What would you personally do?

[CrackerJax]

Warlord, go ahead and put urself down on the poll as "A".

Growing weed and being dependent on the income is a job. An illicit job, but a job none the less.

 

[doc111]

Maybe Obama could get a second job as a Wal-Mart greeter to earn extra scratch to help pay down the deficit.
They are asking Americans to come off of their hard earned money to help pay it off (pretty ridiculous) so why can't the administration roll up their sleeves and help out?

 

[CrackerJax]

Hey Doc, since ur at my Mom's house (which I own ), tell her to make some more brownies!!

 

[doc111]

Hey Doc, since ur at my Mom's house (which I own ), tell her to make some more brownies!!

She says to pick up some eggs on yer way home.

 

[The Warlord]

Warlord, go ahead and put urself down on the poll as "A".

Growing weed and being dependent on the income is a job. An illicit job, but a job none the less.

Aye Aye captain. clicked on the first option.

 

[CrackerJax]

She says to pick up some eggs on yer way home.

Yah, mom ran out of eggs years ago. U gonna be my daddy now?

Aye Aye captain. clicked on the first option.

TYVM sir!

 

[doc111]

Yah, mom ran out of eggs years ago. U gonna be my daddy now?



TYVM sir!

Bwahahaaa!!! You ain't right CJ!

 

[CrackerJax]

 

[fulbright]

It seems like a no-brainer to me. Cut out all my unnecessary spending. And if that doesn't do the trick, then get a second job.

 

[CrackerJax]

It seems like a no-brainer to me. Cut out all my unnecessary spending. And if that doesn't do the trick, then get a second job.

Thanks for ur post, and welcome to the site.

 

[medicineman]

Although this may divulge way more information than I wish, I will give it a go. 7 years ago we were doing fine, combined income around 100K, not all that much but liveable, after my retirement we were in the 75K area, 2 Years ago My wifes employer cut her to 3 Days a week, cut 1800 a month right off the top, almost 22K per year. Sadly we had just purchased a new car for my wife with 500.00 a month car payment, very do-able before the cut. Now we are in dire straights, making less than we spend. We Then took her mother out of the care home and brought her home, using the 1800 a month she got to hold the ship together, the mother dies. Were fucked. So, had the economy held together we'd be fine, had the dog not stopped to crap, he'd of caught the rabbit. The moral of this story is to not leverage yourself beyond a certain point. We thought that my wife's job was secure and were living well within our means, although we have some savings, I certainly don't intend to give it to the creditors. It is time for action and although I hate to do it, Bankruptcy is our only option. Thank God for bankruptcy law, there was a time of debtors prison. I realize some of the blame lies with us, but that 1800.00 a month cut killed the canary. My wife is 60 and finding another job for her or me is way unlikely. I'd bet my story is somewhat typical of those that got fucked by job loss or cuts in salary. Here's where a union might have helped my wifes situation, but in a word , we're fucked.

 

[doc111]

Although this may divulge way more information than I wish, I will give it a go. 7 years ago we were doing fine, combined income around 100K, not all that much but liveable, after my retirement we were in the 75K area, 2 Years ago My wifes employer cut her to 3 Days a week, cut 1800 a month right off the top, almost 22K per year. Sadly we had just purchased a new car for my wife with 500.00 a month car payment, very do-able before the cut. Now we are in dire straights, making less than we spend. We Then took her mother out of the care home and brought her home, using the 1800 a month she got to hold the ship together, the mother dies. Were fucked. So, had the economy held together we'd be fine, had the dog not stopped to crap, he'd of caught the rabbit. The moral of this story is to not leverage yourself beyond a certain point. We thought that my wife's job was secure and were living well within our means, although we have some savings, I certainly don't intend to give it to the creditors. It is time for action and although I hate to do it, Bankruptcy is our only option. Thank God for bankruptcy law, there was a time of debtors prison. I realize some of the blame lies with us, but that 1800.00 a month cut killed the canary. My wife is 60 and finding another job for her or me is way unlikely. I'd bet my story is somewhat typical of those that got fucked by job loss or cuts in salary. Here's where a union might have helped my wifes situation, but in a word , we're fucked.

