The next time you hear the economy is "booming" refute with this

[Phoebe Loosinhouse]

Americans "Drowning in Debt"
by bonddad
Sat May 13, 2006 at 07:33:08 AM PDT

http://dailykos.com/storyonly/2006/5/13/10338/3500

This is an absolutely superb post that succintly explains the true condition of the economy better than I have ever seen it put

[LiberalPartisan]

1. You know the Konservative response?

"People should excercise more self-control.
Nobody is putting a gun to their head to increase their debt."


Our consumer economy is based on debt - it needs debt and therefore our people are compelled to add debt to participate in the economy. The game is rigged against the middle and lower classes. And when you get in too far over your head because of banks offering EZ credit at completely immoral interest rates then that's it - you're now in a state of indentured servitude with NO WAY OUT!


I hope when the Dems. take over the House and Senate they rescind the completely draconian bankruptcy law which the banks wrote and paid for. That law is out and out criminal.

[Protagoras]

3. Yes it's the people who just racked up 10 TRILLION

in debt. That's 30K per family without them buying a single loaf of bread. And ALL brought to you by the conservative congress.

[Phoebe Loosinhouse]

4. Most of the increase in debt is to mortgage debt

which combines with wage stagnation and inflation. An INCREASE in the poverty rate for the last four years! The economy is NOT booming. It is an illusion - all smoke and mirrors.

And Bush and the Republicans merrily pass through their tax cut to the wealthy. I saw it reported on some cable news show that the average American will see a cut of $9.00 (!) while wealthier Americans will see a $42,000 reduction.

I'm not sure why even wealthy Americans would applaud this policy. If our economy implodes, their holdings, stocks, real estate, etc. will implode along with everyone else's.

[Oversea Visitor]

2. Your country drowing in debts

Worse chimp not stopping and piling it on
10,000,000,000,000 x 2.5% what you get = 250,000,000,000 and this interest need repay a year.

Watch out Hidenburg heading this way.

[muntrv]

5. Remember when, after 9/11, we were

encouraged to SPEND more? Possible connection to this increased indebtedness?

[badgerpup]

6. It's crazy.

My only income is SSDI, yet I'm inundated with pre-approved credit offers; both by phone and mail.
What either makes me laugh or pisses me off (depending on my mood) are the disgustingly perky-voiced automated phone calls telling me "...there is no problem with my current credit card balance so I can reduce my APR! Yaaaay!"
Well, yeah there's no problem, seeing as how I refuse to HAVE any credit cards... :eyes:

[LiberalPartisan]

7. I love the Di-Tech shell game

"Di-Tech saved me over $500.00 a month."

Sure - take out a 2nd, or 3rd mortgage to pay off OTHER debt. It's jsut exchanging one debt for another. The interest rate may be better on a 2nd mortgage than a credit card but now that you're 'debt free' the credit card companies start with the offers all over again. And there's also that nice perk of having your name added to a watch list at DHS for paying off - reallocating - so much debt in such a short period of time!!!