http://www.foxnews.com/opinion/2012/08/23/why-are-on-brink-greatest-depression-all-time/

Started Oct 21, 2012 | Discussions thread
Biggs23
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Re: http://www.foxnews.com/opinion/2012/08/23/why-are-on-brink-greatest-depression-all-time/
In reply to PenguinPhotoCo, Oct 22, 2012

PenguinPhotoCo wrote:

If you understand how economies work...you'd know he (the author) has no clue.

Federal debt does not matter. You and I and a business have to earn money or borrow money to make our debt payments. The Fed can print money or sell bonds. Forever if need be. The debt could be gone in the time it takes them to write a check.

sure we have federal employees - but fewer than 20 or 30 years ago - so this is NOT a sign of a problem.

Yep, in 1929 there was SS, medicare, etc. The depression was WHY we created them. While '29 was the worst there were many other dperessions/recessions before then. None as bad as any of them since then.  Having these safety nets allow the economy to keep going and people to survive - while there are surely some losing their homes, it's nothing like it was 85 years ago. Soup lines? Nope - foodstamps instead. 3 generations living under one roof? Nope, you can keep your house.

Perhaps we could blame the collapse on computers and cable tv bills and cell phone bills and big car payments - all things that folks didn't have in 1929. Many folks have $300/month in internet/cable/phone bills, if not more than that. And they 'cant live without them'.

What, teen girls getting pregnant in memphis is a sign of economic collapse? Really? Bizarre reference considering teen pregnany rates are lower than 30 years ago.

legal vs illegal immigrants...from what I've read illegal immigration is down. ALL immigrants i"ve met, legal or not, work. Cant' say that about those born here...

Diabetes causes economic depression! Wait...WTF?

The standard of living is a LOT higher than in 1929. Anyone living in tenements? Everyone has indoor plumbing and electricity. Most of us have a car too, and a phone and computers and don't live 10 to an apartment.

So his idea is to turn the clock back to what, 1915 or so? Why not turn it back to 1820? The economy was strong before the civil war, perhaps we need to bring back slavery?
Sorry, some of his points (not many) have some validity, but his idea of ending social programs, cutting taxes...just won't work in the real world.
One idea i hear over and over is to cut taxes on business so they hire more people. YOU own a business, right? If your taxes were cut would you hire someone? Of course not - you're not running a charity.  You only ever hire someone when they can make you more money than they cost you (or save you money, make you more efficient).
Things are not all that bad folks. Just look back at your parents or grandparents...Both my parents worked and we had 1 car, 1 phone, 1 tv and never took a vacation.  Today...my wife and I have 3 cars, camper, another trailer, a bigger house than my parents, multiple phones (4 cell and a landline) 5 computers, 3 TVs and we've got to disney the past 2 years PLUS camping vacations and have a lot more money in the bank and bigger retirement accounts than they ever had.
Some places are harder hit that others - of course. I lived thru this in the 70/early 80s when the steel industry collapsed. Depression? We had 20% unemployment, pensions vanished, entire towns vanished. But we're still here.

Nope sorry...like most things that has 'fox' attached to it is fear/propagands/bullsh!t.

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Before everything else, getting ready is the secret of success. -Henry Ford

If you understood how economies work you wouldn't have said half the things you just did. Federal debt doesn't matter? Are you kidding me? Are you familiar (I ask rhetorically, seeing as your post makes it clear you aren't) with how being the world's reserve currency works? Are you then aware of what happens if we cease being the world's reserve currency? Federal debt doesn't matter... sheesh.

I'm not saying the author has got it all figured out, clearly not. But it's obvious that you don't really have a firm grasp on where we're at either. Federal debt doesn't matter? Nope, sorry... like most things that has 'Penguin' attached to it is fear/propaganda/garbage.

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