I think the great recession has taught us all a thing or two about our own security in the workplace and spending habits. 5 years ago my wife and I couldn't have cared less about buying a $40,000 vehicle. Now I wonder if we will ever own a brand new vehicle again. You are not alone as this financial meltdown has affected nearly everybody in some way. We didn't worry about our job security. Fast forward to today and my wife worries every day for the security of her job, I'm not getting much work and we've had to tighten our belts to the limit. I've tried to not worry about our finances so much because it's only money.......you don't get to take it with you when you're dead.

 

[Puffster]

im glad i was responsible at a young age.ive paid off two mortages and they pay my 3rd.roof needs fixing,ya know anything major and it comes outta pocket.so yeah it (economy) i believe affects each and everyone of us in some way.i pray for all those who arent as fortunite as me an mine.PEACE

 

[CrackerJax]

I appreciate all of ur posts folks... keep them coming in.

I see mexican warlord 420 is going to blow it all to pieces.

Give me a call when you do!! Party time!!

 

[medicineman]

I am now living out A and B.

I thought I had set up a nice retirement portfolio...I gave up working about eight years ago.
I thought that I had immunized my portfolio against the ravages of future inflation.
However I did not factor in what appears to me to be the forthcoming perfect storm of inflation and a hyper- devaluation of the dollar.
Because of my concern, I have gone back to working full time.
I do not have anywhere near as much free time to devote to my plants, and this really sucks.

It is the team of economic dim-bulbs that now hold the reins of power that has led me to this unfortunate circumstance.

I now work at the craziest job I have ever held.

Thanks Obama.

Uhhhh, Wavels, think back a few years. You know damn well this dillema is Dubyas doing. Quit fooling yourself. I'm sure you can find more truthful ways to hate Obama.

 

[Wavels]

Uhhhh, Wavels, think back a few years. You know damn well this dillema is Dubyas doing. Quit fooling yourself. I'm sure you can find more truthful ways to hate Obama.

Wrong med...Obama took a bad situation and made it MUCH worse.
I assign a large part of the blame to Bush for too much spending, but Obama is shooting torrents of hi-grade fuel on the bonfire. It will become our collective funeral pyre if we do not change course asap!

And in regards to your own financial dilemma have you considered debt consolidation with a reputable not for profit firm...if not, please consider this alternative to bankruptcy

 

[Wavels]

We are in deep doody med!
This is illustrative of the gargantuan problem we as Americans face.
Say it ain't so!

November 22, 2009
Our national debt: How much would 12 trillion eggs weigh?

Lee DeCovnick

[FONT=times new roman,times]The Federal Government’s tidal wave of debt now exceeds $12 trillion dollars. We have plummeted an additional trillion dollars in the last 8 months.[/FONT]

[FONT=times new roman,times]Twelve trillion is twelve followed by 12 zeros: 12,000,000,000,000 or 12 x 1012 . 12 trillion eggs would weigh just over 13 million tons or the weight of 19 supertankers. That works out to 149 dozen eggs for each of the 6.6 billion humans on this planet. 12 trillion gallons of milk could easily fill Lake Superior almost four times over.[/FONT]

[FONT=times new roman,times]Twelve trillion is so vast a super number that only astrophysicists and molecular geneticistsshould be allowed to calculate with it, not the bureaucrats in Washington. In 2008, twelve trillion is equal to the combined output (GDP) of China, Japan and the UK. The total GDP of the United States in the third quarter of 2009 was $14.3 trillion.[/FONT]

[FONT=times new roman,times]Every day, each of our 1.9 million, non-military, Federal employees are happily administering the distribution of this debt to the tune of $2,995.[/FONT]

[FONT=times new roman,times]Each American household’s share of this debt is $103,000. Does anyone honestly foresee our taxes being raised enough to pay off this massive deficit?[/FONT]

[FONT=times new roman,times]The Federal Government, of course, pays interest on its $12 trillion debt. How much interest was paid last year? A staggering $383 billion dollars was incurred during the last fiscal year. That compares to NASA’s budget of $18 billion, the Department of Transportation’s budget of $74 billion, and the California state budget of $90 billion. $383 billion in annual interest could purchase four thousands homes a day in the high priced California market. That same sum is a 1,000 times greater then the distance from Earth to Jupiter in miles.[/FONT]

