http://www.smh.com.au/opinion/society-and-culture/decline-and-fall-of-the-us-20100728-10w1x.html

An interesting article on the US economic collapse. Notice how big the foreign debt and  government deficit problems are in the US economy.  First half of the article talks about Empires that had collapsed through out history. The second half of the articles deals with US economic  problems. The US could be on the brink of collapse unless it can reduce its debt and return the budget to surplus by taking drastic measures to turn thing round. The US economy is drowning in debt. 

"US contemplates a deficit for 2010 of more than $US1.47 trillion - about 10 per cent of gross domestic product, for the second year running.

Since 2001, in the space of just 10 years, the US federal debt in public hands has doubled as a share of GDP from 32 per cent to a projected 66 per cent next year. It is projected that debt could reach 344 per cent by 2050.

These sums may sound fantastic. But more terrifying is to consider what continuing deficit finance could mean for the burden of interest payments as a share of federal revenues - up to 85 per cent in 2050.

The fiscal position of the US is worse than that of Greece. But Greece is not a global power." 

wow i never thought that the bush administration was that bad.

Yep, US is doomed. No j/k.

Public debt - $13.24 trillion (July 16, 2010)  => LOL

Only a World War III can save America ;/

The easy solution is to nuke those they owe into oblivion. Nobody left alive to ask them for payment.

Wow. I never thought that the Bush Administration would be in power until 2050.

Yeah. Bush III isn't solving the problem.

lol maybe their effect is more then just short term.

I simply can't see any president dealing with this. More likely they'll all push it off onto the next government etc etc until its too late.

A very fiscally honest president is required.

Eventually the US will have to follow the example of Europe I feel.

We have a hell of a lot more borrowing power then Greece, but we are definatley in trouble, especially if were dead set on growing are way out of this recession. Which isn't going to work.

The reality is pretty simple, cut spending and for the short term raise taxes. Ideally we would reform social security. All of that is a tough sell politcally so I doubt we do it, well not until things get a lot worse atleast.