I guess that I am saying that America is a wealthy country but that if it continues to live beyond its means then it might be in trouble. Which is what the rating agency is saying.
Not all old money in the US has survived. Some old money families have had to sell off their assets in order to keep up a preferred standard of living. And even then they often have had to accept less of what they had previously enjoyed. All the rating agency was saying was Careful. There may be trouble ahead, especially if you keep on the present course. arthur From: [email protected] [mailto:[email protected]] On Behalf Of Ray Harrell Sent: Sunday, September 18, 2011 11:13 PM To: 'RE-DESIGNING WORK, INCOME DISTRIBUTION, EDUCATION' Subject: Re: [Futurework] FW: Simple terms (WHY THE U. S. WAS DOWNGRADED) Lots of things wrong with this simplicity. IF it were the Rockefeller family then this short term story would be ridiculous. Bloomberg, Koch or anyone else. The wrong Russell assumes the nation is a middle class household and then make his pronouncements like a solid member of the conservative fraternity. They are stupid and unworthy. America's physical capital endowment is huge. The third largest in the world with a population that uses less of it than the populations of almost any other nation in the world except Canada. This is an embarrassment. It is mixing small scale systems with large scale systems and coming up with nothing. Bertrand Russell (the other Russell) spoke of such things in his principia and John Warfield called them Trusels. Seems to make sense but when applied fails. What are you saying here Arthur? REH From: [email protected] [mailto:[email protected]] On Behalf Of Arthur Cordell Sent: Sunday, September 18, 2011 3:29 PM To: [email protected]; 'RE-DESIGNING WORK, INCOME DISTRIBUTION, EDUCATION' Subject: [Futurework] FW: Simple terms (WHY THE U. S. WAS DOWNGRADED) From: James Russell Sent: Thursday, September 15, 2011 9:12 PM Subject: Simple terms (WHY THE U. S. WAS DOWNGRADED) thanks for this one to Shari Kulha... Why the U.S. was downgraded: . U.S. Tax revenue: $2,170,000,000,000 . Fed budget: $3,820,000,000,000 . New debt: $ 1,650,000,000,000 . National debt: $14,271,000,000,000 . Recent budget cut: $ 38,500,000,000 Let's remove 8 zeros and pretend it's a household budget: . Annual family income: $21,700 . Money the family spent: $38,200 . New debt on the credit card: $16,500 . Outstanding balance on the credit card: $142,710 . Total budget cuts: $385 ... about that second job ...
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