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21 Century Great Depression causes and what to do. Causes: The snowball spiral caused by debt started the decline in the American economy. Concerns in the US include national and external debt, entitlement liabilities for retiring baby boomers who have already begun withdrawing from their Social Security accounts, corporate debt, mortgage debt, a low savings rate, falling house prices, a falling currency, and a large current account deficit. As of June 2008, the gross US external debt was over $13 trillion, the most external debt of all countries in the world. The 2007 estimate of the United States public debt was 65% of GDP. As of September 2008, the total US federal debt was approximately $9.7 trillion, about $31700 per capita. Including unfunded Medicaid, Social Security, Medicare, and similar promised obligations, the government liabilities rises to a total of $59.1 trillion, or $516348 per household. The primary economic concerns have centred on: high national debt ($9 trillion), high corporate debt ($9 trillion), high mortgage debt (over $10 trillion as of 2005 year-end), high unfunded Medicare liability ($30 trillion), high unfunded Social Security liability ($12 trillion), high external debt (amount owed to foreign lenders), high trade deficits, and a serious deterioration in the United States net international investment position (NIIP) (-24% of GDP). In 2006, the US economy had its lowest saving rate since 1933. These issues have raised concerns among economists …
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Thanks, Bush, for the greatest single day wealth transfer in American history.