The truth is very different. According to the Federal Reserve, U.S.
household debts peaked five years ago at a gigantic $13.8 trillion.
Since then it has declined to $12.9 trillion – a decline of about 7%. To
put that in context, household debts today still exceed those seen at
the end of 2006, near the peak of the bubble. They are three times what
they were in 1998.
Furthermore, as our chart shows, the majority of that reduction hasn’t
come from people paying off their loans, but from banks writing them
off.
The total debt reduction from the peak, says the Fed, is $954 billion.
Loan write-offs, at $585 billion, account for 60% of that. In other
words, for all the chest-thumping about how Americans are repairing
their balance sheets and how we aren’t a nation of deadbeats, in the
last five years Americans have walked away from $3 in debt for every $2
they’ve paid off.
And with 92 million people of employment age out of work and not even looking anymore (about a 60% unemployment rate), we will stay a nation of deadbeats. And because of the federal education system and the communist media and libtards regardless of the above handicaps, we are also a nation of serious dumbasses. With a capitol F.
It can only get worse. Just as black people were encouraged to consider themselves a major victim class by the democrat party starting with LBJ, instead of a talented component of a free self-accountable society who should strive to attain the American Dream, many more races and peoples within America will join their ranks of the victim class and demand the unattainable.
It won't end well.
So you imagine that you are in a row boat and you’re in the wide, wide river when suddenly you hear a gurgling noise. With great concern, you stand up to see if you can tell where that gurgling noise is coming from and you mistakenly drop you roar into the river and it swirls away. Shazam! You realize that you’re caught in a whirlpool. You realize that it’s worse than being up the creek without a paddle. You’re caught in it, its spinning ... slowly at first, but your velocity picks up with each revolutions; each one brings you ever closer to your doom. There is nothing you can do. Nothing.
ReplyDeleteThat’s America today.
We should probably continue voting for Democrats, progressives, and other communist scum.
We should probably continue voting for Democrats, progressives, and other communist scum.
DeleteSam, I really kind of think that's the real solution. Let them take us all the way down so that everyone can feel the pain. That's what they do in boot camp right? Take you all the way down so they can build you back up.
And it's how I've always seen as a solution to a garbage pile. Rather than have citizens go out and try to celan it up every so often, keep throwing trash on it until it gets so big it has everyone's attention and everyone understands it has to be dealt with.
I just can't vote for a democrat...
Just remember, liberals are the ones who abhor guns and eschew their possession, while conservatives love guns and have lots of them. And lots of ammo (to you weenie liberals out there, ammo is short for ammunition. You know, bullets).
ReplyDeleteWhen the shit hits the fan, which group do you think will fare the best?
Just asking
Fredd. And the libtards are the violent ones. They'll be turning themselves into targets like the chain reaction of the Hiroshima bomb core.
DeleteI'm hearing such negativity and disgust from staunch conservatives that it's beginning to get on my nerves. I don't know how America's going to survive as we know it and I have friends and family with very small children and it pains me to look at them and know they will never have the future we had. We blew it because of political correctness and greed. We owe it to the kids to get back to normal. But we won't, not with liberals running the show.
ReplyDeleteZ, Well, let me say that No problem is solvable until at the least it is understood and accepted. Jumping ahead, if we over-react to the downside and teach our children to over-protect (is that possible to over protect) then what have we lost.
DeleteIf on the other hand we think there is a political solution (there isn't currently), we've doomed them for sure. Yea, it's pretty dark, but I believe that's where we're at.
Like who do you think 92 million people out of work and not looking and getting a living amount of free money from the government are going to vote for ? When the democrat media will convince them the repubs are going to take that away.
And we haven't even added in all the fringe and other victim groups. How does a non-democrat get more than 10% of the vote I wonder? And what if they did? Would the repubs do anything to make things better? GWB did not domestically. GHWB did not domestically. Though just about anything is worth keeping that silly putty, botox, and duct tape constructed hildebeast out of the white house.
People recently overwhelmingly rejected Tea Party candidates in favor of same old same old. People in general do not understand the problem.
I don't see over-reacting as a problem, if I even am.
PS - No republican, not even Reagan (tho he had a dem congress) turned back a SINGLE libtard program, agency, department since the democrat communists kicked into high gear when they killed JFK and put LBJ in office.
DeleteWe won't know where we are currently on the scale of despair until much later: are we past the point of no return, to where there is simply nothing to look forward to except collapse of our representative republic? Or is there still time to reverse the damage done by decades of liberal policies and return to our founding principles? Z and Kid: you both opine that we are too far gone. I am not so sure.
DeleteWe will see where things go from the returns this November. I am of the opinion that this election will tell us much: will those 92 million unemployed yet well fed minions turn out enmasse and reinforce the unsustainable welfare state that is ever expanding? Or will we as a nation finally stand up and begin the long and painful process of turning back the socialism that if unstopped will destroy us as it has every other society that embraced it.
Many conservatives bemoan that we have yet to overturn any liberal program entrenched into our consciousness: Republican efforts in one state have turned back this evil trend. The Dairy State, my northern neighbor headed up by Republican governor Scott Walker has struck a few liberal policies down, turned back the socialism that was seemingly entrenched into the Cheese Head mindset.
Maybe President Scott Walker can do the same on a national basis.
Who knows, it may not be too late.
Fredd, I'm hoping for segregation of libs and conservatives by state. Then at least, intelligent people can be among their own kind.
DeleteI plan to segregate to one in a few years and say goodbye to the 'swing state' of Ohio who on the whole can't decide between one party or the other from year to year.
If we cannot speak openly with one another about all manner of problems that confront us then of course there can be no solutions. The left knows this very well. Civil conflict grows closer every day.
ReplyDeleteMustang. None of us knows everything, certainly not me, but Honesty is the ultimate respect we can show each other and I always intend to give it. There is nothing personal in a difference of opinion. The difference IS America. It should be celebrated and tested and refined as we all move forward.
DeleteDon't worry kid. The struggle is eternal.
ReplyDelete