Economic meltdown (David Walker, the U.S. comptroller general)

[k-robjoe]

"The biggest unknown about America’s next economic meltdown is not “if” but “when” it will come.
The next biggest unknown is how bad the crisis might be.

The best case, according to public-policy experts speaking Monday in Kansas City, is that the nation’s ballooning debt will be manageable — if we quadruple taxes, slash Social Security and Medicare spending beyond the bone, or find some combination of the two before a meltdown starts.

And the worst case?

“Over the long run, I believe the republic is at risk. It’s that serious,” David Walker, the U.S. comptroller general, said at a business breakfast Monday."

http://www.kansascity.com/mld/kansascity/business/14420251.htm ( w/ videolink )

[ayeshahaqqiqa]

1. Would this mean

hyper inflation? The breakdown of government because there is no funding left for even the basic services?

I know many who are gathering food/water/etc, and working in communities so that they can survive, because they fear not only this but also the possibility of anarchy.

What do you think?

[AX10]

2. Hyper inflation at first, following be deflation and a deep...

recession.

[k-robjoe]

3. I don´t know

how to put in one of those "freezing" square "smilies", but I would if I knew how. It´s scary. Things happening now that you wouldn´t think would happen in the foreseeable future only a couple of years ago...

[unblock]

7. just type ":scared:"

:scared:

[wtbymark]

6. welp...

we could have wholesale hangings of people in charge
numerous northern states would either form their own country or join canada
The dollar and the United States would be effectively dead
our new monetary system would be euros (after another country assumed us)
lots of blood, civil war etc.
have a nice day

[Monk06]

8. Would this mean

Disco will come back and I can by a new Dodge Charger for
$4122 with a 426 Hemi?

How about a mullet? Do I get to have a mullet?

Will girls wear dresses again and will they buy
me drinks if I dance with them?

Ah the 70s, chicks, cars, gas line-ups and 16% interest rates.

Them were the good ol days.

[ayeshahaqqiqa]

12. My 1972 Chevy Nova

was only $2200 with a V-8.

Did disco ever leave?

What in the world is a mullet? I've only recently heard the term bandied about.

I don't know what girls you hung out with, but the 70s was a time of liberation, which meant pantsuits and not miniskirts for me.

[Monk06]

15. a mullet is a shag a la David Bowie during the Fame, Ziggy period.

I here you on the pant suits. My wife wore high waisted stove pipes for our wedding.
Dresses were for disco only.

A friend of mine had a 1969 Nova with a Muncie four speed. I love the whine of a
Muncie.

[Ganja Ninja]

4. COME ONNNNN RAPTURE!

Just let me max out my credit cards before the end.

[sendero]

14. Ah yes....

... he/she who maxes out their credit cards the most at the time of rapture, wins!

[The_Casual_Observer]

5. The answers seems to always come down to elimination

of Medicare and Social Security, doesn't it? Eliminate those things and you might as well say goodbye to civilized society as we know it.

[gratuitous]

9. Walker's not dependent on Medicare or Social Security

So what does he care if they go down the tubes? Not a peep out of Walker, naturally, about ending the various elective wars we're in, or enacting tax increases on the overrich, or anything like that. Just scare talk to soften up the proles to the idea that the last of their entitlements from all their tax payments are about to end.

[pa28]

10. Nominated and bookmarked.

For when the Republicans say: "who could have predicted?".

[k-robjoe]

11. Informative site

http://www.economyincrisis.org/

Like :

"Losing Ownership and Control Of Our Country
We are losing ownership and control of our country through unsustainable balance-of-trade deficits. In the last 10 years, we have lost $3.0 Trillion through these trade deficits. $1.3 Trillion has been returned and used by foreign companies to buy our best companies like Chrysler, Amoco, Atlantic Richfield Oil, and 8,600 other great companies. For example, key chokepoint industries like cement is 81% foreign owned and movies now 70% foreign owned."

http://www.economyincrisis.org/article_60.html

[riderinthestorm]

13. And this was running in Kansas no less!

Do you think the sheeple can be awakened? I'm pretty surprised that this is running in Kansas - perhaps there's hope that Americans will wake up to the perilous state of our state.

Dammit, it infuriates me that the state of our economy and environment never get more play. I know, I know, awareness is growing but too slowly.