[FONT=times new roman,times]The annual interest on this debt for each household is thirty-three hundred dollars a year, or $9 a day.[/FONT]

[FONT=times new roman,times]If each household in America were to take a thirty year fully amortized mortgage at 5.0% on their share of the $12 trillion dollar debt, their monthly payment would be $556 a month or $6,572 a year ---- for thirty years![/FONT]

[FONT=times new roman,times]All these mind numbing numbers begs three fundamental questions. Who is going to end up paying for this tsunami of debt? Are there politicians willing to tax us enough to pay off this deficit? (Yes!) What’s the threshold where taxpayers refuse to be taxed further, even with the threat of jail or loss of property? We may be finding out these answers within the next few months.[/FONT]

 

[CaRNiFReeK]

We are in deep doody med!
This is illustrative of the gargantuan problem we as Americans face.
Say it ain't so!

November 22, 2009
Our national debt: How much would 12 trillion eggs weigh?

Lee DeCovnick

[FONT=times new roman,times]The Federal Government’s tidal wave of debt now exceeds $12 trillion dollars. We have plummeted an additional trillion dollars in the last 8 months.[/FONT]

[FONT=times new roman,times]Twelve trillion is twelve followed by 12 zeros: 12,000,000,000,000 or 12 x 1012 . 12 trillion eggs would weigh just over 13 million tons or the weight of 19 supertankers. That works out to 149 dozen eggs for each of the 6.6 billion humans on this planet. 12 trillion gallons of milk could easily fill Lake Superior almost four times over.[/FONT]

[FONT=times new roman,times]Twelve trillion is so vast a super number that only astrophysicists and molecular geneticistsshould be allowed to calculate with it, not the bureaucrats in Washington. In 2008, twelve trillion is equal to the combined output (GDP) of China, Japan and the UK. The total GDP of the United States in the third quarter of 2009 was $14.3 trillion.[/FONT]

[FONT=times new roman,times]Every day, each of our 1.9 million, non-military, Federal employees are happily administering the distribution of this debt to the tune of $2,995.[/FONT]

[FONT=times new roman,times]Each American household’s share of this debt is $103,000. Does anyone honestly foresee our taxes being raised enough to pay off this massive deficit?[/FONT]

[FONT=times new roman,times]The Federal Government, of course, pays interest on its $12 trillion debt. How much interest was paid last year? A staggering $383 billion dollars was incurred during the last fiscal year. That compares to NASA’s budget of $18 billion, the Department of Transportation’s budget of $74 billion, and the California state budget of $90 billion. $383 billion in annual interest could purchase four thousands homes a day in the high priced California market. That same sum is a 1,000 times greater then the distance from Earth to Jupiter in miles.[/FONT]

[FONT=times new roman,times]The annual interest on this debt for each household is thirty-three hundred dollars a year, or $9 a day.[/FONT]

[FONT=times new roman,times]If each household in America were to take a thirty year fully amortized mortgage at 5.0% on their share of the $12 trillion dollar debt, their monthly payment would be $556 a month or $6,572 a year ---- for thirty years![/FONT]

[FONT=times new roman,times]All these mind numbing numbers begs three fundamental questions. Who is going to end up paying for this tsunami of debt? Are there politicians willing to tax us enough to pay off this deficit? (Yes!) What’s the threshold where taxpayers refuse to be taxed further, even with the threat of jail or loss of property? We may be finding out these answers within the next few months.[/FONT]

So If I cover my household's end- $103,000 and then I throw in an additional $3300 for the interest, I'm paid in full? And this would change my life how? Would I be exempt from finding happiness in slavery?

 

[medicineman]

We are in deep doody med!
This is illustrative of the gargantuan problem we as Americans face.
Say it ain't so!

November 22, 2009
Our national debt: How much would 12 trillion eggs weigh?

