tag:blogger.com,1999:blog-4626545975155581763.post1935621458123715758..comments2023-05-04T05:50:19.612-07:00Comments on True Adventures in Money Hacking: How Bad Is the U.S. Economy?Wren Caulfieldhttp://www.blogger.com/profile/10396487405768709623noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-4626545975155581763.post-21095783524788495652009-03-02T11:24:00.000-08:002009-03-02T11:24:00.000-08:00Something I read many years ago pointed out that t...Something I read many years ago pointed out that this huge national debt and outrageous levels of personal debt were going to be the downfall of the American Economy ... sadly it seems to be coming true.<BR/><BR/>I'm in London and we're having very similar problems to ones you are...<BR/>For many years we have been richer than other Europeans. Being a nation of home-owners has meant we've had money to invest in second homes on the Continent, where the locals, who may have worked in similar jobs for all their lives, didn't have those opportunities, due entirely to a different economic system (no I don't mean socialist, just more TOWARDS socialism...)<BR/><BR/>A downside to the Anglo-American way of doing things has been that while continental Europeans will pay for goods in cash, us more "sophisticated" folks from across various bodies of water think "no I'll stick it on the card and pay it off"... as if THAT ever happens... and so it has gone on and on<BR/><BR/>I mean even our supposedly "prudent" Prime Minister and former chancellor/finaince minister in the best times we had through the 90s and 00s was borrowing more than £20 billion a year because he could not balance the national books. Now we're in trouble he says tax incomes will go down he'll have to borrow even more. Britain's national debt is threatening to QUADROUPLE from what it was (about £500 billion, if I remember right) up to two TRILLION pounds which is just ridiculous. I don't think our govt.'s ever going to be able to repay that...Gledwoodhttps://www.blogger.com/profile/09308172310486574510noreply@blogger.com