If America requires a lower standard of living to pay off our debts (public and private) whose....?

Question

...whose standard of living should fall first? Should it be the ultra-rich who can afford a falling standard of living and still be living large? Or should it be the poor and middle class whose standard of living can fall a long way as a consequence of marginal amounts of higher taxes or lower income?

Answer 1

HA! It WONT be the rich or the wealthy itll ALWAYS be the poor and the debt STILL wont be paid off for we will work as slave laborers to keep paying a debt that will never be paid so the rich can be richer.
If you gave the poor a decent wage youd see a lot of places improve.
However money or lack thereof does NOT make a person decent.There are rich people who are in prison and are criminals and are not fit to live as well as poor people of the SAME ilk.

Answer 2

Regardless of /should/ it will be the middle class that /will/ feel the impact. The standard of living of the destitute will not change - so the money they don't have will be worth less, big deal. Similarly, the ultra-rich will feel no impact, since thier income sources are diversified enough to weather the devalluation of the dollar, and thier standard of living would not be impacted even if they lost large amounts of paper wealth, anyway. It is the middle class who's real wages and savings - and thus living standards - will take a beating.

Of course, the same devaluation that will make public debt easier to pay off will also make private debt - most notably, mortages, easier to pay off, which will be a mitigating factor for much of the middle class.

Answer 3

Just look around, its already happening to the middle class... It wont be the poor because we have a liberal government body politic in the Democrats, thats more like soft socialism. It wont be the rich because we have a republican party with so many special interest groups that are formed of the powerful elite that they wouldn't allow that. SO all thats left is the middle class because if ( or better yet when) the middle gets squeezed out, its a win win for the politician.

First you have to realize that throughout history, especially recent American history, the middle class is where the adversity for the authority lies. The poor are already dependent on the government to take care of them, ie. food stamps, health care, and so on. The rich are already dependent on the government to take care of them. ie. government contracts, and I would say tax breaks but, contrary to popular belief, the super rich are well taxed (they just raise prices to pass the tax on to the consumer).

Anyway, the point is, the middle class is already being squeezed out, and its by design. Think about it... give more Americans free entitlements. Grant amnesty to millions of illegals (because they do the work Americans wont do? OK, they wont because they don't HAVE to, they would if you'd take away the free check every month.) which will lower the average American wage. Outsource the technical jobs that educated Americans can do. I could go on and on. Just put the puzzle together.

Just know that the strength of society is the working class nobody, the well informed middle class that is tired of being lied to and is tired of having no voice. The government machine must take him out to initiate the plan that they have in store for us.

Grim?

Answer 4

should or will?

a standard of living fall should go to the corporations, (man it's so sick that I even have to mention a non-living entity when talking about standards of living), and the wealthy, it almost certainly will go to the poor and the working/middle class... because the wealthy and the corporations make the rules.

Answer 5

Being non-ultra rich myself, why should someone who knows how to handle their money give it up? No one has to give up their standard of living to get out of debt, you just have to change your standards.*grin* Think about this: do you need a fancy car or will one that runs well work for you and get you where you need to go? Do you need HBO, Showtime and super ultra cable or can you get by on basic while you pay your other bills off? Are you really giving up your standard of living?

Answer 6

No. no longer while you evaluate that may not important, yet because of the fact our national debt is so somewhat extensive. individuals do no longer rather comprehend basically how plenty $15 Trillion money is. regardless of if we are aggressive in value reducing and our financial gadget returns to enhance sales we could no longer probably repay the debt for hundreds of years. actually, centuries. we are in intense, deeply intense difficulty. usa of america has been spending like a %. of drunken sailors for fifty years and the chickens have now come residing house to roost. reducing reward does not make a dent.

Answer 7

Should be the rich, but since they own all the politicians, it will be middle class instead. US is soon to be a third world economy - only rich and poor, no-one inbetween

Answer 8

Everyone above the moderately wealthy level will not be touched by the standard of living decline. They have investments with international basis.

The Upper middle classes and below have investments with domestic basis. They are the ones who will see their net worth and assets get cheaper.

So who should fall first, and who will fall first are two different realities.

Answer 9

I have a better idea.

Give me one good reason why the debt should be paid off.

Don't pay it.

Simple, right? After all, we are being condemned for acting like an imperial power even though we don't rule over anyone outside the US against their will correct?

So let's not disappoint anymore, don't pay the bill.

Give the mutts something to chew on for real.

Answer 10

If America requires a lower standard of living it won't be coming from the rich, you can believe that.