Is the U.S. Really Wealthy?
By szz1990602
@szz1990602 (188)
China
August 3, 2011 5:06am CST
We know that President Obama has signed legislation Tusday to raise the U.S. debt ceiling, averting a potential government default. The U.S. debt crisis is mainly caused by the outbreak of the international financial crisis which lead to the obvious rise of the United States government deficit, and the international financial market may fall into chaos due to the crisis. Now, we have to propose a question: is the U.S. really weathy? We even can belive that the United States can not live without debt, or, the wealth of the U.S. is illsory. America is supported by debt from countries all over the world. Recently, Russian prime minister Putin criticize America as a parasite of the world. He pointed out that the U.S. breaks the pale, and then, trasfer some burdens to other countries, relying on, for the most part, the world's economy and the dollars monopoly position to survive. Therefore, in my opinion, the United States is not so weathy as we imagined. So what's your opinion?
7 responses
@Cue1992 (30)
• United States
3 Aug 11
i dont know what kind of education you had but that simply isn't true at all. when you look at the United States' history, you're not going to see much colonialism. yea yea, the philippines, but that's really about it. the US doesn't have a history of taking over places and reaping the benefits of their resources and leaving them dry. we have created out own wealth here in the united states, mainly because our government, compared to those in the rest of the world, has allowed the free market to work well and create incentives for progress. no society in the world has ever established freedom without organizing its economic activity in one way or another through free enterprise. because that's true, if you're country is having problems than getting rid of the free market will only worsen them. capitalism is not always sufficient for freedom, but it is certainly necessary for it.
@Taskr36 (13963)
• United States
3 Aug 11
Pretty much every wealthy country has a high debt to GDP ration. We rank 20th with a 98% debt to GDP ration. European countries like Greece, UK, Italy, and France are far worse. Russia actually has a very low debt to GDP ratio, but they had to play games with their currency after their economy crashed to make that happen.
We're not a parasite by any stretch of the imagination. In fact, a good chunk of our debt was accrued by GIVING money to other countries INCLUDING Russia. Maybe they should return that $68.7 MILLION we GAVE to them this year before insulting our debt.
What is it they say about people who live in glass houses?
@Zer0Stats (1147)
• India
4 Aug 11
Hmmm yes.As compared to all the emerging countries and some advanced countries,America seems very wealthy.
And talking about debt crisis in America? See many other advanced countries are also in high debt as compared to their GDP because of the lower GDP growth rates.Plus they seem to have forgotten how to spend money wisely in the bad times.
@knoodleknight18 (917)
• United States
4 Aug 11
Yes and no, we have a lot, but we owe a lot. Is a person with a million dollar house and $250,000 worth of cars who still has $750,000 in debt rich. If our debt was gone I'd say yes, if keeps going up we won't be for long if we are.
@lbygyh970855 (237)
• China
4 Aug 11
Amecica is declining, but it is still the world's number one super power. Our country has a large amount of foreign reserve. Is China really wealthy? Not really.
@rcking09 (9)
• United States
3 Aug 11
Yes the U.S is wealthy. Despite the debt crisis the U.S is still the richest country in the world. I don't know how putin can call the U.S a parasite considering the U.S
usually spearheads most humanitarian efforts in the time of natural disasters. That doesn't sound like something a parasite would do.
