How did a post about Moody warning of a possible downgrade of debt become a total slam of one political party? A lot of what was posted was pure horse manure.
Both parties have been on a spending spree for decades. Neither side wants to cut their pet projects. People continue to yell the same tired, and at times stupid rhetoric. Yes, we need to stop being the world's policeman. Yes, we need to take care of helpless people. Something has got to give. The cost of entitlements is over 40% of the national budget, and quickly escalating. You don't have the right to live your life they way you want too, and expect the taxpayer to bail you out. Families need to suck it up, and start taking care of each other like they used too. I live what I preach. As of today, my dad has now received $70k that was mine. He has received a total of $210k that was supposed to be ours. It was money left to us by my mother's parents. He needs it to live on. I let him have the money. Do I do it because he was a great parent? No. He was a sorry piece of human crap. I do it because it is my responsibility to help take care of my family. The nation shouldn't be bankrupted to constantly bail out irresponsible people.
As far as the banking fiasco, both parties had a huge hand in it. Both parties received enormous amounts of campaign contributions from the banks. Both parties allowed irresponsible policies to continue well past when they should have been stopped. It is the pot, and the kettle.
The fact remains the the US debt level is unsustainable. If it is not brought under control, the country is going to face hyperinflation. The currency will be about as valuble as Civil War currency, and you'll be working nonstop to just put a meager meal on your table. The US will have to pay extremely high interest rates to get other countries to buy our debt. The interest will be financed through higher taxes placed upon the working man. As corporate taxes rise, more jobs will leave the country.
It will result in a downward spiral.
Economists are now predicting that in the next 5 years, China will become the largest economy in the world. The US will have neither the money nor the power to influence world events like we have for decades. We are already seeing the results in the world arena. We can do nothing about China's human rights violations, and we cannot do anything about their rapid modernization of their military. Our government can do nothing but stand back, and flap it's lips.
The only thing that will save us is if we return to what made us great. Take care of yourself, and your own family. Save money. Stay in school, and get a good education. Buy out of necessity not for entertainment. Make a good product here, and buy it. Stop blaming society for your alcoholism, and drug abuse. If you can't support children, stop having them. Grow a pair, and get some weight in them. Sheesh. Look how many people use tv to babysit their children. Then, they bring them junk food for meals. Quit taking the wuss easy way out. Grow up. Nobody owes you a damn thing. All you are owed are basic freedoms, and a chance to take care of yourself. You aren't owed a certain standard of living. When it all blows up, the government isn't going to give you that standard of living anymore. The government is slowly but surely taking control of your life by having you be dependent on them.
For those of you who have placed your trust in gold, get real. The government made it illegal to own gold before, and it will do it again. How do you think you'll get cash for gold bars?