car insurance kuwait
Make no mistake, the U.S. economy teeters on the brink. Take the crisis in subprime mortgages. So far, banks have admitted to just over $ 100 billion in bad debts, but the truth is – No one knows how much money is lost. According to Fed Chairman Ben Bernanke bank failures, will soon be over we. As I write this the government is employing a large number financial analysts to help address the growing banking crisis.
According to the Office of Management and Budget over the next 20 years to 78 million members of the baby boomer generation will extract more than $ 100 billion Social Security, Medicare and Medicaid systems. Read my lips – the money is not there.
This crisis Oil is unlike that seen in the past. This time is permanent, since it is being driven by demand from China and India – not just speculation. The high energy prices are here to stay.
One in six Americans earn their living directly or indirectly from the U.S. auto industry. Do not look now, but the U.S. industry any car is permanently closed. Given the high cost of gas, nobody wants the Detroit gas hogs more. As a result of the three major Carmakers are firing workers and closing factories – forever. Expect unemployment to explode in the coming years.
The U.S. dollar, once as good as gold, has lost more than half its value over the past five years. Many of our trading partners, including Kuwait are demanding payment in euros – no longer accept dollars. Soon all the oil producing countries reject our tickets and we will be forced to pay with coins more expensive abroad.
The U.S. government is forced to borrow 2.3 billion U.S. dollars of Chinese and Japanese every day – just to keep our functioning government. One billion of that money paid immediately passed to the import of oil, which allows us to continue driving our big cars.
Our health care system is in collapse. Hospitals are closing. Health insurance premiums are soaring to unaffordable levels. The physician and author Dr. Andrew Weil recently said: "I hope the health system collapses soon so we can get busy creating a new system!"
City debt, the county debt, public debt, federal debt, consumer debt and corporate debt are at or near record levels. Realistically, our government and its people are broke – worse still deeply in debt.
Credit card debt is exploding. Now owes more than $ 3 billion dollars. Tens of millions of Americans are living off their credit cards. The question to ask is – "All who ever paid the debt?
The actual cost of the Iraq war is being carefully hidden from the American people. It is covered by outside temporary budget bills spending, not by the federal spending normal.
For the first time since the Depression Major of the 1930s housing prices U.S. are falling – Around the country. According to federal figures we could see more than 12 million Americans losing their homes over the next five years!
President Bush was wrong about the economy. For the past two years has been the dissemination of news that the economy U.S. was "strong" and that problems with sub-prime mortgages would have no effect on the economy. Now, in a dramatic change, it is admitted that the economy falters and was forced to sign a ridiculous stimulus bill that will send checks to tens of millions of Americans in a belated attempt to put the economy moving again. Most people will use the money to cover the rising cost of gasoline.
Inflation is back. The price of the things we buy every day is now up a whopping 7.5%! When companies start to pass the rising price of energy to consumers – you can expect inflation to takeoff.
About the Author:
article submitter
Article Source: ArticlesBase.com – Warning: Economic Depression Just Ahead!
Kuwait Reconstruction and Housing caught in a lie
