The U.S. has been put in the league with highly indebted countries like Italy and Belgium after the new borrowing took public debt to $14.58 trillion from $14.53 trillion.
America needs to STOP the massive spending.
Take a hint from the greed, stupidity and incompetence of US Congress. As we get our personal financial budget in order, we can call out the absurd lack of foresight with US lawmakers. Here are my proposed solutions to the complex but simple debt problem:
1. If greed, selfishness and entitlement allowed the government to expand, then respect for other's property, humility and personal freedom ought to be governing principals in the reduction of the debt.
2. Admit the mistakes made in the past and articulate your position clearly for debt reduction on the future
3. Major cuts to programs that would LEAST impact the health of others. Government should not be in the business of holding hands through life (but as a moderate and utter last resort)...the pain of admitting that through cuts is far less harsh then going bankrupt and pushing the reset button on US monetary policy
4. Articulate your vision for 'lower taxes' to US businesses: inspire business to hire and grow. Simple economics is that more will typically be added to revenue.
5. Simplify the US tax code so cheats like GE don't get off the hook on their taxes
6. Warn the US that more cuts, lower taxes are to come.
I predict a lazy, compromised approach that fails to respond to the degree required to bring real solutions as few lawmakers want to embrace the pain under their watch. This will only defer the inevitable monster debt to remain in the closet. Oh-Oh is right.
1 suggestion on how to prepare for the impacts of US debt crushing the 'recovery' and bringing a second recession:
1. Do not go into 'consumer debt' for wants.
2. Live within/below your means
3. Defer a small household portion of your income to gold/silver or other strategically researched precious metals.
4. Give generously and strategically. It will inspire you and others.