U.S. economy heading straight for the cliff

[pakdefender]

U.S overcame even the great depression and emerged a stronger nation and a super power. The situation today is nothing when compared to 1929.

yes its nothing compared to 1929 , it far worse

they US economy has been stuggling for quite some time now , it was propped up by the the economic stimulus package which was nothing more that printing more dollars and giving handouts, those measures only gave temporary relief and now again the US economy is heading downwards.

 

[Fanling Monk]

Im not sure if you people are aware of this.... but did you know our Government makes 3 Trillion a year on property taxes alone in the USA?

We only have a 15 Trillion in debt.... Im sure if we balance our budget things will be ok....

Isn't property tax goes to local governments and most of them also in deep financial troubles. Quite a few already declared bankruptcies and many will followed.

 

[Sashan]

yes its nothing compared to 1929 , it far worse

they US economy has been stuggling for quite some time now , it was propped up by the the economic stimulus package which was nothing more that printing more dollars and giving handouts, those measures only gave temporary relief and now again the US economy is heading downwards.

U.S economy has slowed down. The job market is not that great. In general global economy has slowed down - Europe has got caught in credit crisis, Chinese manufacturing has experienced slowdown.

But here is the good news.

1. US service sector is doing fine
2. US job market data is the same as 2010 and 2011 at this time of the year. so nothing changed here.
3. Eurounion is preparing a central pool of funds to save defaulting countries especially Spain.
4. If Eurounion is saved, China manufacturing will improve.
5. This in turn will improve the stock indices - so U.S companies will do fine.
6. Japan is doing well

 

[pakdefender]

U.S economy has slowed down. The job market is not that great. In general global economy has slowed down - Europe has got caught in credit crisis, Chinese manufacturing has experienced slowdown.

But here is the good news.

1. US service sector is doing fine
2. US job market data is the same as 2010 and 2011 at this time of the year. so nothing changed here.
3. Eurounion is preparing a central pool of funds to save defaulting countries especially Spain.
4. If Eurounion is saved, China manufacturing will improve.
5. This in turn will improve the stock indices - so U.S companies will do fine.
6. Japan is doing well

Hey indian here is more news for you :

The average credit card debt in America is $15,519


The Average credit card debt in America is 15,000 USD , US population is ~350 million so just think that if these household continue to miss out on re-payments and stack up even more debt and then there is large scale default ( which is bound to happen ) what affect just this one section of the US debt problem will create , the ripple effect will hit retail , will hit consumer electronics and will hit just about everything in the US economy.
American economy is in very deep trouble and simply printing more dollars will not fix the economy


Also you got it wrong about the US jobs data , this just came out a few days back

http://www.nytimes.com/2012/06/02/b...less-rate-at-8-2.html?ref=unitedstateseconomy

 

[Sashan]

Hey indian here is more news for you :

The average credit card debt in America is $15,519


The Average credit card debt in America is 15,000 USD , US population is ~350 million so just think that if these household continue to miss out on re-payments and stack up even more debt and then there is large scale default ( which is bound to happen ) what affect just this one section of the US debt problem will create , the ripple effect will hit retail , will hit consumer electronics and will hit just about everything in the US economy.
American economy is in very deep trouble and simply printing more dollars will not fix the economy


Also you got it wrong about the US jobs data , this just came out a few days back

http://www.nytimes.com/2012/06/02/b...less-rate-at-8-2.html?ref=unitedstateseconomy

So what is different about jobs data from what I stated above?

But if US is affected, it is not just US, the entire world will be affected except for the isolated economies.

 

[Gandhi G in da house]

I wish well for America as I earn my bread and butter in this country and this country has treated me well and I feel comfortable here having lived here for more than 13 years. There are so many great things about this country and my loyalty lies with this country but that has nothing to do with the discussions here.

Serving and staying patriotic to the land where you earn your bread and butter , which welcomed you with open arms is a concept difficult here for many to grasp. Carry on brother , you are on the right track .

On the topic , haven't we been hearing this since last 4 years now ?

Right now it is the EU economy in turmoil and not the US .

 

[kinetic energy device]

What our nay-saying 'friends' don't understand is if the U.S. WERE to 'go under', their countries economies would tank, also. Especially one's that depend on our handouts. Look at what happened when small GREECE threatened to default. And Spain now. The markets slumped big time. People crapped their pants. Imagine what would happen if the U.SA. said to China,' WE'RE BROKE. WE'RE GOING TO WRITE OFF ALL OUR DEBT TO YOU AND WE CAN'T BUY NONE OF YOUR CHEAP, CHILD AND PRISONER-PRODUCED CRAP, EITHER.' China, and the rest of the worlds economies would TANK in a way no one living has EVER seen before. Everyone's new 'superpower', China would be F-ed in a HUGE WAY. They have A LOT of their 'eggs' in one basket. THE U.S.

So, not that it'll happen, but our 'friends' should be careful of what they wish for.

