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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » American debt is now 100% of GDP. Who is actually to blame for the financial crisis?

American debt is now 100% of GDP. Who is actually to blame for the financial crisis?

We have managed to dig ourselves into a hole. It s always easier to blame the other guy, but the root cause of this problem can be seen in your mirror and your wallet. We have been living out of our means and slowly increasing our debt load for decades now. The last time American debt equaled GDP was right before the Great Depression. We have done this to ourselves in a credit fueled orgy of over consumption. Every McMansion, Suv, big screen television bought on credit, tomatoes in December and bananas in January have led us to this point. The nation is reaching insolvency and we are most likely going to take everyone else with us. America is poised to go out with a bang and you and everyone else in this country has played a part.

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9 Responses to "American debt is now 100% of GDP. Who is actually to blame for the financial crisis?"

  1. musicman812 says:
    I’m debt free and a fiscal conservative — I consume what I need and if I have some extra cash lying around, I’ll get what I want.

    That’s how it works — cash in hand before buying something.

  2. MochaJoe says:
    I share your frustration as there is always a “They” and personal responsibility is seriously lacking in this country.
  3. Jonny B says:
    Hey Im conservative, and have no credit card debt. Just one car payment and a 20 year mortgage. I pay my bills and take no responsibility for this mess!
  4. Lucifer says:
    Don’t forget Americans like to work less and make more. Yet they don’t want to pay for the items they are making more money to make They want jobs making crap, but won’t buy it cause Chinese products are cheaper. HMMMMMMM….
  5. darth_incidious says:
    Honestly both parties are to blame. However given the current economic crisis Obama had an opportunity to “change” our direction. He has failed and has given us more broken promises. Both conservatives and libs should be outrage that our government is so fiscally irresponsible.
  6. Make A Jazz Noise Here says:
    In dollar amounts, Hussein has cost the US more than the 9-11 attacks .
  7. Lucky says:
    Bad government…get what you have always done, get what you have always gotten.
  8. End Fed, Ron Paul Revolution!!! says:
    Add in the unfunded liability the US debt is actually closer to $60 trillion dollars.
  9. Mr.Unstoppable says:
    Good question. You made a very interesting point when you said everyone has played a part. It seems as of late, that blaming somebody for the crisis is not going to help the situation and it brings no benefit. I’ve seen many lists drawn up of all types of names of people to blame for the current global crisis but no list of united global solutions.

    On the contrary, the crisis is no one’s fault, because it is the expression of all of humanity’s disharmony with its growing global integral level of development. A level of development that reveals to us that we are interconnected and interdependent of one another. Like cells in one body. The cells (individuals) in our body (humanity) are egoistic and care only for themselves and not the well being of the body. For example imagine that your cells and organs in your body behaved the way people do, caring only for itself and not to keep the whole of the body functioning. Sounds like disease or something like cancer, right? Well that’s how humanity’s current state right now and why we experience all the growing negative effects in the world. And as you see the “body” is unhealthy .

    So, instead of looking for someone to blame, we should view the crisis as an invitation to change. Maybe if we understood that man’s global egoistic relations between one another was the reason behind the negative phenomena we feel around the world then we could search for a true method or solution to rise above the crisis. Then we could educate one another of the global integral system we live in and thrive in it lifting the whole of humanity up.

    By analyzing the global crisis, we can discover all our shortcomings. We can see what is wrong with us now by comparing ourselves to “how we should be.” Then, by correcting ourselves accordingly, we will come out of the crisis and create a new, better civilization.

    The crisis will sweep away everything from the past: all the outdated social connections, cultures, religions, and financial or trade relationships. The world that will emerge will be opposite to the one we now have.So we have at the end of the day pointing fingers of or humanity uniting to achieve something higher. I included some links that explain deeper what I mean. Hope they help answer your question….Peace

    http://www.youtube.com/watch?v=yGf4fEFvsIQ
    http://www.youtube.com/watch?v=HhoTCiNrdW4
    http://www.youtube.com/watch?v=2umf7LXLuyk

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