In 1916, John D. Rockefeller could have paid off the entire national debt by penning a personal check, according to his account. However, if Bill Gates liquidated his entire fortune, he would pay only two months' worth of interest on the nation's debt.
Will believes the nation is on the verge of an abrupt bankruptcy. The nation as a whole has a problem with expenditure. The national debt is evidence only of the government's obsession with deficit expenditure. As Congress grapples with how to fund Obamacare, and don't forget about social security, the national debt is expected to continue soaring, according to projections.
However, Congress is not the only entity with an expenditure and debt issue. People like you and I have issues with spending and conserving. Some would have you believe that the recession that crippled so many businesses and residences has ended, but research and evidence indicate otherwise. According to the Public Religion Research Institute and the Pew Research Center, Americans view their financial stability as being weaker than it was decades ago. A significant proportion of Americans delay paying bills and visiting physicians because they believe they cannot afford to do so. In regards to the African American and Hispanic communities, the proportion of Americans who hold these views increases.
In my line of work, all signs indicate that the economy will continue to decline. There are indications that the real estate market may collapse again, and people's incomes are rising sufficiently to meet inflationary pressures. When George Will addressed that private audience in Salt Lake a few weeks ago, he referenced a quote from Ernest Hemingway's ""The Sun Also Rises"" that appears to be somewhat prophetic. A character in the book said, in describing his bankruptcy, ""I went bankrupt in two ways: gradually and then suddenly.""
My personal experience and my professional experience as a bankruptcy attorney point to the same conclusion. Loss of employment or significant drops in income, costs of health care and life necessities, and other personal setbacks place us in a hole from which we cannot escape. Eventually, we reach a point where we are completely destitute and emotionally exhausted.
Read http://national.deseretnews.com/article/2404/americans-aren't-confident-about-their-financial-situations.html to learn more about the PRRI and Pew Studies.
To read more about George Will's Salt Lake speech, visit http://www.ksl.com/?nid=148&sid=31616872#Gr60w6oEf4rVba.03.
" - https://www.affordablecebu.com/
