So as long as Americans work...our money will be worth the debt we generate.
The question becomes at what point does America lose the “good faith and credit?”
What is the magic debt to income ratio for a country to go bankrupt? We’re already bankrupt, we’ve been that way for several years now. America is just like those people who over bought into homes they couldn’t afford, ran up their debts...and then lost their jobs...
America has been bleeding jobs overseas for decades. All our policies and regulations has left us with only one hope...federal job creation...jobs support and back our money, not gold.
From you neighbor next door who lost their job to the car company moving overseas to build cars in China...it is about jobs.
Welcome to the serfdom.
U6 numbers as of July 2, 2009 have gone from 10.3% to 16.5% in one short year!
U6 accounts for the folks below, as well as the newly unemployed. Basically it lumps together EVERYONE that’s without a job, or those WITH part-time jobs who are ready, willing and able to work full time:
“Marginally attached workers are persons who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past.
Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not looking currently for a job. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.”
http://www.bls.gov/news.release/empsit.t12.htm
No jobs, no prospect of jobs, no recovery. The Porkulus Bill didn’t create a SINGLE job that can be seen. Porkulus II won’t do a d@mn thing but completely seal the fate of our kids and grandkids as endentured slaves to Government.
It’s really pretty simple.