Only thing you forgot to mention, was the ever growing national debt, even prior to the housing crunch.
Now you just have 20 years left for SS to run out of funds. Can't blame 2 years of Obama on that one.
If it were me, instantly cut SS to anyone earning more then $80K per year in current pensions, or other earnings, such as property rentals, etc, before it's all gone.
Whats so wrong with Europe, considering Germany was the worlds largest exporter until last year, when China took over that position ?
I think England is getting it right now, too. Finally attacking the nations debt with higher taxes and cutting programs and government spending + wages.
You can't just go futher and further into debt, where it gets close that from every dollar 30 cents goes towards interest alone (not even debt repayment) !
The sad thing is, I don't think there is any US politician that will commit political suicide to implement radical belt tightning across the board.
You should go visit Europe or even Canada 1 day. You'll see the taxes they pay on almost everything, which makes everything more expensive then in the US.
I guess it's the price to pay for a balanced budget, and not to leave a mega debt load for grandchildren and beyond to pay off.
And if you're wondering , even with higher taxes, Canada and most of Europe has less unemployment then the US.
Apparently you didn't watch the recent economic summit in Canada where ALL the leaders except Obama were admitting that their socialist policies not only weren't working but had led them to the brink of collapse. They ALL, except Obama, were calling for austerity measures. Apparently you didn't hear how profligate spending in Greece, Spain, and Portugal has many concerned that the European Union will collapse. Apparently you aren't aware that European socialist economies routinely run between 9 and 15% unemployment, including Germany. Come on man, before singing the praises find out what's currently happening! Sure, they all embraced socialism with the best of intentions. Sure, it worked for awhile. But sooner or later, as Margaret Thatcher famously pointed out, socialists run out of other peoples' money to spend. Capitalism works as long as those at the top don't try to hog it all. And I know it's not as pleasant as sitting with friends at sidewalk cafes in Paris, but life requires work, and some of us have to work harder than others. As Mark Twain once noted: "The world is full of willing people. Some are willing to work, and the rest are willing to let them!"