When do you think the day of reckoning is coming if ever?

[jp1]

I can't understand why America keeps giving large amounts of money to other countries when we are drowning ourselves. I believe in helping others but shouldn't we stop the handouts until our deficit is a zero balance.

The percentage of the federal budget that is direct foreign aid is tiny. However, the amount we spend on our military and other indirect forms of aid is MASSIVE. The 2 1/2 wars we've got going in the middle east aren't about terrorists. They're about supporting Israel and supporting Saudi Arabia, our biggest oil supplier. One could argue that oil is vital to what Dick Cheney called our "non-negotiable way of life", but the bottom line is that in the over 9 years since 9/11 we could have made significant strides in reducing our oil dependence without compromising much other than the size of our cars, and therefore reduce our concern about what happens in the middle east period.

A huge opportunity was lost after 9/11 when no one, most importantly not GWB, came out and said "we need to make efforts to reduce our oil dependence". The dems were just as bad with Kerry telling people to go out and buy a freakin' SUV to support the economy. But oil companies in the US are part of "Big" as kib calls it. They have political power and will do everything in their power to make sure that politicians on both sides of the aisle are bought and paid for and will do their bidding regardless of what's in the best interest of the american people overall.

[kib]

"We Are Addicted To Oil." He did say it, pretty firmly. What he failed to mention was that, like any good addicts, our course was set to do anything necessary to feed our addiction, not free ourselves from it.


...oh, seriously, don't cry for us, Argentina ... we're right behind ya.

[jp1]

"We Are Addicted To Oil." He did say it, pretty firmly. What he failed to mention was that, like any good addicts, our course was set to do anything necessary to feed our addiction, not free ourselves from it.


...oh, seriously, don't cry for us, Argentina ... we're right behind ya.

If only we could do like Argentina and crash and default on our debt. Then we could move forward. Unfortunately I suspect we'll be doing like Japan and drag this ugly situation out for years and years and years. In the meantime I imagine we'll watch Iceland recover and move on and Ireland not recover and drag out their problems for years and years.

[Mangano's Gold]

I would be very reluctant to compare the US to Japan, Argentina, or anyone else.

Since 2008, spending is up about 16% and revenues are down about 14%. This is within bounds of what we'd expect in a bad recession, and the US Balance Sheet can handle it. Ideally, we would have been in a stonger position prior to the recession, but we can't do anything about that now.

The economy obviously needs to recover, though. If it doesn't, then nothing else, fiscally, really matters.

[Gregg]

I agree that comparisons to Argentina are probably unfounded. Japan is maybe a little more accurate, but we're a long way from that situation right now. The national debt is most bothersome to me because (IMO) we are spending money on the wrong things. In YMOYL type terms we're using our credit cards for perishables and not making investments in our future. Reworking our national infrastructure, everything from railways and bridges to the grid and fiber optic networks to pipelines and alternative energy generation, would have significant and long term benefits. Millions of jobs would be created. The country would be safer and more secure. We would be less dependent on outside sources of almost everything. If a shift in spending were comprehensive enough it may not even require much more than we are already spending (although yes, that is too much). As it is we just don't seem to be making any progress at all.

[gimmethesimplelife]

I agree that comparisons to Argentina are probably unfounded. Japan is maybe a little more accurate, but we're a long way from that situation right now. The national debt is most bothersome to me because (IMO) we are spending money on the wrong things. In YMOYL type terms we're using our credit cards for perishables and not making investments in our future. Reworking our national infrastructure, everything from railways and bridges to the grid and fiber optic networks to pipelines and alternative energy generation, would have significant and long term benefits. Millions of jobs would be created. The country would be safer and more secure. We would be less dependent on outside sources of almost everything. If a shift in spending were comprehensive enough it may not even require much more than we are already spending (although yes, that is too much). As it is we just don't seem to be making any progress at all.

I agree with you that mucho more spending in the infrastructure would be in everyone's best interest.....I guess the obvious question is, how do the nations's priorities shift so that this seems clear to more than you and me and scattered others.....Rob of the Valley once more