Comments on: America's Massive I.O.U.

By: Mar

Mar — Fri, 29 Aug 2008 12:53:57 +0000

Like so many others who are watching our great country spiral downward into the debt ridden abyss, I sit here and think how this might have been avoided in the first place. Sadly, it always seems that greed-greed-greed is the by-word for those who prey on others. Long gone are the days of feeling secure financially for any retirement. Long gone are the days of where our government was for the people and doing right by them. Where were the safeguards from the government for protection and where were those in government who were supposed to do there job to prevent this financial crisis from occurring? Shame Shame

By: Wes

Wes — Thu, 28 Aug 2008 19:21:36 +0000

Yep – the numbers are dismal and they don’t lie.

The demographics are not too good either – an aging population looking at social security system that has been borrowed to the max and beyond. Looks just like the “0% down” mortgages that have cratered the real estate industry.

Some real reform needs to be made soon to prevent a meltdown worse than Greenland.

By: Ed Scott

Ed Scott — Thu, 28 Aug 2008 18:18:57 +0000

The 2007 GDP was about $57,280 billion dollars (12 decimal places). A debt of 52 trillion (9 decimal places) figures as less than 1% of this amount. I don’t think we’re headed for ruin quite yet.

By: Steven

Steven — Thu, 28 Aug 2008 16:52:41 +0000

Dana Swan is spot-on! Fox would do a great service to our nation if they would repeatedly show Brian’s interview on all their channels. Part of our problem is that people are uninformed about the fiscal state of our country. Well let’s be honest, the vast majority of Americans are uninformed about their own fiscal state. Former U.S. Comptroller General David Walker has been doing a great job of doing these interviews across the country and I sure wish him well. Thanks Brian.

By: Dana Swan

Dana Swan — Thu, 28 Aug 2008 15:26:34 +0000

Brian, this is a great article. We need to focus on the Cause of the unbridled debt.

Since the oil shocks of the 1970’s, the true cost of living has been higher than increases in working wages.

USA families had to have the spouse go to work to make ends meet in the 80’s

the money pinch got so bad by the 2000’s that families were using their credit cards and house equity loans to pay regular bills.

With credit curtailed, the bankrupsies are soaring.

Look at States and cities that have continually used bond issues to pay for nearly everything instead of tax dollars.

The federal government has financed the 2 wars so far and other programs such as social security have had their money used to pay bills and not saved $$ for the future.

The USA has and is using debt to finace a life style they truly CAN’T AFFORD. We need to drop back to a sustianable level and pay down the debt. This is what happened to Japan in 1990…………..

By: Dana Swan

Dana Swan — Thu, 28 Aug 2008 15:09:05 +0000

All combined debts in the USA, Federal, State, City, Corporate and personal, have been rising at a combined anual rate of about 9% a year since 1980. The GPD growth has been about 4% growth during that time. There WILL be a day of reckoning………..

By: allan

allan — Thu, 28 Aug 2008 14:40:15 +0000

We can get our fiscal house in order if we keep our federal government annual percentage budget increases low, say 2%. Promote low taxes all around and hope for good tax revenue once the economy rebounds more. We need budget hawks in Congress not spending GURUS.

By: Doug

Doug — Thu, 28 Aug 2008 01:02:17 +0000

I hope it doesn’t do what an Inconvenient Truth did: Lie, distort, mislead, and over-hype an unconfirmed trend into a crusade.

Unlike Global Warming, there really is solid data that points to an impending fiscal crisis.

May I suggest a better analogy next time?

By: Kathleen Sullivan

Kathleen Sullivan — Wed, 27 Aug 2008 19:43:26 +0000

What time will your IOUSA interview with Dave Wlaker be broadcast? Is it online, on TV, on radio? I’d like to listen in.