U.S. economic collapse

In Ireland we had a big crash a few years back. Only getting out of it now. People were simply spending money they didn't have. That would include our government as well. That is where it all went wrong. Borrowing money to sort things out. Government borrows from banks and can't actually pay the banks back. The banks then needed to be bailed out. But the banks could not pay back either. It was a right mess up. The banls simply went bust. Other banks from other countries saw a chance to step in and make some easy money. But a lot of what went on for years was not legal. We would find this out years later.

Rent prices in the main towns in Ireland are still through the roof. People are calling for a rent cap. Landlords are simply upping prices when they feel like it. Mainly hitting students hard.

Lesson learned in Ireland. Don't spend what you have not got. All the banks really had to offer other foreign banks by way of payment for a loan was houses. The banks owned most of the houses in the Country. People would fall behind on payment and the banks would sell the mortgages to make money. Not just one. They were selling thousands at a time. New owners would up the mortgage rates. This is still causing a lot of trouble in the Country. Some houses were taking back off people as they could not afford the new higher rates.

We may be out of the recession, but it is still been felt by a lot of people. Loads lost their houses. Others their businesses. Number of Homeless went up big time. Can take many more years for a lot of these people to fully get back on their feet again. If they ever do.

Izthewiz said:

Hello friends.
Over the past few years I've studied much about the current state of government debt and I know this cannot last forever.
The U.S. national debt sits at over $22.6 Trillion dollars and is growing every year.
I firmly believe The U.S. will soon experience a massive recession in the not so distant future,
Do to a stock market crash and the amount of debt Americans are taking on.
Wages aren't rising fast enough,
Rent and housing is eating up more than most Americans take home income.
Not sure where you may live but here in Colorado the average rent for a 2 bedroom apartment is over $1500 USD per month in many other cities it gets higher and many struggling to get by.
This is not sustainable.

Click to expand...

I pay $500 a mo. here in Kansas for a 1 bedroom apt. And an avg. of $400 a mo. for groceries just for me. That's pretty much one check. The other check goes to pay utilities and whatever else. Can't get ahead, can't save cuz I need the money.

In my neck of the woods, their are plenty of job opportunities these days. But many of those jobs don't pay well, which is just terrific if you're trying to pay rent for an apartment that costs a lot per month.

Izthewiz said:

Hello friends.
Over the past few years I've studied much about the current state of government debt and I know this cannot last forever.
The U.S. national debt sits at over $22.6 Trillion dollars and is growing every year.
I firmly believe The U.S. will soon experience a massive recession in the not so distant future,
Do to a stock market crash and the amount of debt Americans are taking on.
Wages aren't rising fast enough,
Rent and housing is eating up more than most Americans take home income.
Not sure where you may live but here in Colorado the average rent for a 2 bedroom apartment is over $1500 USD per month in many other cities it gets higher and many struggling to get by.
This is not sustainable.

Click to expand...

I agree, its the same here in England. The debt isn't as high and rent and housing is okay. I suppose raising taxes for the rich, and lowering house prices can assist in debt recovery. Borrowing is never a good idea, i borrowed £50 from my sister, we were having issues on how much i owed. Its lucky that governments do not have that problem. OMG imagine if they did.