Can the US pay it's huge debt?
By sankatutak
@sankatutak (23)
July 2, 2011 12:20am CST
14.3 trillion dollars has a lot of zeros in it almost 98 percent of GDP, from what I understand raising the debt ceiling mean more debt? It really a big headache on the Obama Administration. Raising taxes on the wealthy won't solve problems either because they will pass the burden to masses anyway.... :(
Although I live in Asia, I can't imagine for a country like us going into deep debt....
2 responses
@Fatcat44 (1141)
• United States
4 Jul 11
I understood that it is only aobut 40% of the GDP. but it still gigantic.
And we have our business base and job creation base disappearing. We have the second highest corporation taxes in the world. We are purchasing everything from the Asia and we have lost most of our manufacturing jobs. The transportation of the material from China to the US and the rest of the world has most of the cargo ships tied up and is requiring a considerable amount of the oil produced to ship all of this cargo..
Things need to turn around and jobs need to come back to the USA.
The first president to lower corporate tax rates which John F. Kennedy and he saw great growth in the economy. And every time since when taxes were cut, there was growth. This would bring back the corporations and the jobs.
@ptower76 (1616)
• United States
3 Jul 11
I am 54 years old, and as early as I was able to understand politics and such, The United States has had a huge dept. It is an issue for each administration and cannot be solved by any one administration. Most countries have some kind of debt. Industrial economies are based upon credit. It is the capitalistic way.
