Ask an expert: Is US headed for fiscal abyss?

MSN Money's Anthony Mirhaydari answers Facebook users' questions about the nation's debt crunch.

By MSN Money Partner Jun 29, 2012 11:39AM
Will the U.S. fall into a fiscal abyss in a decade or two? In this video, MSN Money columnist Anthony Mirhaydari explains how critics believe the country is approaching a cliff as soon as 2024.

 

As he answers questions from MSN Money's Facebook community, Mirhaydari also discusses investments that do well in a debt hole environment, such as gold and other inflation hedges.

60Comments
Jun 29, 2012 4:31PM
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Yeah, gold is always nice to have.

But what we need is the kind of gold that produces items all people need or use. Gold put away in big vaults is worth nothing or close to nothing, however gold spent to acquire factories, or roads, or refineries, or fish nurseries, or alternative energy sources, or desilinizing water plants,  or any other human endeavor that will need humans to put them in action are excellent uses for gold.  Any other uses that involve keeping gold or hoarding gold, including hedging or speculation are totally useless and unproductive.   Those of you with the tons of unused gold, to me, are like those miserables who destroyed a spring of water in the desert. 

If you put your gold to produce work, food, and many other things the country needs, your gold will produce untold and unseen riches and a wealth never seen by any other country before.  If you don't use your gold now, then China will take over like a kid does take a cookie from a cookie jar...

Jun 29, 2012 4:16PM
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This country was built on the back of the working class, while he rich reap most of the rewards, it will always be that way.  Use the working class to do the work pay them tid bits, while the rich receive the bounty.
Jun 29, 2012 4:11PM
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Unless something is done about SPENDING, we will go over the cliff sooner than expected.  Or big problem is SPENDING and nothing isbeing doen to change it.  The new taxes in Obamacare are just going into the general fund and no control over how or what they are spent on.  (21 new taxes in the bill, and they hit everyone). 
Jun 29, 2012 4:00PM
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" Will the U.S. fall into a fiscal abyss in a decade or two?"   What an idiotic questions?  That is like asking if the earth will be hit by space rocks in over the next twenty years.  Sure there will be some hits, but the degree to which this happens is anyone's guess.

I have a prediction.... over the next ten to twenty years, the US economy is going to grow.  
Jun 29, 2012 3:51PM
Jun 29, 2012 3:21PM
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At this point in time, this reality is unavoidable.  The Country as a whole can not sustain the burden of massive new spending programs combined with massive debt.  The Economy is stagnate and our Nation is at WAR with an Enemy who wills our destruction.  We the People have been forced to beleive by our Government  that Islam is good and Islamic terrorist do not exisit. The American people have little stomach to handle their own lives and wish for someone else to hold their hand and take care of daily life matters for them.    The cliff is in sight and we are in a nose dive headed for it.  The reality will be that it wll be to late to pull back on the stick before we crash and burn.  The outcome will be the survival of the fittest.
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