Hello all,
Firstly, I ask this with the greatest respect as a guest in your country for the past 4 years. I'm lucky enough to have lived and worked in 3 continents so I guess I have some global perspective to compare and contrast...
Anyway: As I was growing up, my parents grilled me on the value of taking care of myself financially, never placing financial reliance on others. I read a stat the other day that claimed 56% of Americans age 65 have a NW of <$25k. What does the future hold for these people and those making their way through life not saving anything and living for the moment? As much as my financial discipline suggests that they should be abandoned to their fate and have to live with the consequences of whatever decisions they made along the way, isn't the reality going to be much different? Can any government just turn its back on its citizens (aka voters) without a care? But the US can't afford to do this (well, not unless it keeps printing money) and so therefore, isn't it accurate to claim that the country is technically broke because it relies on other nations continually buying its paper and increasing its debt? I mean, if I rely on my credit card company not only to forgive my debt every month, but to increase my limit so I can continue to live, I would consider myself technically broke. And at some future point, when those debtor nations say "enough", the whole house of cards comes crashing down because many American citizens haven't learned to live within their own means?
As I said, I ask this gently and with respect because there are many countries (my own in Europe included) with similar problems. But I guess I'm looking at this 800 pound gorilla right now...
Merry Christmas everyone!
Firstly, I ask this with the greatest respect as a guest in your country for the past 4 years. I'm lucky enough to have lived and worked in 3 continents so I guess I have some global perspective to compare and contrast...
Anyway: As I was growing up, my parents grilled me on the value of taking care of myself financially, never placing financial reliance on others. I read a stat the other day that claimed 56% of Americans age 65 have a NW of <$25k. What does the future hold for these people and those making their way through life not saving anything and living for the moment? As much as my financial discipline suggests that they should be abandoned to their fate and have to live with the consequences of whatever decisions they made along the way, isn't the reality going to be much different? Can any government just turn its back on its citizens (aka voters) without a care? But the US can't afford to do this (well, not unless it keeps printing money) and so therefore, isn't it accurate to claim that the country is technically broke because it relies on other nations continually buying its paper and increasing its debt? I mean, if I rely on my credit card company not only to forgive my debt every month, but to increase my limit so I can continue to live, I would consider myself technically broke. And at some future point, when those debtor nations say "enough", the whole house of cards comes crashing down because many American citizens haven't learned to live within their own means?
As I said, I ask this gently and with respect because there are many countries (my own in Europe included) with similar problems. But I guess I'm looking at this 800 pound gorilla right now...
Merry Christmas everyone!