Today, I decided that the United State's current debt situation required some personal research. So in order to gain a clearer overall perspective of the current situation I Google searched some articles from our country's largest debtor, China.
One article in particular, entitled "U.S. debt problem remains unsettled", expresses a great deal of dissatisfaction with the United State's management of the economy. In the opinion of Chinese economists, all the measures taken by the United States thus-far (the repeated increase of the debt ceiling, the bank bailouts, the overhaul of private organisations, cuts to public programs, etc.) have all been superficial remedies that do little to address the long-term financial downturn projected for the next decade or so.
After a little research I located a source that alleged the average debt per taxpaying citizen is close to 130 thousand dollars, with an overall national debt of over 14 trillion dollars and counting. Under Obama's national debt management plan, between the 900 billion dollars of cuts to government expenditure over the next decade in addition to miscellaneous cuts to publicly-funded sectors such as education and sanitation, there would still be a yawning chasm of debt. Plus, according to China the United States is 55 trillion dollars in debt outside of the "official" numbers purported by the Congressional Budget Office.
With an annual tax revenue of close to only 3 trillion dollars and an average annual income per middle class family close to 50 thousand dollars, it becomes readily apparent that the country is far from any sustained economic stability. But what do our representatives suggest is the outcome? INCREASED money loans from foreign economies. Although I'm supposed to be impartial, I've gotta say the government should have their credit card cut lol.
If the information presented thus-far wasn't depressing enough, the international credit rating company Standard & Poor's has declared recently that the credit score of the country had been lowered from "AAA" to "AA+" In what I must admit is a very perceptive analysis of the current situation, Standard & Poor's has expressed that they foresee further decline in the credit rating of the country, citing the ongoing bickering between political parties over their respective personal interests pertaining to what should be done about the debt as a major inhibitor to any actual improvements. Well put, Standard & Poor's. Well put.
According to Standard and Poor's current assessment of the economic downturn, there will be much more hardship for the public during the next few decades due to the massive government spending with little oversight and poor management.
I think that this issue warrants a lot more public interest, especially from ANYONE who has a child, as the repercussions of the decisions made by the empowered minority (another way I refer to the gov't) will be felt for several generations even if things took an incredible turn for the better.
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