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Keep in-mind this household debt is above and beyond each household's share of their municipal, county, state and federal debt. If you live in LA County, CA:
by rrggrr 9y ago
Keep in-mind this household debt is above and beyond each household's share of their municipal, county, state and federal debt.
If you live in LA County, CA:
- about $4,200 in State Debt.
- roughly another $4,000 or in LA County debt.
- $161,000 in federal debt.
- $16,000 in credit card debt on average.
- Car loan, home payment, etc.
And on average your savings are minimal. Most importantly, if this isn't you, its still someone you'll be bailing out through higher taxes and/or some other shared burden.
Ironically, the more indebted we become the more dependent we are on our government to address the problems widespread indebtedness creates. This may explain why efforts to enact economic growth policies that restore 5-6% GDP growth are met with all talk and no action in most state capitals and Washington, D.C. Its almost as if they wish to intentionally drive the the country over the fiscal cliff.
- seoguru 9y ago$161K in federal "debt" AKA net financial assets of the private sector. The "debt clock" should be renamed the "private sector savings clock". The monopoly issuer of the dollar is the federal government. https://www.youtube.com/watch?v=c4sD-JDVwwQ https://www.youtube.com/watch?v=c4sD-JDVwwQ and for the conspiracy theorists who deny the US government as the monoploy issuer: http://elliswinningham.net/index.php/2016/12/30/ridiculous-notion-federal-reserve-private-bank-concerning-persons-peddle-nonsense-final-words-subject/ http://elliswinningham.net/index.php/2016/12/30/ridiculous-n...
- tupshin 9y agoI was with you until the end. What policy proposals do you think would realistically restore 5-6% growth?
- paulddraper 9y agoNot the OP, I'm guessing lowering corporate tax rate, and similar measures to bring foreign production home.
- godtoldmetodoit 9y agoWhat economic growth policies could we enact that would result in 5-6% GDP growth? From my admittedly limited understanding, that seems to be quite the stretch.
- rrggrr 9y agoTax holiday for repatriation of overseas dollars held by big companies would account for 2pct.
- panzer_wyrm 9y agoYou have to shrink the base to get high percentage growth - a war that is devastating have the effects of reducing labor and increase the need of labor to rebuild infrastructure so it gives a decade or two of rapid growth... Aside from that - nuclear fusion, space travel and colonization are the only technologies that could possibly give this kind of sustained growth.