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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » Name 7 or more chronic economic things wrong with the USA that are taking us to fiscal insolvency?

Name 7 or more chronic economic things wrong with the USA that are taking us to fiscal insolvency?

name them, and what changes would you put in place to fix these problems and make the USA once again the economic powerhouse and even more importantly the land of opportunity and great standard of living for most americans that it used to be.

10 points will be awarded to the best most detailed answer.


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5 Responses to "Name 7 or more chronic economic things wrong with the USA that are taking us to fiscal insolvency?"

  1. nothingconstant says:
    1. Credit default swaps–the insuring of bonds thru a third party. All these deals are made thru private parties and there is no transparency.

    2. CDOs and ownership–many people taking out credit default swaps are not owners of the actual bonds they are insuring. It results in 1000s of people being insured for one bond.

    3. No ratios for insurers to hold. They can insure a CDO for 10,000 dollars without having the actual liquidity

    4. Bond rating descrepancies. Security backed mortgage investments were rated by standard and poores and moody’s as AAA. A false sense of security was created regarding these bonds. Why were they rated so high?

    5. The ability for a president to hire a former financial banker and CEO for a government position. Dem and Rep presidents did this. I say it is a conflict of interest.

    6. Across the board too much spending. Foreign policy and defense eats up so much of our money. We are in debt… we are almost bankrupt. We should focus on America only for awhile and stay out of world affairs.

    7. I would regulate shadow markets and stay on top of trends. Financiers are always looking for more innovative products to bank on. It takes an insanely smart regulatory agency to keep up with them. I would also say that banks should fail when they mess up. Bailouts in a capitalistic country are not accepted. We know it may hurt worse, but they MUST fail for capitalism to work properly.

  2. hmmmm.......! says:

    by George, i think she’s got it~!

  3. leavin#1 says:
    1) Debt based fiat currency.
    The Federal Reserve creates currency backed by nothing which taxes through constant inflation, also every dollar printed is a debt to taxpayers since the government doesn’t control it’s own currency.

    2) Military spending
    America has 4.7% of the world’s population and spends 55% of the world’s military budget. 5% of the people spend more than the other 95%. The entire Iraq and Afghanistan budget is on a credit card and the interest is breaking the financial markets.

    3) Aid to foreign nations.
    There is no reason to spend $100 Billion dollars every year on Israel, and that is just 1 country our tax dollars go to, it is our money to be spent on our society.

    4) Offshore tax havens.
    The very wealthy in America have been stealing hundreds of billions of known dollars out of the country where the have made the money. A very easy problem to fix considering that the U.S. shut down billions in terrorist funds with in days of 9/11.

    5) Industry subsidies.
    Billions are given to farmers to NOT plant corn. Are you kidding me?

    6) Prison Industrial Complex.
    The U.S. locks up more of it’s citizens than any other country by far. We lock up more people here than Russia and China combined. Not only is there an enormous immediate cost to this, there is also a much larger loss of potential. We currently have 25% of the entire world’s prison population. That is 3 million Americans that could be added to the work force instead of living off the state.

    7) Porous border controls.
    Americans have the lowest real term minimum wage in the industrialized world. $6.55hr. – 25% taxes – 8% FICA – Health care = approx $130 week (assuming 40 hours). The Nordic countries approx $16hr.- 28% tax + 3 weeks mandatory vacation + health care= the Highest standard of living in the world. Meanwhile in America immigrants pour through our borders driving down wages and no government official will do anything about it.
    8) Education deficit.
    6% of Americans read 1 book or more a year, currently 155 million Americans read at or below a 5th grade level, America is currently ranked 49th in literacy. Until Americans are educated as opposed to being fed poor politics through the TV the society will never be able to reach it’s full potential.

  4. From Yours Trully says:
    This sounds like someones homework assignment.

    I’ll give you one and it is the main one; People refusing to take responsibilty for there own decesions and actions.

  5. theypissonourbacksandsayitsrain says:
    1) Illegal immigration- driving down wages and taking jobs of americans and using up scare societal resources. A good chunk of economic viability of Mexico comes from just the money that illegals send back home to their families. Imagine if that money was a) earned by americans, and b) respent here in the USA creating more economic velocity of money.

    2) Outsourcing of jobs overseas and elimination of our manufacturing base. The propaganda says this is good for us. I say its insane and treasonous. Laying off american workers and sending jobs to communist china and other cheap labor countries is not good for the USA and not good for american citizens; if it puts them out of work or drives down their wages.

    3) The lack of regulation in financial markets and other markets for obvious reasons as is in the news right now.

    4) Excessive war spending. 2 wars going one. One since 2001 and the other since 2002 with no apparent end in sight. This is also insane to thing that we can keep spending that money indefinitely.

    5) Out of control health care costs.

    6) Out of control energy and gas prices. We need new technology and energy indepence pronto. This is a matter of national security and economic viabilility

    7) Curb excessive CEO and executive salaries….nothing against people making money…but it seems there is way too much incentive to pocket millions for yourself while driving a company into the ground. This is criminal and is not what the free enterprise system is about.
    8) Too many huge corporations buying up too much market share.
    We need to go on a good old fashioned trust busting binge. Monopolies or near monopolies is not capitalism.

    9) Too much national debt. We should definitely be at a balanced budget or even surpluses. Government has gotten too big and there is too much duplication and too much war spending and too much of our money going to foreign countries like to Israel and Egypt and Iraq, and Afghnanistan and for all the wrong reasons. We are borrowing from communist China which is essentially a quasi enemy country and making them stronger to make them more powerful to oppose us. If we ever have to borrow money as a country, it should be from the american people who would buy government bonds.

    10) Too many foreign companies involved in ownership of key industries like our media and even our defense contracts etc… This is also cutting our own throats. Why would we want other countries making our own equipment that we need for our defense? why would we allow foreigners to own 3 or 4 or 5 very big mass media outlets in the United States and influencing our news in blatant ways?

    11) lack of investment in our own infrastructure and the education and future of our children.

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