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Senior Contributor

I posted this, Eight Years Ago, Today

I posted this eight years ago, today. Very interesting. 

 

Sen. Gregg: U.S. May Follow Greece Into a Debt Crisis

By Frank McGuire

Sen. Judd Gregg, R-N.H., says the United States is in danger of being in the same dire situation as Greece in seven years if the nation doesn't slash its debt and control spending.
“We are on a path which will go to where Greece is, there's no question about that, if we don't adjust our present financial house,” Gregg says.

“If we continue to spend much more than we take in," he says. "We'll double our debt in five years and triple it in 10 years and essentially be where Greece is in about seven years,” he said Monday night on the Fox Business Network.
"So we know we are headed in that direction unless we do something about reducing the level of debt and reducing the level of our spending.”
The national debt of Greece is 113 percent of the country’s gross domestic product. The current U.S. debt amounts to roughly 50 percent of the gross domestic product.

Asked when he expects that the U.S. debt situation will reach the crisis level that Greece is currently facing, Gregg said, “we're looking at maybe the outside 10 years, probably closer to seven years before we hit the wall, so to say.”

The Republican senator said that the signs of a crisis are already here – pointing to recent downgraded ratings of U.S. debt.
Asked how Americans will know that the crisis has hit, Gregg responded: “Well, when people stop buying our bonds.”
“Basically, when they tell us that they don't have any confidence in our debt being repaid and they force us to pay a much higher interest rate, something that is unsustainable,” he said.

“They essentially say to those of us in the United States, just trying to sell debt to finance our daily operations of government, we do not believe you can repay the debt or can repay it in a way to make us buy your debt at a reasonable price.”

 

23 Replies
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Honored Advisor

Re: I posted this, Eight Years Ago, Today

"it`s" went on 20 years longer than I thought it would, but these problems aren`t like termites in a cartoon where they eat a house up in a few seconds.  It`s more like termites in real life that quietly munch away over years, even those of us fully aware of it get caught up in the euphoria of the moment, I know I did.  

 

8 years ago we "got away with it" because the Fed was propping up a cool black dude president with 0% interest rates, you get away with a lot if you essentially don`t have to pay interest and those Libs touting the "financial genius" of Obama always fail to mention that one little fact hmmmmm.  

 

My concern is now we have an "unpopular" blonde in office the Fed will throw away the reigns on interest rates.  Can you imagine 1980`s interest rates with a $21 Trillion national debt?!   It could take $2 Trillion just to service this fricken debt, let alone giving all these liberal cry babies their entitlements.....and oh yeah it`ll be "Trump`s fault". 

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Veteran Advisor

Re: I posted this, Eight Years Ago, Today

Entitlements?? You’re damned right. I paid into SS and Medicare therefore at the proper age, I’m “entitled” to start getting that money given back to me. It is not something that I didn’t put my money into!!
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Senior Contributor

Re: I posted this, Eight Years Ago, Today

LMAO schnur, so WHEN did it become mandatory to pay into SS?

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Veteran Advisor

Re: I posted this, Eight Years Ago, Today

I would guess for most Americans 1935 when it was established. What is your guess? I know few who don’t have to pay and would happy to point you in the correct direction do you could learn also.
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Senior Contributor

Re: I posted this, Eight Years Ago, Today

IF your not a farmer you pay SSI and Medicare. No if and but about it, it comes out of your check.

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Senior Contributor

Re: I posted this, Eight Years Ago, Today

Those that paid in are entitled for sure. It is all the leaches that have latched on and those in congress that spent all that money that are the causes of the problems now. They should be shot and hung and then shot again.

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Senior Contributor

Re: I posted this, Eight Years Ago, Today

Agree with Bart and everyone shuts up! what's up with that?

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Veteran Advisor

Re: I posted this, Eight Years Ago, Today

I guess I’m poison huh al?!? But the only ones I know who don’t pay into have special funds that they do pay into. Postal service is one and teachers are another.
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Senior Contributor

Re: I posted this, Eight Years Ago, Today

I don't agree with you on most things Bart but this one you have my full support. Most people are forced to paying into this program. I started working on the outside world when I was 16 and was never given the chance to opt out SSI payments. I know some of the farmers play the income game and pay in very little until the get close to retirement and then pump up the payments to get the bigger check when they are eligible. And then we have the free loader that never work , never pay in and then demand a check. The SSI office has records of all your payments. If they are in trouble of paying they need to chop those off that paid the least first and then go from there.