Actually, we were billions of dollars in debt during the Clinton administration. The Democrats are just very good at pasting over defeceits.
We were billions of dollars in debt, but we had a yearly trade surplus. It's the difference from slowly paying off your mortgage and trying to use credit cards to pay off other credit cards that you're using to buy food, one is a responsible act that ultimately leads to financial independence while the other is an unsustainable loop that just keeps you alive for a little longer.
They can only do so much...This is a problem with the world markets... And the only way to stop the recession/depression is to have a war..
At it's root it's just a problem with US financial institutions and our lack of oversight of those institutions over the past decade to decade and a half. Since most other countries base their economies off the US economy they all face challenges when we face challenges. Plus I don't think that a war is the actual solution, wars are only really good for the economy when a government can afford to pay for them and there's an actual reason to fight, otherwise you're going to see the confidence of the consumer's fall and hurt the economy even more as people lose faith in their country and no longer want to spend money.
You know what they say, America sneezes and the rest of the world gets a cold. Look how one seemingly insignificant industry, the US housing market, has brought the financial world to its knees. The only way to stop a depression is to pump $$$ into the suffering markets. This is what happened in the Great Depression and is what should happen again. Alarmingly the 700$ bail out was turned down. If the world stands back and hopes things sort themselves out like we did back in the 1930s then there are dark days ahead of us.
Well I don't think a great depression it is just that the gas prices and tax prices are soaring if the really smart people would think of another way to make a fuel then we would not be having all this trouble.
