Three in Four Americans Cutting Back on Spending
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I wake up and I'm 40 yrs. old - my health is failing, my insurance premiums are shooting up, and my company is slashing my pay and benefits all at the same time.
Something's gotta give and let me tell you - the American taxpayer is going to revolt before this thing is over.
johnnynovacaine 3 years ago
...and I'm in engineering. I'm in a field with high demand and high salaries. And it still won't be enough to survive. After taxes I'll be making 20-30K a yr. depending on where I live in the States.
Then there's car insurance, health care, cell bills, rent, light, water, etc.
Where's this money coming from?
MILLIONS are going to be forced into poverty over the coming decades.
If somebody with a great job like me will have to go 10 years into debt to pay off my loans - what then? (cont.)
johnnynovacaine 3 years ago
...will never be repaid.
Huge, and I mean huge multi-trillion dollar debtloads will collapse in on themselves.
Commercial real estate will fall next, then corporate bonds, then credit card debt, then student loan debt, then car debt.
And once that bubble bursts America is in dire fucking straights. No more credit cards. No more strip malls, no more SUVs.
A few rich people with a lot of money running around like nobles while we sit in dead-end service jobs financing debt that will(cont.
johnnynovacaine 3 years ago
..not going further into debt to buy shit I don't need.
Oh and children - if I have children who's going to pay for them? I don't have 20 dollars every 4 to 5 days for diapers and formula and all that shit.
What about school clothes, a new car for them? Cell phones? Where's all this fucking money going to come from?
Obama? He's dumping 5 trillion dollars in treasury bonds and suppressing our currency - he can't solve our fiscal calamity.
The simple fact is this:
The debt will(cont)
johnnynovacaine 3 years ago
I've been knowing this for years. While at university I undertook 40K in debt. When I go to grad school I should ad another 30K on top of that.
Taxes eat up 40% to half of your income.
Where's the money going to come from to pay off all that debt? It doesn't exist. You can't expect people to go into what is basically indentured servitude and then work literally 30 years to pay it off.
What's left? I have no money for a mortgage. No money for cars, vacations, flat-screens, etc.
I'm(cont.)
johnnynovacaine 3 years ago