The United States is like a basket ball....it always bounces back

There are many opposing views of people when they comment on economies and the Real Estate Markets  around the world. The United States in particular always commands a great deal of these opinions. a lot of people think that the US is headed for disaster because of their debt. I had a Realtor friend of mine tell me they cannot pay the interest on their debt and therefore it is only a manner of time before the entire country goes into bankruptcy. It seems, however, that when I ever I take the time to listen to people who really know what they are talking about I get  a much different perspective. On Wednesday I had the incredible pleasure of listen to Brendan Ogmundson of the BC Real Estate Association speak about the local and world economies. Brendan has a PHD in economics. He has won awards for his economic predictions and that is what he does for a living. He is one of the top experts in this field.  He is the third highly decorated, credible expert that I have heard speak in the last 6 months including Kevin O'Leary of Dragon's Den. Whenever I have the chance to listen to these experts I always try to sneak in a question about the US because we seem to be affected so greatly by their economy. The United States is the most resilient economy in the world. It has the highest GDP of all the world economies and their GDP is greater than #2 (China) and #3 (Japan) combined. When I asked Brendan about the US he said, "Think of it this way. Would you loan Money at a low rate to a borrower that was a high risk?" The economies of the world continue to loan money to the US at 1% and the US continues to loan or give money to needy economies around the world. The US deficit was decreased by 200 million dollars in 2012 and 400 million dollars in 2013. Those figures are expected to increase in 2014. Brendan said the US has their deficit at an acceptable level for a population and an economy like theirs. He said the biggest draw on the US debt is health care and with "Obama-care" coming in they are getting that under control. He said most economists are content with the direction of the US and their debt. However, many people still hang on to that catastrophe theory. I look at it like the folks that are continually predicting and setting dates for the end of the world. As the dates come and go they set new ones. However, sooner or later when predictions are wrong enough times one has to give up and find a new catastrophe to hang one's hat on. In my humble opinion the US is not going boobs in the air anytime soon. 

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