As the world watches in horror as the financial nightmares in Greece, Spain and Portugal unfold, most Americans are oblivious to the fact that a great day of financial reckoning is soon coming to the United States as well. The truth is that the United States is not “the richest nation in the world” anymore. What the United States actually has become is the biggest debtor in the history of the planet. In our lust for the “good life” and the American Dream we have spent ourselves into a financial black hole from which there is no escape. U.S. government spending has been wildly out of control for decades, but over recent months Obama, Pelosi, Reid and their cohorts have taken things to an entirely new level. Certainly it cannot be denied that the Bush administration badly mismanaged America’s national finances, but budget deficits during his administration were generally in the three to five hundred billion dollar range. (Read More...)
20 Quotes About The Economic Collapse In Europe That Will Make Your Hair Stand On End
Most Americans have been paying very little attention to it, but right now Europe is desperately fighting to avoid a complete financial and economic collapse. As the euro continues to fall precipitously, European leaders are openly declaring that this is the biggest financial crisis that Europe has experienced since at least World War II. So exactly what is causing all this? Well, just like the United States, countries throughout Europe responded to the economic crisis of the last several years by spending a ton of money. The problem is that quite a few of these European nations got into debt way over their heads. In particular, Greece, Spain, Portugal, Ireland and Italy are literally drowning in debt. There is a very real possibility that several of them may soon default on their debts. If that happens it could set off a financial shockwave that could encircle the entire world. Because of the interconnectedness of the global economy, a financial meltdown in Europe would have a dramatic impact on the U.S. economy. In fact, the continued ability of millions of Americans to enjoy the American Dream is dependent on events that are currently playing out in Europe. Most Americans completely do not understand this, but it doesn’t make it any less true. If Europe’s economy goes down hard, the already very fragile U.S. economy will be crushed as well. (Read More...)
How Does Any American Family Make It On Less Than $50,000 A Year?
A rapidly increasing number of American families are finding it really, really hard to make ends meet each month. The price of food, gas, health insurance and other basic necessities has continued to escalate, but wages have not followed suit. So more Americans are finding themselves squeezed financially at the end of every month. Instead of having extra money with which to enjoy the American Dream, millions of families are now experiencing the American Nightmare of working too hard but never having quite enough. But what can be done? Certainly we can all cut back on unnecessary expenditures, but there are some expenses that just cannot be eliminated entirely. We all have to eat, we all have to drive to work and we all have to pay the rent. In fact, it is very hard to imagine any American family making it on less than $50,000 a year. Of course millions of American families are making it on far less than that, but it isn’t easy. The truth is that $50,000 doesn’t go nearly as far as it used to. (Read More...)
Banking System Collapse: Wake Up America Your Banks Are Dying
U.S. banks are being shut down by federal regulators at a staggering pace this year, and yet most Americans seem completely oblivious to it. In fact, federal officials have already shut down 81 U.S. banks this year, which is about double the number that were shut down at this time last year. So why aren’t more people upset about this? Well, part of the reason is because the FDIC is doing it very, very quietly. The bank closings for each week are announced every Friday, which means that they pass through the news cycle over the weekend almost unnoticed. For example, banks in Nebraska, Mississippi and Illinois with total deposits of almost $2.3 billion were shut down by federal regulators on Friday. So did you hear about it before now? If not, why not? Shouldn’t the fact that we are experiencing a banking system collapse be headline news? But most Americans are more than happy to remain blissfully ignorant of what is going on. In fact, most Americans seem far more interested in what is happening on American Idol or Dancing With The Stars. But when the American Dream starts dying for tens of millions of Americans as the economy collapses perhaps more people will start to care. (Read More...)
Guess What America? Your Cities And States Are Flat Broke
Now that the economic boom times of the earlier part of the decade are over, cities and states across America are going bust. In fact, for a growing number of local governments throughout the United States, there is no getting around the fact that “flat broke” accurately describes the situation that they are facing. For many of these cities and states that are on the verge of bankruptcy, the American Dream is quickly turning into the American Nightmare. Unlike the federal government, which can ask the Federal Reserve to print up some more money when they get into trouble, state and local governments have nowhere to go when the well runs dry. They either have to raise taxes or cut spending. But in many areas of the country, services have already been cut to the bone and people are already being taxed into oblivion. So what can be done? Well, many of these state and local governments are just going to have to cut spending even deeper, squeeze even more taxes out of their residents, or go to the federal government for a handout. (Read More...)
50 Statistics About The U.S. Economy That Are Almost Too Crazy To Believe
Most Americans know that the U.S. economy is in bad shape, but what most Americans don’t know is how truly desperate the financial situation of the United States really is. The truth is that what we are experiencing is not simply a “downturn” or a “recession”. What we are witnessing is the beginning of the end for the greatest economic machine that the world has ever seen. Our greed and our debt are literally eating our economy alive. Total government, corporate and personal debt has now reached 360 percent of GDP, which is far higher than it ever reached during the Great Depression era. We have nearly totally dismantled our once colossal manufacturing base, we have shipped millions upon millions of middle class jobs overseas, we have lived far beyond our means for decades and we have created the biggest debt bubble in the history of the world. A great day of financial reckoning is fast approaching, and the vast majority of Americans are totally oblivious. (Read More...)
How Are U.S. Troops In Afghanistan Supposed To Defeat The Taliban When Iran Keeps Sending Them Arms And The Saudis Keep Sending Them Money?
How in the world does anyone expect the U.S. military to be successful in bringing peace to Afghanistan? The Taliban is constantly reinforced and supplied from bases in Pakistan, they are constantly being supplied with arms by Iran, and the Saudis keep sending them huge amounts of cash. Meanwhile, U.S. troops are expected to endlessly patrol a land teeming with radical Islamic militants, many of which would just love to brag to their buddies about how they killed a U.S. soldier. U.S. forces have now been in Afghanistan for nine years (keep in mind that the U.S. was in World War II for less than 4 years) and the conflict against the Taliban seems to have no resolution in sight. The U.S. has been successful in imposing a limited form of democracy, but the truth is that the Afghan government is composed of radical Muslims that have no interest in such things as freedom of speech and freedom of religion. The truth is that the “Afghan Dream” does not even remotely resemble the American Dream. In fact, the current Afghan government is so questionable that many people are openly asking what difference there really is between this new government and the old one under the Taliban. (Read More...)
Memorial Day Shocker: How The U.S. Government Really Handles Veterans Benefits – Deny, Deny, Deny Until They Die
One of the ways that you can judge the character of a nation is by how they care for their military veterans. On this Memorial Day, we remember those who have fought and died defending the American Dream, but this should also be a day when we check and make certain that those who have served this country so bravely are being taken care of. Unfortunately, a cold, hard examination of the facts reveals that the U.S. government is doing a horrific job of caring for our military veterans. U.S. government officials seem to be able to do a great job of laying wreaths and holding ceremonies, but when it comes to actually getting military veterans the care and benefits that they desperately need, the attitude seems to be “deny, deny, deny until they die”. (Read More...)