Hey all, i saw this video that explains in laymen's terms what's happening right now, and its pretty disturbing:
http://youtu.be/3Rt_naS7iuI
now, the conclusion is that America is caught in a catch 22, and there's no way out no matter what it does (can't raise taxes, and can't cut the budget). Its too far in, and the collapse IS coming. If you look at the numbers (in laymen's terms), it does indeed seem inevitable. Another laymen's terms explanation shows us this:
US financial situation explained in household incomes
* U.S. Tax revenue: $2,170,000,000,000
* Fed budget: $3,820,000,000,000
* New debt: $ 1,650,000,000,000
* National debt: $14,271,000,000,000
* Recent budget cuts: $ 38,500,000,000
Let's now remove 8 zeros and pretend it's a household budget:
* Annual family income: $21,700
* Money the family spent: $38,200
* New debt on the credit card: $16,500
* Outstanding balance on the credit card: $142,710
* Total budget cuts so far: $385
I personally don't pay attention when people talk in "trillions" cause it doesn't mean anything without context. But when explained in household laymen's terms its shocking. We're accruing an annual debt that almost equals our annual salary!!! 16k of annual debt for someone who makes 21k is incomprehensible! On top of this the guy already owes 142k!!! And all he could cut in his budget was $385????
The video concludes the cycle is too entrenched and a global economic collapse is inevitable cause there's simply no way out. We can't raise taxes, and we can't cut the budget anywhere near to where we need to, so we're totally screwed!
is there any other alternative?
http://youtu.be/3Rt_naS7iuI
now, the conclusion is that America is caught in a catch 22, and there's no way out no matter what it does (can't raise taxes, and can't cut the budget). Its too far in, and the collapse IS coming. If you look at the numbers (in laymen's terms), it does indeed seem inevitable. Another laymen's terms explanation shows us this:
US financial situation explained in household incomes
* U.S. Tax revenue: $2,170,000,000,000
* Fed budget: $3,820,000,000,000
* New debt: $ 1,650,000,000,000
* National debt: $14,271,000,000,000
* Recent budget cuts: $ 38,500,000,000
Let's now remove 8 zeros and pretend it's a household budget:
* Annual family income: $21,700
* Money the family spent: $38,200
* New debt on the credit card: $16,500
* Outstanding balance on the credit card: $142,710
* Total budget cuts so far: $385
I personally don't pay attention when people talk in "trillions" cause it doesn't mean anything without context. But when explained in household laymen's terms its shocking. We're accruing an annual debt that almost equals our annual salary!!! 16k of annual debt for someone who makes 21k is incomprehensible! On top of this the guy already owes 142k!!! And all he could cut in his budget was $385????
The video concludes the cycle is too entrenched and a global economic collapse is inevitable cause there's simply no way out. We can't raise taxes, and we can't cut the budget anywhere near to where we need to, so we're totally screwed!
is there any other alternative?
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