Global economy

debt

The end of the United States of America TAGS: | | | |

debt

The USA is the most powerful country in the world today. The largest economy, the powerful military forces and the largest number of people suffering from obesity. The United States dollar is the number one currency worldwide. We`re being told this every day. We here far less about the fact that the United States of America is totally bankrupt. The official national debt of the United States amounts to over 15.5 trillion dollars. Some experts estimate the total United States debt is over 100 trillion dollars. Every hour United States government borrows $168,000,000. In 2012, the US government plans to borrow almost half of all budget expenditures $1,600,000,000 000. That kind of debt cannot be paid. The question of repayment isn`t even a matter of discussion.

read more

us inequality

Inequality of Wealth in America TAGS: | | | |

us inequality

Video showing through the awesome graphic truth about the distribution of wealth in the United States.

According to Wikipedia, in 2007, the top 10% wealthiest possessed 80% of all financial assets. In 2007 the richest 1% of the American population owned 34.6% of the country’s total wealth, and the next 19% owned 50.5%. Thus, the top 20% of Americans owned 85% of the country’s wealth and the bottom 80% of the population owned 15%. In 2011, financial inequality was greater than inequality in total wealth, with the top 1% of the population owning 42.7%, the next 19% of Americans owning 50.3%, and the bottom 80% owning 7%. However, after the Great Recession which started in 2007, the share of total wealth owned by the top 1% of the population grew from 34.6% to 37.1%, and that owned by the top 20% of Americans grew from 85% to 87.7%. The Great Recession also caused a drop of 36.1% in median household wealth but a drop of only 11.1% for the top 1%, further widening the gap between the top 1% and the bottom 99%.

According to PolitiFact and others, in 2011 the top 400 Americans “have more wealth than half of all Americans combined.”
In 2013 wealth inequality in the U.S. was worse than in most developed countries other than Switzerland and Denmark. In the United States, the use of offshore holdings is exceptionally small compared to Europe, where much of the wealth of the top percentiles is kept in offshore holdings. While the statistical problem is European wide, in Southern Europe statistics become even more unreliable. Less than a thousand people in Italy have declared incomes of more than 1 million euros. Former Prime Minister of Italy described tax evasion as a “national pastime”.

read more

Untitled

The difference between Keynesianism and Suppy Side Economics TAGS: | | | |

keynesianism and suppy side economics
Unlike the Keynesians, Supply Side Economics did not agree that such a tax cut would necessarily cause inflation. Instead, the supply siders believe that the American people would actually work much harder and invest much more if they were allowed to keep more of the fruits of their labour. The end result would be to increase the amount of goods and services our economy could actually produce by pushing out the economy`s supply curve. Hence, supply side economics.

Recent Comments