We are going into a serious recession.

[Raargant]

Uh' date=' yes, there are many trillions of dollars in existence. If the average American has $3,000, that's a trillion right there when all Americans are counted up.[/quote']

Roughly 150 million Americans are employed (keep in mind kids, the retired, etc., do not work). Assuming a low average income of roughly $20,000 a year, that would amount to $3 trillion per year of total cash generated. So yeah, absolutely, there are many trillions of dollars in existence.

I'm surprised doctorates make more than professionals. I would have thought all the doctors' date=' lawyers, engineers and MBAs in there would have made more than college professors. But there must be some highly paid people in business with PhDs to account for that I suppose.[/quote']

Keep in mind that doctors and lawyers fall under the 'professional doctorate' category; doctors, after all, have an MD (Medicinae Doctor), whereas lawyers have a JD (Juris Doctor). And even engineers have doctorates; the Doctorate of Engineering. I would imagine an engineer with a doctorate would make more than an engineer with a bachelor's.

[a-guitarist]

I just don't quite get how we still believe capitalism is the best course for managing a 6.5billion person economy. We have banks lending governments money, governments lending banks money, governments lending governments money, banks lending banks money.............

Seems to me it's all the same money and they're only creating money out of thin air by assigning interest rates. I've taken my fair share of economics courses, but I'm definitely anti-capitalism.

What do you think would work better than capitalism? Please don't say either anarchy or communism.

But, in all fairness, the problem we have isn't that capitalism is broken, it's that our leaders are crooked. The system operates within the laws/rules it is given, and if the rules set forth to run a system allow some abuse... well, you staff FL, you see what happens I'm sure. (God, the people that will abuse one loop hole until it's closed is insane, whether it's real life or a game.)

a-g

[Ex-D&Der]

Keep in mind that doctors and lawyers fall under the 'professional doctorate' category; doctors' date=' after all, have an MD (Medicinae Doctor), whereas lawyers have a JD (Juris Doctor).[/quote']

I'm sure that's how they're classifying it in the table. Engineers I'm thinking a lot have master's degrees, but they're probably classified as professional degrees.

[Calron]

And even engineers have doctorates; the Doctorate of Engineering. I would imagine an engineer with a doctorate would make more than an engineer with a bachelor's.

Unless you are pursuing a career in academia, the terminal degree in engineering is a masters. I don't that table takes into account terminal degrees and the like, moreso just a general trend (which isn't a bad thing, it just means that there's no reason to extend its information to other details).

[KRins]

2.4trillion if we assume there are roughly 800,000 americans. Where did you get the $3,000 average figure? I'm so dragging the average down...

[a-guitarist]

2.4trillion if we assume there are roughly 800' date='000 americans. Where did you get the $3,000 average figure? I'm so dragging the average down...[/quote']

Might want to check that population again... CIA world fact book says 303 million US citizens. With 203 million (and some change) in the 15-65 age range. But if you only take the labour force (which according to the CIA includes the unemployed @ 4.6%): 153.1 Million people. and multiply that by the 3000 smackers, you get $459,300,000,000.

a-g

[Mudder]

I'm not reading all of this. It is late and I have a midterm to study for. I just wanted to comment on this.

Why don't you think China has overthrown the US as lead superpower yet? Because our economies are so intertwined, that any damage they cause to us will be instantly and almost equally reflected on themselves.

False! Well, partly true. Though still false. China does not take over the US's position as World Power in a Unipolar world because they are not capable. China cannot "take over" the US at the current state of the World.

There is also the fact that no Nuclear power has ever fought with another Nuclear power in direct warfare. I forget what the "theory" is called. However it us unlikely that ANY nuclear power would ever risk war with another. Why? Because towards the end one of them would use a nuke. No one wants that risk.

China WILL eventually become the new World Power, if things keep heading the way they are. Though it is certain that the US will resist it. Something we surely can and will do. There will also be a time when we are in a Bipolar world. With US - China going head to head for the #1 spot. Many here predict we will go to War. Think The Cold War.(Realists) while others believe we can arrange a system where we can work together and use an already existing system to create rules that China will essentially want to follow to continue to be prosperous.(Liberals)

[Pali]

Might want to check that population again... CIA world fact book says 303 million US citizens. With 203 million (and some change) in the 15-65 age range. But if you only take the labour force (which according to the CIA includes the unemployed @ 4.6%): 153.1 Million people. and multiply that by the 3000 smackers, you get $459,300,000,000.

a-g

Okay, first, I wasn't actually giving an actual figure but a hypothetical that I figured to be a pretty safe assumption (that the average American has/makes $3000 a year, which if you judge those too young to work as being factored in under their guardians' salaries/property and those too old to work having savings/Soc. Sec./etc. is probably a very low end estimate). My simple point is that most certainly there are trillions of dollars in existence. I'm no economist, and know very little about it, but I definitely know that.

[Mudder]

You mean 30,000 a year, right?

[Pali]

Technically, I meant $3,334 for 300 million, which would equal a trillion dollars. As the average person has more than that a year, it means that there exists more than a trillion dollars.

I do not know why this comment is receiving so much attention... listen to the other people who have studied this stuff, pay no attention to me!

['tarako]

'your mom went into a serious recession...

[inscribed]

'your mom went into a serious recession...

uh oh, a 'your mom' joke. thats a 3 day banning.

i have nothing to add to the actual discussion.