Debt has the very real potential to bring us down at this point. Of course, if we go down, we're bringing most of the world with us.
The funniest thing about economics in general is just how much of it is based on little more than psychology. Basically, if you can spin irresponsible actions as something positive, it temporarily can keep an economy from falling or faltering. A lot of the 80s practically ran on good feelings when you look at how far we were pushing ourselves into debt via the arms race while still expanding economically. That's really when we began the maxing out credit habits that we seem to regard as second nature now. Bush took a whole new approach to amassing debt and for far less of a reason than Reagan did. It doesn't look like the next president is going to change much in that respect, although it would be hard to top Bush's reckless spending.
On the flip side, we could very well collapse the economy just by spinning things negatively, due to traders freaking out and people being more reluctant to buy things. So what the Fed Reserve and the media will try to feed us is that everything is ok, despite the long term effects of this debt we seem apathetic about shrinking.
Still, oil prices have gone down. Hopefully, this will continue, and if we have any foresight at all, we might just actually use this as an opportunity to push for a move away from foreign oil. One can only hope....
The funniest thing about economics in general is just how much of it is based on little more than psychology. Basically, if you can spin irresponsible actions as something positive, it temporarily can keep an economy from falling or faltering. A lot of the 80s practically ran on good feelings when you look at how far we were pushing ourselves into debt via the arms race while still expanding economically. That's really when we began the maxing out credit habits that we seem to regard as second nature now. Bush took a whole new approach to amassing debt and for far less of a reason than Reagan did. It doesn't look like the next president is going to change much in that respect, although it would be hard to top Bush's reckless spending.
On the flip side, we could very well collapse the economy just by spinning things negatively, due to traders freaking out and people being more reluctant to buy things. So what the Fed Reserve and the media will try to feed us is that everything is ok, despite the long term effects of this debt we seem apathetic about shrinking.
Still, oil prices have gone down. Hopefully, this will continue, and if we have any foresight at all, we might just actually use this as an opportunity to push for a move away from foreign oil. One can only hope....