Middle Class going Belly Up....

TEOTWAWKI wrote:http://theeconomiccollapseblog.com/archives/44-facts-about-the-death-of-the-middle-class-that-every-american-should-know


   Today, the U.S. lumbers into the future with total debt equal to about 350% of GDP. In Britain and Japan, the total is over 500%. Debt, remember, is the homage that the future pays to the past. It has to be carried, serviced… and paid. It has to be reckoned with… one way or another.

   And the cost of carrying debt is going up! Over the last few weeks, interest rates have moved up by about 15% — an astounding increase for the sluggish debt market. How long will it be before long-term borrowing rates are back to “normal”?

   At 5% interest, a debt that measures 3.5 times your revenue will cost about one-sixth of your income. Before taxes. After tax, you will have to work about one day a week to keep up with it (to say nothing of paying it off!).

   That’s a heavy burden. It is especially disagreeable when someone else ran up the debt. Then you are a debt slave. That is the situation of young people today. They must face their parents’ debt. Even serfs in the Dark Ages had it better. They had to work only one day out of 10 for their lords and masters.

PACEDOG#1 wrote:

TEOTWAWKI wrote:http://theeconomiccollapseblog.com/archives/44-facts-about-the-death-of-the-middle-class-that-every-american-should-know


   Today, the U.S. lumbers into the future with total debt equal to about 350% of GDP. In Britain and Japan, the total is over 500%. Debt, remember, is the homage that the future pays to the past. It has to be carried, serviced… and paid. It has to be reckoned with… one way or another.

   And the cost of carrying debt is going up! Over the last few weeks, interest rates have moved up by about 15% — an astounding increase for the sluggish debt market. How long will it be before long-term borrowing rates are back to “normal”?

   At 5% interest, a debt that measures 3.5 times your revenue will cost about one-sixth of your income. Before taxes. After tax, you will have to work about one day a week to keep up with it (to say nothing of paying it off!).

   That’s a heavy burden. It is especially disagreeable when someone else ran up the debt. Then you are a debt slave. That is the situation of young people today. They must face their parents’ debt. Even serfs in the Dark Ages had it better. They had to work only one day out of 10 for their lords and masters.

...and when older farts like you pass on, guess what? That debt burden decreases. So, factor that into the equation as well.

TEOTWAWKI wrote:

PACEDOG#1 wrote:

TEOTWAWKI wrote:http://theeconomiccollapseblog.com/archives/44-facts-about-the-death-of-the-middle-class-that-every-american-should-know


   Today, the U.S. lumbers into the future with total debt equal to about 350% of GDP. In Britain and Japan, the total is over 500%. Debt, remember, is the homage that the future pays to the past. It has to be carried, serviced… and paid. It has to be reckoned with… one way or another.

   And the cost of carrying debt is going up! Over the last few weeks, interest rates have moved up by about 15% — an astounding increase for the sluggish debt market. How long will it be before long-term borrowing rates are back to “normal”?

   At 5% interest, a debt that measures 3.5 times your revenue will cost about one-sixth of your income. Before taxes. After tax, you will have to work about one day a week to keep up with it (to say nothing of paying it off!).

   That’s a heavy burden. It is especially disagreeable when someone else ran up the debt. Then you are a debt slave. That is the situation of young people today. They must face their parents’ debt. Even serfs in the Dark Ages had it better. They had to work only one day out of 10 for their lords and masters.

...and when older farts like you pass on, guess what? That debt burden decreases. So, factor that into the equation as well.

I will probably see you starving before I quit farting.

ZVUGKTUBM wrote:

TEOTWAWKI wrote:

PACEDOG#1 wrote:

TEOTWAWKI wrote:http://theeconomiccollapseblog.com/archives/44-facts-about-the-death-of-the-middle-class-that-every-american-should-know


   Today, the U.S. lumbers into the future with total debt equal to about 350% of GDP. In Britain and Japan, the total is over 500%. Debt, remember, is the homage that the future pays to the past. It has to be carried, serviced… and paid. It has to be reckoned with… one way or another.

   And the cost of carrying debt is going up! Over the last few weeks, interest rates have moved up by about 15% — an astounding increase for the sluggish debt market. How long will it be before long-term borrowing rates are back to “normal”?

   At 5% interest, a debt that measures 3.5 times your revenue will cost about one-sixth of your income. Before taxes. After tax, you will have to work about one day a week to keep up with it (to say nothing of paying it off!).

   That’s a heavy burden. It is especially disagreeable when someone else ran up the debt. Then you are a debt slave. That is the situation of young people today. They must face their parents’ debt. Even serfs in the Dark Ages had it better. They had to work only one day out of 10 for their lords and masters.

...and when older farts like you pass on, guess what? That debt burden decreases. So, factor that into the equation as well.

I will probably see you starving before I quit farting.

No, tyrants usually kill their useful idiots when they no longer have need for them.

What is going to happen is the Millenial Generation will one day repudiate the debt ran up by their Boomer parents and their grandparents. The bankers will probably reply by having a nuclear power attack the United States (bankers love goading nations into war). All mayhem will break loose, but hopefully, we will prevail. Hopefully, a few Wall Street crooks will be summarily hanged along the way.

PACEDOG#1 wrote:

TEOTWAWKI wrote:http://theeconomiccollapseblog.com/archives/44-facts-about-the-death-of-the-middle-class-that-every-american-should-know


   Today, the U.S. lumbers into the future with total debt equal to about 350% of GDP. In Britain and Japan, the total is over 500%. Debt, remember, is the homage that the future pays to the past. It has to be carried, serviced… and paid. It has to be reckoned with… one way or another.

   And the cost of carrying debt is going up! Over the last few weeks, interest rates have moved up by about 15% — an astounding increase for the sluggish debt market. How long will it be before long-term borrowing rates are back to “normal”?

   At 5% interest, a debt that measures 3.5 times your revenue will cost about one-sixth of your income. Before taxes. After tax, you will have to work about one day a week to keep up with it (to say nothing of paying it off!).

   That’s a heavy burden. It is especially disagreeable when someone else ran up the debt. Then you are a debt slave. That is the situation of young people today. They must face their parents’ debt. Even serfs in the Dark Ages had it better. They had to work only one day out of 10 for their lords and masters.

...and when older farts like you pass on, guess what? That debt burden decreases. So, factor that into the equation as well.