Liam Dillon

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Resolutions for the American Debt Crisis?

Obviously the American government is finding itself in a bit of a troublesome situation in regards to the looming debt disaster. IN my opinion, decisive and collective action needs to be taken to avoid another devastating blow to the already faltering economy.

Would anyone care to share their opinions and thoughts about the issue?

  • Jul 31 2011: The political brinkmanship is nothing more than a fight over the forthcoming US presidential election and that in itself, is a very irresponsible to play it out. If you look at American GDP of around 13 trillion in 2011 (and it is dwindling, not expanding) and coupled with the debt deficit of 14.3 trillion, a easy calculation would have work out the long repayment periods needed. A simplistic answer is American needs to save more and spend less for at least the next decade.
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    Jul 28 2011: Democrats don't want to cut public spending. Republicans don't want to increase tax. Raising the ceiling will be problematic in the long term. Nobody wants to compromise, and the solution is needed before August 2.
    Aside their political play, they need to realize the severity of the situation and how it will affect EVERYBODY.

    Yes, they do need a "decisive and collective action", and that requires compromise. Hopefully both the parties will realize that it's not the time to show who's the boss and all that non-sense.
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    Jul 27 2011: it is always a weird thing when people discuss how to end a debt crisis. what causes debt? borrowing. how to stop it? stop borrowing. no methods are needed. it is a simple decision.

    of course paying back the cumulated debt is a bigger problem. but there is plenty of time to do that, once the accumulation of new debt is ended.
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      Jul 27 2011: this^ the people hit most are the people who invested money in something that was broken in the first place.
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    Jul 27 2011: sounds like one side and the other are trying to scare eachother into a decision that probably will make things worse. i hope nothing is done to raise the debt ceiling.
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      Jul 27 2011: I agree about not raising the ceiling. It seems like common sense that you can't pay off debt with more debt. Some unification on behalf of the politicians is greatly desired at present. Shouldn't they put aside their petty squabbling and instead focus their energies on designing a resolution that works for everyone, rather than conforming to a single party's political ideals?
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        Jul 27 2011: well both partys have agendas, obviously or else they wouldnt waste the energy (that and a big voting year next year) theres a good chance if they diddnt raise it that nothing really would happen, and the american public may finally realize how much we dont need the kind of goverment they want to keep in power. well some of them are, RP 2012 :)