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Tag(s): Bankruptcy; Debt Consumer; Debt GOP; Debt GOP Tax Cuts; Housing; Housing
Group(s): Benicia ProgressivesAdd to My Group

December 4, 2007 at 16:31:24

The Mounting Dangers of America's Burgeoning Debt

by Richard Clark Page 2 of 2 page(s)

www.opednews.com

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The consequences of all this: Ever more borrowers will soon be unable to make payments on their homes or their credit cards. Then consumer spending, and thus corporate profits, will fall, and the shrinking economy will even further depress workers' wages.

For most people, the dream of easy money will never come true, because in reality only the truly rich can live that dream. Everyone else will have to keep working -- but now they will work for ever less, shackled as they are to a mountain of debt, both public and private. (The costs of debt service, on our immense national debt (which is $9 trillion and rising) will take ever more out of our paychecks, as federal taxes continue to rise because of it. Plus, with home values plummeting, local governments will receive ever less from property taxes on all these newly devalued homes. So local government services and service personnel will be drastically cut back, too, again reducing the supply of free-wheeling consumers and home buyers.

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Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've always been more interested in political economics and what's going on behind the scenes in politics, than in mechanical engineering, and because of that I've rarely worked more than 6 months a year, devoting much of the rest of the year to reading and writing about that which interests me most.