President Barack Obama Message Board

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Politics : President Barack Obama

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To: ChinuSFO who wrote (114618)	6/3/2012 11:08:07 AM
From: mel221	Read Replies (2) of 149317

> Why have their customers run out of money. The past 3 decades, spending has been fueled by debt. This is true for individuals and for nations. Public and private debt has been expanding. That debt expansion will come to an end someday... maybe that time is now. For these decades, debt expansion allowed many nations to live and spend beyond their means. The end of the debt expansion means these nations will have to live within their means... austerity. This is true for much of Europe and for the US. The situation is exacerbated by many countries cutting back all at the same time... synchronized austerity. In the US, the recovery has been supported by borrowing and printing. Some of us believe that these levels of spending and printing are unsustainable to maintain the GDP levels of the prior bubble. They will be reduced and spending by both governments and individuals will be reduced. >> Where has all the money gone. The money that used to go towards new spending is now being used to support the debt loads of prior spending. If your income is flat or declining and you cannot borrow more money, then you have to spend less.

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