It's actually much lower now than after WWII
There are several glaring differences between now and the WWII period.The
people of the 1940's had a proud independent attitude, believed in working for a
living, and shunned intitlements, this included Senators and Congressmen. This
is the reason that the gigantic debt caused by WWII was paid off in short
order.Beginning in the 1960's (hypee generation) an ever increasing sense
of entitlement oriented people (continuing through today) has permiated our
society, including politicians who have continued tospend more than the
government receives in taxes and other income, causing the hugh national debt we
have today.I am not certain but, I do not believe that there has been a
single administration in the last fifty odd years that has decreased the
national debt. The current financial crisis is the result of a financial system
that has become so complex that even the government and industrial experts had
no clue that crisis was eminent.
Until each individual learns to live within their means (ie no credit card debt
past 30 days, no home equity loans to pay off credit cards, buy expensive things
or vacations) AND learns to save 10% of their income, we will be in a mess. The
same mentality that exists on a personal level exists for our politicians, too.
"We can always go into debt and have what we want." Politicians buy votes
through the things they vote in for their constituients whether it is good for
the country as a whole or not. It is time to have term limits for all
Congressmen and Senators. Make it a temporary civic job and they are more likely
to keep our best interests in mind as a whole, rather than buy the next
election. It is time to let the institutions fail that overextended themselves.
It WILL affect us all. We can then tighten our belts and start out right. Trying
to salvage this mess will have huge repurcussions. This is socialism. Let's go
back to a republican democracy, where people fail and learn their lesson, and
then build something better.
Organizations, churches, etc, have been saying for years to get your financial
situation taken care; pay your debts off, live within your means, have a
rainy-day fund, etc. People didn't listen and now they're in this mess. It's
the lendors fault as well for offering these terrible subprime loans and not
being more careful who they lent money to.
The Republicans have nationalized our financial system. Welcome to the United
States of France.
The reporter wrote ... The debt has grown this decade because of borrowing to
pay for the wars in Iraq and Afghanistan ... this betrays a bias against our
national priority of preserving sovereignty. All our expenses contribute to the
debt not just one. Given the human nature of our leaders it is doubtful the debt
would be less even if no war happened. 700 billion is about twice what the Iraq
war has cost so far.
Maybe the guy who wrote the article can explain this...When it was
stated that there have been times that the size of the debt relative to the size
of the economy has been larger, what does that mean? I believe the only logical
way to look at our debt situation is to look at it relative to what each of us
would have to pay to pay it off. I assume most of our revenue comes from
individual taxpayers, not from business taxes (which just ends up being passed
along to us anyway...). Perhaps now the size of American business is larger,
therefore the "size of the economy" is larger than say 50 years ago, but is that
relevant? Shouldn't we look at what the debt to taxpayer ratio is? I don't
believe any real serious economist would say our current debt situation is
sustainable. The preponderance of opinion is simply against that, therefore I
question this article's basis in logic and fact.
No wonder the SSA is in truble, the governemnt has stolen over $4 trillion
dollars of savings from individual retirement accounts to cover an already
disfunctional government. This bail out and borrowing more money is only going
to make things worse. The economy is going to have to settle its struggles on
its own as the free enterprise system is supposed to do. This bail out will not
save our economy and it will only worsen the effects on individual americans.
The days of excessive credit and corruption in lending should be the goals of
government. Government buying their problems solves nothing. Government should
be working on regulations and freezing the financial and credit industry from
continuing to shuffle and trade debts on the open market as if they were assets.
Our economy needs this collapse inorder to renew and re-establish itself with
new regulations and laws. Free enterprise will fix itself if left alone and the
rich will have to suffer just as the american people will suffer. What good is
an economy without consumers just as financially secure? The federal reserve
must stand fast and government and the people brace themselves for hard times.
I have a suggestion for Mr. Hess: Why don't you agree to do your part by paying
your share of the nation's debt now? Plus, there are others who can't pay their
fair share, so it would sure help if you would pay theirs!