Originally Posted by JLB

So is there is a centralized taxing authority, and each country pays the same rate?

Originally Posted by NrGx

This is not true. The United States of America has the largest total GDP however that is not used statistically to determine a country's wealth. Another statistic know as the GDP per capita is used and in this measure the USA comes in at 12th or so (from memory). Countries in the EU are definitely ahead of the US in this stake with Luxembourg having a GDP per capita of $83,000+.

The dollar value of the United States of America has fallen and will continue to fall as it reaches recessionary levels. However, this recession is coming. The reason? Simple economics (I would be happy to explain the actual macroeconomic explanation if there is interest) suggest that 'boom' and 'bust' cycles are a necessity in any economy to maintain price levels.

Australia is one country that really would benefit in the long run by a recession in the USA as inflation levels reach their peaks and interest rates hikes do nothing to curb spending.

No pain, no gain. And short term pain really would lead to some serious long term gain. Let's stop with the long faces my US brothers.

Originally Posted by drama

Well you definitely are the most optimistic person on here and that is why I am going to quote you In the history of US there were always busts that were followed by booms and I certainly hope this is one of those times.
Could anybody compare the last time the US was in this much of a trouble (as far as the debt goes) and how that ended? I just hope there is no long term recession for sure.
Also, what do you guys think what is the best way for US to pay their debts in the shortest amount of time and which of the future US presidents McCain, Obama, Clinton is best suited for the job?
Thanks for all the reply's!!