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Spread this message with Digg, Del.icio.us, Reddit, or Stumbleupon, and subscribe to the RSS Feed to track articles America Is Heading Toward Economic MeltdownE-mail - editor@economyincisis.org |
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Watch this CNN video of Pete Peterson, the former Secretary of Commerce, as he discusses America's lack of savings and dependence on borrowed money that has made the country vulnerable..
We are presently spending more than we earn and borrowing more than we can ever pay back, which is totally irresponsible and calls for major changes to our economic policies. If our debt lenders decide to pull the loans that in recent years have been the primary support of our economy, we will have a black day in our markets and economy that will surpass anything previously experienced in America. Without these loans, our ability to function as a society will grind to a halt and our future standard of living will dramatically decline. It is time for us as Americans to demand that our leaders adopt a platform of fiscal and common sense policies to reduce our deficits, implement mandatory savings (like Peterson suggested) and reinvigorate American industry.
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Article Comments From Readers
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guest says "Pete Peterson has the wrong solution" on 10/26/07
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The right solution to restoring fiscal sanity, improving the savings rate and taking America out of the danger zone is NOT cutting social security and benefits for people. NO. That is an anti-citizen, anti-democratic proposal.
The proper ways to help fix the economy include:
*Cut all war spending immediately. History teaches us from our losses in Korea, Vietnam, Iraq I and now Iraq II that these abysmal failures were both unnecessary military engagements, wasteful in terms of human life and our treasury dollars, destructive of the world environment, ruinous to human happiness, and have created greater danger for America as we continue to alienate friends and bully smaller nations.
*Cut the Pentagon, NSA, CIA, and FBI budgets by 95%. These bloated bureacracies are not performance based and don't serve the public interest with a proven record of success. They have failed us by violating our Constitutional rights (domestic spying against Americans)meddling in middle eastern affairs (1953 overthrow of Iran's democratic government ultimately leading to Islamic Fundamentalism), and failure to protect our nation from attack (remember 9/11)?
Yet they continue to gobble down hundreds of billions of dollars and are secretive and unaccountable to the taxpayer.
*Impose quotas on imported goods from Asia. Since they won't play fair with their currency fixing and impose quotas against American imports, we have no obligation to continually get shafted by those countries.
*Restore the gold standard. Thanks to Richard Nixon who destablized our economy by creating a free floating "Trust based" dollar, we have experienced a continual slide in the value of our currency. The dollar is now approaching 1.44 Euros and 2.06 British pounds as I write.
*Boot illegal aliens. They are undercutting America's workers as they steal American jobs. Additionally (according to the nonpartisan Center for Immigration Studies), Mexicans are taking a huge share of welfare at real Americans expense and our lowering the overall intelligence IQ and work ethic of our country.
This is a start.