Debt-service costs are still manageable.
The US went from having an advantageous position vs the Euro to a disadvantageous position vs France + Germany. Sure, the US has a much greater capacity to support debt and to pay it down, but it's squandering what could have been a real opportunity.
Imagine if Obama hadn't busted the bank and deficits were contained. The US would be making a killing vs the Euro as the Swiss did and are doing, especially now that they are talking of downgrading France.
Deficits are shrinking.
Not nearly fast enough. The deficit is still double the Bush era's worst, and worse than anything you'll see in Europe. Horrible mismanagement.
America prospered during the late 1940s and through the 1950s despite huge debt related to World War II.
True, but what they did in '46 and '47, was to cut the budget in HALF and paid it down. Straight spending cuts. That is what it will take this time to fix things. Do you see Obama proposing a 50 percent cut in government spending? I sure don't.
Great job? What was it? Were you part of the speculative boom? Things went well for a while. and now you can't resuscitate the speculative boom and the easy money. Maybe you thought that you would cash out at the right time but found that you couldn't.
Well I was fresh out of university. I ended up paying off all my loans. I worked as an inventory manager for a small store. Something around 2x what I make now + all the OT I could possibly want. It was a great position, but I got let go in the downturn.
Easy money is more curse than blessing, fellow. We now get our economic recovery the old-fashioned way if it is to stick.
Only if we can stop digging the hole deeper.