THE USA WILL SURVIVE!

Regardless of which party is in power,  The US will survive.  Whether the top 1% pay their share of the taxes or the bottom 50% pay their share, the  US will survive.   Whether  entitlements  are not cut to the bone  or  corruption  remains out of control, the US will survive.

How long it will take to bring down unemployment and how much of a hardship will be born by the middle class and the poor may depend upon the management and policies of the party in power, but the US will survive,

The Government could end the crisis with all citizens contruibuting a fare share if Congress were to lend a hand and cooperate by enforcing only needed regulations and cracking down on mismanagement and corruption.

If deams could come true the Federal Reserve could gradualy issue dollars to pay off debtors,  devaluating   the dollar  and causing inflation that would increase prices which would also increase wages and taxes, all born fairly by consumers and businesses alike in the purchase of goods and services..

Real Estate and Capital Wealth would retain their value through appreciation.  The only losses would come from large amounts of uninvested dollars in corporations and banks. (and also of course, cash horded under mattresses)

Higher prices would be offset by corresponding higher wages and business would not be effected.  The possibility of low income consumers unable to save for down payment on a first home could be offset by government backed, low interest, capped mortgages that could also help small business entrepreneurs in need of capital for start-up and/or expansion.

Any change would be opposed by those satisfied with the statis quo.  Even if the tax break for the top 1% was ended, it wouldn't be much of a hardship for them.  However, massive cuts in entitlements and health care would tragically reduce the standard of living level for millions of  middle class with millions of the poor living at a third world level.  Continued cuts in  education would greatly jeopardize our future leadership role in the world.  Neglect in maintaining the infrastructure and public service will impede progress and result in choas.  The budget challenges today are astronomical!

The effect on foreign trade would vary according to the financial adjustments made by the countries involved, but basically prices on imported goods would be higher with lower prices on exported goods.  This would be good for our economy as this would promote more demand for domestic goods.  Admittedly, this may reduce profits for outsourced domestic corporations.

 If you think that the doubling of prices and wages would never happen, consider the prices and wages from 1960to 2000 and we still surived.