Can somebody please tell me how our country will get out of debt by being a consumer credit economy?
Posted on 28 June 2009 by Debt Helper
It can't. America has always relied on innovation. And post world war 2 it relied on innovation and export related growth. That export related growth slowly ended because after world war 2 the U.S. set the japanese/U.S. exchange rate far too low. (360 yen / 1 dollar).
And you can't have innovation when 1/4 of students drop out of high school or when colleges force engineers to take classes that have nothing to do with their majors.
In top Indian universities, science and math majors are not required to take history, politics, etc.. Decades ago it used to be the same in many top U.S. universities . Unfortunately, too many unemployed people with unusual Phd's encouraged universities to start requiring classes that were not necessary. Teaching jobs were created for people whose unusual Phd's were worth nothing in the "real world".It won't. And neither will being at war on two different fronts. We need to increase production of goods in THIS country and cut the military budget by half to get out of debt quick. FACT. But it isn't going to happen.We will be filing for bankruptcy pretty soon. Then China and other nations will get a portion of our land and we will have an international garage sale to make some money to pay off some of the debt. Will will sell off things like the California, The Empire State Building, probably try and give the Statue of Liberty back to France and maybe get some store credit at least…hope we kept the gift receipt.
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