this economy is not working for the average hard working family. source: the center for american progress. click under economy and the article will come up. name of article "drowning in debt" .
2006-07-20 08:15:21 · 6 answers · asked by david c 4 in Politics & Government ➔ Politics
Consumer debt is at the highest level in the history of this nation. National debt is at the highest level in the history of this nation. The trade deficit is at the highest level in the history of this nation. That's how you build a solid economy based on debt. Don't think so. Look at whats happening with GM and Ford Motors american icons. They are in serious trouble, wonder why...
2006-07-20 08:57:02 · answer #1 · answered by Richard M 2 · 0⤊ 2⤋
I agree with the HumbleOne. The economy isn't the problem--in fact if anything, it's SO good that it provides more temptations than the middle class consumer can resist. Yup, the problem all comes back to individual responsibility and self-restraint; knowing one's own limits. Political factions only finger the larger abstract of the economy of the culprit so that they can look like "they care" and are "doing something" for the "economically suppressed". If they touted personal responsibility, no one would vote for them.
Compare the message "You are in debt because of this economy and I'm here to help" to "You're in the mess you're in because you couldn't set a budget. Clean up your own damn mess rather than expecting your nation to do it for you."
Did the Center for American Progress mention that over the past 3 years, our economy has grown by 20%, or roughly the size of China's total current economy?
Don't believe the doom and gloom. It's not all bad. I'm not saying it's all WONDERFUL, but it's certainly not all bad, particularly when talking about the economy.
2006-07-20 15:45:18 · answer #2 · answered by Woz 4 · 0⤊ 0⤋
Hmmm...because of the rise in popularity of credit cards, folks live beyond their means buying high ticket items they can't afford. Our parents and great grandparents lived with much less than we demand for now. No brand new SUV's and flat screen tvs with the swipe of a card in their day.
And I think it's only going to get worse unless we educate our kids to stay away from credit debt. Yup.
2006-07-20 15:24:15 · answer #3 · answered by lazydazy 4 · 0⤊ 0⤋
It comes from trying to maintain the same standard of living while incomes are declining due to a rising consumer price index. The cost of energy is the main factor in this dilemma. The other factor is falling wages due to sub-minimum wages paid to off-books employees (illegal immigrants). Who in the US wants to live with a declining standard of living? It's self-defeating both for families and for our economy.
2006-07-20 15:24:12 · answer #4 · answered by correrafan 7 · 0⤊ 0⤋
If you don't buy, you don't incur debt. Many people are in debt because they want instant gratification. The thought of waiting and saving for something is out of the question. Examine what they have bought. Was it a necessity or a want?
2006-07-20 15:19:41 · answer #5 · answered by TheHumbleOne 7 · 0⤊ 0⤋
Yes, i knew this. Is that it for your question?
2006-07-20 15:17:38 · answer #6 · answered by Charles D 5 · 0⤊ 0⤋