American Consumer Debt at $2.6 trillion in 2008 - Is it Dangerous? »
Posted By WikiMap 7 months, 3 weeks ago in NewsAmerica is waking up to a sobering truth; we are a nation of over-spenders. We don’t save enough and a lot of us live beyond our means. The “American Dream” drives a lot of people to not think about the future and only satisfy the need for immediate gratification.
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jordan117 months, 3 weeks ago
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I saved. And my savings is worthless. The feds keep lowering the interest rates, and I get a whopping 1.5% on my conservative FDIC guaranteed so called 'nest egg.' It makes me sick when I think about the erosion of that hard earned money when considering how the value of every dollar has dropped into the toilet thanks to those low rates. The feds have made savings a worthless enterprise and made borrowing at low interest rates far more appealing to the masses. So instead of 'blaming' Americans for not saving, perhaps it would be better to consider why they aren't.
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rally-monkeyComment removed: Abusive
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wordwaryor7 months, 3 weeks ago
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I would not carry any credit card balance that I could not pay off in 4 to 6 payments.
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So I would not carry $ 1000 in credit card balance unless I could pay $ 150 to $ 250 per month. This has earned me a stellar credit rating and I never have to worry about credit card debt.
When the balance reaches my maximum value that I can make 6 payments for ..... I stop charging until I have paid it off or paid it down to less than half.
So If i can only pay $ 50 per month ... My maximum balance would be $ 300
This has worked very well.
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wordwaryor7 months, 3 weeks ago
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AND..... President Obama is the WORST and MOST PROLIFIC spender of them all. His massive overspending budget will triple the debt and amass more debt than ALL U.S. Presidents from George Washington to George Bush.
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And HE IS raising taxes on all of us. His Cap & Trade system is basically a tax on energy produced and consumed in America, and it will dramatically raise the cost of all forms of energy from natural gas, and electricity to motor fuels. Also it will raise the cost of all goods produced and or sold in America...... since even foreign made goods must be transported to the stores.
And when the massive overprinting of money hits home.... Inflation (the Hidden Tax) will dramaticaly raise the cost of everything to everybody.
Not only this, but the dramatic shifting of wealth in the form of energy cap and trade taxation will no doubt make a whole new group of scoundrels very wealthy off of the consumer's pocket.
Welcome to the USSA.... Union of Socialist States of America. -
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VocalOp7 months, 3 weeks ago
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Yes, it is dangerous. However, post 9/11, we all were told to continue to spend, spend, spend. Oh, and did I mention that it was Bush who put his stamp of approval on our status as a consumer nation? Oh, well. I guess most of us have to get therapy for our spending addictions. Arg, another opportunity for a social program (lol).
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wordwaryor7 months, 3 weeks ago
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One trillion dollars in $ 100 bills will almost cover three football fields 4 feet deep in tightly packed and piled stacks of $ 100 bills. Or it would almost cover 15 football fields in $ 20 bills to a depth of 4 feet deep.
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And Obama's overspending budget will triple our national debt in just 8 years.... we will be at more than TEN BILLION dollars in debt. That is covering 150 football fields 4 feet deep in stacks of $ 20 bills.
Somebody needs to tell him to stop spending like this !
WE THE PEOPLE CAN'T AFFORD IT !!-
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wordwaryor7 months, 3 weeks ago
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150 football fields is one half mile square by 4 feet deep.
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An area half a mile wide by half a mile wide by 4 feet deep in $ 20 bills = Obama's National Dept in 8 years under his current spending plan.
That's $ 33,333 for every man, woman and child alive in America today !!! I hope you can pay your share back.
And that is just National Debt...... Spending is far worse.
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wordwaryor7 months, 3 weeks ago
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Obama LOVES to spend your money, your kids's money, and your grandkid's money !!
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AND he has plans to spend even more of it on programs to help Democrats get re-elected, and to pay off their friends in the Unions, and in other corrupt entities like ACORN .....
I hope you like getting your pocketbook picked for political gain......
That's what Obama is doing.... and doing..... and doing....
He is sure NOT letting this crisis go to waste...... he is using it to waste your money for political gain. -
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CHAM7 months, 3 weeks ago
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wordwayor. Go get the last Bush budget facts and figures and compare them to the Obama budget.
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You will be surprised. That is if you believed what you said.
Here's a link to help your education:
http://www.whitehouse.gov/omb/budget/
When you compare them you will find that the $3.1 Trillion of the last Bush budget did not include the War costs and bailouts, where the $3.55 Trillion Obama budget does.
When you add those items up it will become clear to you that the last Bush budget ( 2009 ) is more costly than Obama's. -
rally-monkeyComment removed: Abusive
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