Anyone else worried about America's financial situation?

Hey everyone! I was just interested in hearing some opinions and thoughts from those who have been following the impending financial crisis. To my understanding, many of the folks in office are basically holding the country ransom and are refusing to take action to raise the 'debt ceiling,' which has been done many times in the past to avert economic trauma. August 2nd is supposedly the day when something has to be decided, and it seems as though the USA is going to default on its $14 trillion debt. This seems like it could have some dire implications, as the 'faith and credit' in the USA is going to severely wane with this irresponsible lack of action.

Perhaps this is me being an idealist, but... If the USA does default, and we do find ourselves in a sticky wicket, I just hope that people come to realize that putting faith in such arbitrary systems is futile.  There have to be better ways.

What do you all think? 

its not a matter of defaulting on current debt, but not taking on more to fill budget shortfalls this year

raising the debt ceiling is a bad idea

so is cutting the legs out from under the EPA and social service programs which is what the republicans are trying to do using the debt ceiling as a lever

getting our troops out of the middle east would make the budget work without debt increases, but...

This broken system is exactly why I am trying to learn to be as self sufficient as possible and  - soon - debt free.

I must add though, after deploying to the desert a couple of times, the poorest Americans on thier worst day have it better than the vast majority of people over there.  I could be homeless on the street in America and be better off than a lot of them.

Not defending any of the stupidity going on in Washington by any means. 

Brice, I agree with you. Ending all of the 'defense' spending is tantamount to getting ourselves afloat. John Michael Greer has illustrated with his 'catabolic collapse' model, in which a nation/community basically begins to eat itself because there are no resources left to eat. We are seeing that occurring in our educational and environmental programs. Though, I don't understand how defaulting would not cause a myriad of problems. This is pretty much unprecedented, and while I'm no economist, I can't help but speculate that the value of the dollar would plummet rapidly, or perhaps something worse...

Anyway, I'm right there with you, Jeanine! I'm working toward self-sufficiency rapidly. Thankfully I have the debt-free bit down... At least until I purchase a homesite!

Defaulting would.cause a world of trouble but leaving the debt ceiling is not the same as defaulting on the existing loans the issue is that big O and the remember budget plan will add another trillion or  three to Tue debts and the other side of The aisle is using the threat of that extra debt to try and cut the budgets of regulatory agencies like the EPA FDA and OSHA.

Here is the source of all of the problems, as well as all of the solutions:

The Secret of Oz
http://www.youtube.com/watch?v=swkq2E8mswI

Money as Debt
http://www.youtube.com/watch?v=vVkFb26u9g8


Gee, that was hard! Now can congress and the media quit whining?