Rod said:
You're a little off on this one. As a result, the US is and always will be in debt to the (private) Federal Reserve. It is also true that the tax contributions of all US citizens goes to pay the national debt, making the Federal Reserve increasing rich.
However, the current economic crisis and how this affects individual citizens is much more complex. Nevertheless, even with the current conditions, it is simply not true that all (or even most) American citizens are in debt overall, (i.e have a negative balance sheet).
Much more complex ? how about this for instance ?
The debt to the Fed is less and less ! and owing more to your own institutions with record deficit isn't gonna make anyone richer ! As for 'all americans...' who do you think will pay more taxes ?
In 2008 the % of money owed to the fed went down 5% while it increased 3%to foreigns. But we're talking only about the nation's debt here which equals roughly 60K per actual workers. Unless you want to put it as 30K per capita.
Here's the prob on this one... average per capita income in 2006-2007 was roughly 36K. Which doesn't leave much to pay the f*king debt.
How many lost their job since 2008 ? 2.6M ? so yeah yeah...it is far more complex... Hey ? if 43% of the US Families can't even pay their debt it sure ain't the majority. Personal bankruptcy has doubled in 10y. Revolving debt is 30% higher than 5 years ago. median years left on mortgage is about 30years. 1.8M of home owners have loans which is 100% or more than the value of their home.
So if you put it all into one melting pot it comes to roughly 250K for every man, woman and child... or 1M for every families of 4.
Point is : it ain't getting better so... go ahead have fun put on your pinkys !
Aah yar right...why not pay a twit 144M to insult people !!!
Great.. great.. culture !!!