Lee DeCovnick

[FONT=times new roman,times]The Federal Government’s tidal wave of debt now exceeds $12 trillion dollars. We have plummeted an additional trillion dollars in the last 8 months.[/FONT]

[FONT=times new roman,times]Twelve trillion is twelve followed by 12 zeros: 12,000,000,000,000 or 12 x 1012 . 12 trillion eggs would weigh just over 13 million tons or the weight of 19 supertankers. That works out to 149 dozen eggs for each of the 6.6 billion humans on this planet. 12 trillion gallons of milk could easily fill Lake Superior almost four times over.[/FONT]

[FONT=times new roman,times]Twelve trillion is so vast a super number that only astrophysicists and molecular geneticistsshould be allowed to calculate with it, not the bureaucrats in Washington. In 2008, twelve trillion is equal to the combined output (GDP) of China, Japan and the UK. The total GDP of the United States in the third quarter of 2009 was $14.3 trillion.[/FONT]

[FONT=times new roman,times]Every day, each of our 1.9 million, non-military, Federal employees are happily administering the distribution of this debt to the tune of $2,995.[/FONT]

[FONT=times new roman,times]Each American household’s share of this debt is $103,000. Does anyone honestly foresee our taxes being raised enough to pay off this massive deficit?[/FONT]

[FONT=times new roman,times]The Federal Government, of course, pays interest on its $12 trillion debt. How much interest was paid last year? A staggering $383 billion dollars was incurred during the last fiscal year. That compares to NASA’s budget of $18 billion, the Department of Transportation’s budget of $74 billion, and the California state budget of $90 billion. $383 billion in annual interest could purchase four thousands homes a day in the high priced California market. That same sum is a 1,000 times greater then the distance from Earth to Jupiter in miles.[/FONT]

[FONT=times new roman,times]The annual interest on this debt for each household is thirty-three hundred dollars a year, or $9 a day.[/FONT]

[FONT=times new roman,times]If each household in America were to take a thirty year fully amortized mortgage at 5.0% on their share of the $12 trillion dollar debt, their monthly payment would be $556 a month or $6,572 a year ---- for thirty years![/FONT]

[FONT=times new roman,times]All these mind numbing numbers begs three fundamental questions. Who is going to end up paying for this tsunami of debt? Are there politicians willing to tax us enough to pay off this deficit? (Yes!) What’s the threshold where taxpayers refuse to be taxed further, even with the threat of jail or loss of property? We may be finding out these answers within the next few months.[/FONT]

I do agree with the deep do do, in fact I'm a glaring example of the consequences I'm no economist so don't expect me to find the solution. If my wife were to get her hours back, I'd seriously consider consolidation, but we are so upside down that I seriously doubt they could help. We have a 1400.00 house payment, first+second, the second we took out to consolidate before when trying to pay off my daughters debt, (it's complicated). Even with my truck being paid off in 4 more payments, (Wow talk about a good feeling, I'm never buying another new vehicle). My truck, an '04' dodge 1500 SLT with 17,000 miles is still under warranty, 70k miles. It's barely broke in. We have about 60K in Credit card debt, 52,000 of that is my wifes. I could pay mine off, I have excellent credit which I'll hate to lose, but hey, when life deals you shit, ya gotta start shoveling.

 

[doc111]

I do agree with the deep do do, in fact I'm a glaring example of the consequences I'm no economist so don't expect me to find the solution. If my wife were to get her hours back, I'd seriously consider consolidation, but we are so upside down that I seriously doubt they could help. We have a 1400.00 house payment, first+second, the second we took out to consolidate before when trying to pay off my daughters debt, (it's complicated). Even with my truck being paid off in 4 more payments, (Wow talk about a good feeling, I'm never buying another new vehicle). My truck, an '04' dodge 1500 SLT with 17,000 miles is still under warranty, 70k miles. It's barely broke in. We have about 60K in Credit card debt, 52,000 of that is my wifes. I could pay mine off, I have excellent credit which I'll hate to lose, but hey, when life deals you shit, ya gotta start shoveling.

Bankruptcy isn't as big of a deal as some people make it out to be. Sure most of us are ashamed to even say the word and yes there are adverse consequences. I've heard of people doing 3 and 4 bankruptcies and they still are able to get mortgages and credit cards! If you can avoid bankruptcy by all means try to avoid it, but if you are in the same boat as most of the country there's no shame in it. Think about how this is gonna play out when the economy recovers and everyone's credit is shot. How is anyone going to get a loan? I think the creditors are going to have to make exceptions, and lots of them, if they want to make any loans at all. Don't sweat money problems. It isn't worth it.