I have no idea where you heard or read such a rumor. The US economy will not "die". It is definitely going through a rough time currently but it will recover. The US economy, like most economies, goes through ups and downs. The US economy typically does worse during an election year which we are in.
In my opinion, President Bush and his administration have not helped our economy. We currently have two BIG issues. The first one has started correcting itself. Banks and other lenders were giving too many people more credit than those people could afford. Many people blame the lenders but I put much of the responsibility on the borrowers. People should know what they can afford before signing a loan contract. Much of the problem was also caused by greed - from lenders and borrowers. Many lenders purchased home to fix them up and sell them again. When homes did not sell as quickly as desired, these folks had loans they could not pay.
I think gasoline prices are our current. I know that many people around the world pay more for gas but we are trying to adjust to a huge price change from even a year ago. The cost of gas has also caused MANY other prices to rise. Since most products use gasonline for transportation, everything is going up.
I hate to give Bush credit for anything but the high prices of gasoline have forced Americans to become more conscious of "green" issues.
I second crdowner, an economy would not "die," sure yeah, we are in a recession, but it's not like it's the end of the world. I doubt it would turn into something like what the US experienced in the beginning of the 30s.
But actually, about what crdowner said about the bank and loans, I have to say I disagree to a point. Right now we have a consumer led recession. Basically, money spent by people make up a huge part of the GDP, and with the loss of consumer confidence, people spend less (the largest example would be houses. the real estate market started it's downward fall last year or so, and it's not getting better last I checked), which is bad news for the economy.
The government was actually tried to GET people to take out loans to make purchases with the lowering of interest rates. But it wasn't doing much good. (The government only has limited power when it comes to correcting the economy.)
The gas issue *sighs* I don't hold too much hope in that issue. =/ I'm more worried about when they'd come out with a complete alternative to our current transportation tools...
Is it the war in Iraq or Afganistan??
Both its all over the Middle East
yes it will actually. you see, the mayans predicted an end to the world in 2011 or 2012. if the us goes down, much of the world will too. i hope this helps!
It's said that US economy will fall in 5 years and it's very realistic approximation.
Today US leans on the debts they get from the Middle East. Every year the budget dives something around minus 400 billion $, and they get the missing money free from the Oil-producers. But mostly US is still alive because of the fact that oil can only be bought with dollars.
That's right, no matter whether France, China or El Salvador buys the oil. They all have to have dollars when they do so. So the whole world is buying dollars so they can buy oil.
Saddam Hussein was the first one who got the oil-stock turned to euros. You know, the currency of European Union. He bought billions of euros and said that he will only associate in uros. And look what happened to him. Suprisingly after the "liberation of Iraq", US pushed their will through and now oil can again be bought only with dollars.
But US' problems are not finished. Iran has demanded that the oil-stock should be turned to euro-based stock again. So, has the Iran been in the headlines recently? Oh that's right, mr. Bush has made aggressive comments about Iran and has launched an anti-Iran program. Again suprisingly, it all began just after Iran had made its demands.
But this time looks like Euro is not going down. Dollar is unstable and going its worst period ever. So the oil-countries are turning on the side of strong euro, which is rising currency in the whole world. And if the whole world stop buying dollars, US will go crashing down.