{"id":571,"date":"2011-02-09T04:36:34","date_gmt":"2011-02-09T04:36:34","guid":{"rendered":"http:\/\/voteforjoe.com\/wheresjoe\/?p=571"},"modified":"2011-02-09T04:36:34","modified_gmt":"2011-02-09T04:36:34","slug":"sea-of-35-trillion-in-debt","status":"publish","type":"post","link":"https:\/\/voteforjoeblog.com\/?p=571","title":{"rendered":"&#8230;sea of $35 trillion in debt"},"content":{"rendered":"<p>Despite all the complex financial hyperbole around the current recession, it&#8217;s actually fairly simple to understand at it&#8217;s roots&#8230; \u00a0 <strong>If you&#8217;ll allow me an &#8216;average Joe&#8217; explanation: \u00a0<\/strong> The U.S. is adrift in a sea of $35 trillion in debt, according to <em>Bloomberg Businessweek Magazine<\/em>. \u00a0 Many people are in debt because they bought more stuff than they could afford. \u00a0 A lot of this was lubricated by easy credit. \u00a0 (For instance, the average American household now runs on 12 credit cards.) \u00a0 How did all this domino? \u00a0 Because of being so over-extended now, people can&#8217;t afford to buy as much stuff anymore. \u00a0 Because they can&#8217;t afford to buy as much stuff anymore, businesses aren&#8217;t making as much profit anymore. \u00a0 Because businesses aren&#8217;t making as much profit anymore, a lot of people have been laid off. \u00a0 We now have a whopping 14.6 million Americans who are unemployed. \u00a0 <strong>Note:<\/strong> \u00a0 Over the weekend, I was in Roswell, Georgia. \u00a0 A banner downtown read: \u00a0 <strong>&#8220;No Government Bailout Here, Support Your Downtown Merchants&#8221;&#8230;<\/strong> \u00a0 One of those downtown stores is named: <strong>Outspokin&#8217; Bicycle<\/strong>. \u00a0 Get it? \u00a0 <strong>Out<em>spok<\/em>in&#8217;<\/strong>. \u00a0 Took me a minute, too.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite all the complex financial hyperbole around the current recession, it&#8217;s actually fairly simple to understand at it&#8217;s roots&#8230; \u00a0 If you&#8217;ll allow me an &#8216;average Joe&#8217; explanation: \u00a0 The U.S. is adrift in a sea of $35 trillion in <span class=\"excerpt-dots\">&hellip;<\/span> <a class=\"more-link\" href=\"https:\/\/voteforjoeblog.com\/?p=571\"><span class=\"more-msg\">Continue reading &rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-571","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/voteforjoeblog.com\/index.php?rest_route=\/wp\/v2\/posts\/571","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/voteforjoeblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/voteforjoeblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/voteforjoeblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/voteforjoeblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=571"}],"version-history":[{"count":0,"href":"https:\/\/voteforjoeblog.com\/index.php?rest_route=\/wp\/v2\/posts\/571\/revisions"}],"wp:attachment":[{"href":"https:\/\/voteforjoeblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/voteforjoeblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/voteforjoeblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}