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Record $14 trillion-plus debt weighs on Congress
By TOM RAUM, Associated Press – Sat Jan 15, 6:15 pm ET


WASHINGTON – The United States just passed a dubious milestone: Government debt surged to an all-time high, topping $14 trillion — $45,300 for each and everyone in the country.
That means Congress soon will have to lift the legal debt limit to give the nearly maxed-out government an even higher credit limit or dramatically cut spending to stay within the current cap. Either way, a fight is ahead on Capitol Hill, inflamed by the passions of tea party activists and deficit hawks.
Already, both sides are blaming each other for an approaching economic train wreck as Washington wrestles over how to keep the government in business and avoid default on global financial obligations.
Bills increasing the debt limit are among the most unpopular to come before Congress, serving as pawns for decades in high-stakes bargaining games. Every time until now, the ending has been the same: We go to the brink before raising the ceiling..........................>>>>...................>>>>.................http://news.yahoo.com/s/ap/20110115/ap_on_re_us/us_debt_wars

Just like when we are maxed out on our credit cards and we feel broke.   Raise the limit and we are rich again.   If all credit cards were taken away just think where the economy would be-ground to a halt.   How else can all afford the onslaught of consumer goods being produced and aggressively marketed.   CREDIT.  And if one repels the urge to buy, production falls, layoffs ensue.   Socialistic policies follow (UE, Welfare, etc.)   This is the crux of a consumer driven economic philosphy.   No surpises here.

And in the speaking of deficits department.   Get a college education-keep a teacher employed.   Outstanding student loan debt surpasses credit card debt.   As of 11/2010 it stands at $829.7 BILLION.   See newsvine.com.   Search "Buried By Debt".   Wonder if administrators level with students and alert them to the realism that there are not enough jobs for all who graduate.   No wonder this debt does and will continue to rise.   $100.000 for a 4 year school and then have to work below the level of degree are qualified for.

Apparently we have educated ourselves into a giant chasm.....knowing things doesn't mean you can work things.....I have alot of respect for knowledge
but those folks who educate themselves out of the ability to actually work------CANT STAND 'EM......

in the 80's college was touted as the ONLY way to go....that is a falsehood.....it is just one of a number of variables.....the problem is we placed it on
a pedastal.....and then those folks who graduated stood there too....

Now think of all the lobs that don't work, or make very little, and those that are disabled, elderly, or have no money and no plan. That shaves off half of Americans. Which means that working and productive Americans probably need to shoulder 90K (and growing) of this debt)

China must be shaking in their boots right now. They  not only own us monetarily....they also will decline economically if the americans don't start buying more of their crap!

Our economy is what sustains China. STOP BUYING THINGS YOU DON'T NEED!!! REALLY!

Quoted from bumblethru

China must be shaking in their boots right now. They  not only own us monetarily....they also will decline economically if the americans don't start buying more of their crap!

Our economy is what sustains China. STOP BUYING THINGS YOU DON'T NEED!!! REALLY!

We can't compete with them unless we change here. We don't make nothing any more and the stuff we do make will almost guaranteed be more expensive. Can't really blame China for the mess we created for ourselves. The time is coming though were China won't need us any more and that will be the wake up call for Americans. Slowly but surely they are moving away from us, they know our currency will soon buckle because we can't sustain what we are doing forever.

I feel sorry for Obama.  What a mess we are in.  Worst of all--he was last year's Peace Prize winner who had to host a state dinner for the person who is holding this year's Peace Prize winner in jail.  If you really want to understand China listen to Dr. Louis Vaccaro former President of The College of Saint Rose.  He spends a lot of time there.  His understanding of the Chinese and their economy is immense.  Currently the book by Amy Chua "The Battle Hymn of the Tiger Mother" is climbing to the top of the charts.  It's a good insight to how Chinese children are raised...nothing like American children.

The peace prize is just another way of saying...."yes, they are accredited"

2 items ref. to China.  1) I read somewhere that the infrastructure of China is in need of major repair.  Primarily the schools.   It was mentioned that they should raid the US piggybank of funds we owe them.   Something like 2 Trillion.   Gov't officials said that would'nt work as it would cripple the US economy plunging it into depression.   Thereby it would be even harder to recoup the funds.   So they must milk it gradually.   So they have a vested interest in our survival.  2) The US got what it wanted: global capitalism.   The student coming back and teaching the teacher.   Success is sometines a b#$%@.