Is it possible to melt the debt wall?

Is it at all possible to melt the debt wall which has been forming around the US? The ongoing financial crisis has been continuing from the great recession which happened in 2007-2009. So, now, according to the financial experts, the US is closing in to the main financial crisis. Nobody knows if the US government will be able to prevent this final crisis.

The associate capitalism, the greedy Wall Street, the perfunctorily executed rules and regulations, an economy full of credit card debt and low attitudes to debt management – all of these together has lead to this situation. The debt wall has started growing around the nation and now there seems to be no return from this situation.

The measures that have been incorporated since the recession had set in have mainly been used to overcome the shortcomings of the regulatory framework. The deficits with regards to the government’s financial situation are increasing rapidly. The sovereign federal debt is now three times than what it was just three years ago it has reached the level of $15 trillion.

In this ever going cauldron of debt, there seems to be no escape. Though the main reason and the main cure for the debt is the government, there is nothing much that we can do.  With regards to the current situation, 37 percent of the total federal spending occurs from borrowing. This means that the nation is going to add on much more debt along with what it has till now.

Now, what is actually going to happen if the nation reaches this wall? This is going to result in devaluation – devaluation of the nation and its currency. According to most of the economic forecast and predictions, by the year 2013 the world deficits are supposed to exceed the debt amount of $70 trillion or that of 116% of the total world debt to that of the GDP.

So, it is expected that recession is going to hit the US once again in this year itself. High debt always leads to recession. The nominal growth of GDP in the fourth quarter of 2011 was approximated to be standing at $15.3 trillion.

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Information required

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