United States has the widest rich-poor gap of any high-income nation today, and that gap continues t

In recent times, some prominent economists including Alan Greenspan have warned that the widening rich-poor gap in the U.S. population is a problem that could undermine and destabilize the country%26#039;s economy and standard of living.

With moral and economic decay on the increase, more and more people are falling into the debt trap to appease the rich of USA, what is left for the ordinary folk?

I have family in Miami who work just to service their debt. They will never be able to repay their debt in their lifetime. Two family members have already declared bankruptcy.

My nephew declares bankruptcy, the following month he is back to his old ways and drives a new BMW and the debt cycle continues.

The best answer they can offer: the credit card debt will be squared once you die, anyway. If we are too deep in debt, we will just declare bankcruptcy, again.

United States has the widest rich-poor gap of any high-income nation today, and that gap continues to grow.?

yep there is pracically no middle class anymore its a real crisis which there is something they would do about it. they also made the laws harder for peopel to be filing bankprutpcy or filing it over and over again.

United States has the widest rich-poor gap of any high-income nation today, and that gap continues to grow.? loanI meant, in South Africa banks ARE held accountable for irresponsible credit approval to clients who are too deep in debt. Report It

|||1)America has a large income gap. The working poor in America have higher incomes than the average income in most nations. By global standards no one is really suffering economically in America.

2)If you accumulate more debt than you can handle, you can declare bankruptcy. These laws are their to protect you.

3)Why is it %26quot;the riches%26quot; fault that some people can keep a budget? Most Americans aren%26#039;t going into debt because they are going hungry, it is because they are buying JUNK they really don%26#039;t need. Many people would learn valuable life lessons from losing their car and biking to work for a while.

4)Some economists are idiots. Nothing is ever as bad as it seems and nothing is aver as good as it seems. Alan Greenspan isn%26#039;t even an economist, he%26#039;s a banker. The increase in debt is completely rational and corresponds to the increase in home values (most people%26#039;s wealth is in their homes). Sure some people simply can%26#039;t keep a budget, but most of the aggregate debt numbers comes from rational consumption smoothing behavior. There are plenty of economists who feel that this debt destabilization story bunk and that markets are properly accounting for the level of debt.