If there is one thing that we can all agree on is that to maintain our households, and have the basic comforts we need to meet our expenses; for the most part, not to accumulate debt to the point of not being able to pay it back. I invite you all to take note on this because emotions will not free you from the coming meltdown. The Obama administration does not have any concept of fiscal restraint. I am sure that we all can agree in an election cycle, the Democrats and some Republicans will say anything to buy votes in order to stay in office. We as a nation have never been in such an economic valley; the fact being, Obama is the first president to have an administration with a less than 3% GDP.
At least six major nations are now in danger of following Greece into default and bankruptcy — and the United States of America is one of them.Portugal’s debt-to-GDP ratio is 130.2% … Italy’s is 132.1% … Spain’s is 97.7% … and France’s is 95% — and those debts are growing at an alarming rate.Tokyo’s is 233% — 42 times higher than the debt that caused Greece to go broke — and it, too, is still growing by leaps and bounds.Most alarming: America’s official national debt plus Washington’s off-budget obligations now stand at $117 trillion. That gives the U.S.A. a total debt to GDP ratio of 101%: 330 times greater than the debt that broke the back of the Greek economy.
This is quite frightening, the Damocles sword is hanging above this nation; if we continue on the path of spend, spend, spend, 2008 will seem like “it’s only the water bill, I’ll double up next month”. We are all slaves to the banks, and they will be calling in their markers right after the election. We better have someone in office that knows how to pay the bills. What do you think?