 

[truthseer]

Im not sure if you people are aware of this.... but did you know our Government makes 3 Trillion a year on property taxes alone in the USA?

We only have a 15 Trillion in debt.... Im sure if we balance our budget things will be ok....

No offence but your debt is over 100% of your GDP

What our nay-saying 'friends' don't understand is if the U.S. WERE to 'go under', their countries economies would tank, also. Especially one's that depend on our handouts. Look at what happened when small GREECE threatened to default. And Spain now. The markets slumped big time. People crapped their pants. Imagine what would happen if the U.SA. said to China,' WE'RE BROKE. WE'RE GOING TO WRITE OFF ALL OUR DEBT TO YOU AND WE CAN'T BUY NONE OF YOUR CHEAP, CHILD AND PRISONER-PRODUCED CRAP, EITHER.' China, and the rest of the worlds economies would TANK in a way no one living has EVER seen before. Everyone's new 'superpower', China would be F-ed in a HUGE WAY. They have A LOT of their 'eggs' in one basket. THE U.S.

So, not that it'll happen, but our 'friends' should be careful of what they wish for.

None of us are wishing for anything. US has to face the facts. Under the Obummer administration, US has doubled its debt to unmanageable limits. Another term for him which seems likely (Idiotic Republican Nominees) will see it collapse completely

 

[pakdefender]

Serving and staying patriotic to the land where you earn your bread and butter , which welcomed you with open arms is a concept difficult here for many to grasp. Carry on brother , you are on the right track .

On the topic , haven't we been hearing this since last 4 years now ?

Right now it is the EU economy in turmoil and not the US .

You've been hearing about it for the last 4 years since the trouble that started off with the fall of FreddieMac , Fannie Mae , Lehman , Enron , Arthur Anderson and many other American corporations hasn't gone away , that’s why you keep hearing about it.
Obama took superficial measures by giving hand-outs to troubled US enterprises which was never going to fix the deeper problems associated with debt in the US economy

 

[Juice]

Try opening the link. Then read and then cry:

A report compiled and prepared for Members and Committees of Congress in America

https://www.fas.org/sgp/crs/mideast/RL33222.pdf

btw welcome back. I liked your old avatar lol

Source: http://www.defence.pk/forums/u-s-de...omy-heading-straight-cliff.html#ixzz1wxOFN8Ay



You think I know they are going bust within 10 years or so

Ten years? I could dig up an old post that show you claiming it would have happened already. I guess when your magic 8 ball fails you just push back the deadline eh? (try getting some magic slippers, clicking the heels together and wish us away)

yes its nothing compared to 1929 , it far worse

they US economy has been stuggling for quite some time now , it was propped up by the the economic stimulus package which was nothing more that printing more dollars and giving handouts, those measures only gave temporary relief and now again the US economy is heading downwards.

Far worse? Who writes Pakistani history books, the local Madrassa?

 

[pakdefender]

Ten years? I could dig up an old post that show you claiming it would have happened already. I guess when your magic 8 ball fails you just push back the deadline eh? (try getting some magic slippers, clicking the heels together and wish us away)



Far worse? Who writes Pakistani history books, the local Madrassa?

There is a fundamental difference between the previous depression and the current one.
America got out of the previous depression by starting a world war but this time america got in the depression by starting a global war and this time there is no way out.

The current global war hasnt fueled the US economy like it did the last time.

At the end of the previous world war america gained prestige, won contracts in europe and stole innovations and riches but in this war the war bill is too large with no real spoils which is obvious from the large deficits that America keeps posting.

Add to this the arrogance due to which the americans are shooting themselves in the foot when dealing with the stake holders where they have started the wars and be rest assured that america is not going to come out of this depression like they did the previous time.

 

[regular]

Washington (CNN) -- You do not have to be an investor in the stock market or real estate or looking for a job to be alarmed when several highly regarded observers warn that the United States economy is about to be driven "off the cliff" by increasing debt, the expiration of tax cuts and the prospect of deep spending cuts.

The alarm should concern anyone who cares about our democratic system.

U.S. economy heading straight for the cliff - CNN.com

Nice Newz my friend.....Let the USA keeps it up like that.......

 

[kinetic energy device]

Nice Newz my friend.....Let the USA keeps it up like that.......

SEE. This is one of the guys I was talking about in post #22. He JUST DOESN'T GET IT. But that's O.K. The U.S. will pull out of this little tailspin, like we ALWAYS do. And our 'friend' who wishes us ill will shall remain ....... in Pakistan. I think for him that is punishment enough.

 

[BronzePlaque]

If US goes down, then the rest of the world is screwed..Look at tiny Greece and how they hijacked EU economy..Not the best thing to wish for i believe

 

[Edevelop]

Im not sure if you people are aware of this.... but did you know our Government makes 3 Trillion a year on property taxes alone in the USA?

We only have a 15 Trillion in debt.... Im sure if we balance our budget things will be ok....

Please tell me why you have to borrow like trillions from China?