide for.
debt is just a consequence of a socialist democracy. for the last 60 years both republicans and democrats have promised everyone everything for free.
It's just not that simple.
unfortunately it is.
Socialism is a system in which society as a whole, not individuals, own all property. In other words, you are not allowed to own a house under socialism. I wish you people would get your economic terms straight.
If there is a name on the deed, it's not socialism.
sorry that i didn't use the word socialism correctly. still doesn't make me wrong about my point though