According to the most recent U.S. Census statistics, 46.2 million people live below the poverty level - that's 15% of the population. Poverty among the nation's retirees is also rising. The most recent statistics show that the number of retirees living in poverty rose from 7.9% in 2005 to 9.4% in 2009.

A Country in Trouble?
There's also the national debt to worry about. According to USA Debt Clock, if you were to spend $1 per second, it would take you 12 days to spend $1 million and 31,000 years to spend enough to reach today's national debt levels. By most standards, the United States' national debt is out of control.

When looking at America's overall financial state, there's healthcare, taxes and the myriad other issues that Americans debate every day.

It's clear that this country is in dire shape. There's no hope, and that means it's time to get out while you still can. At least that's the rallying cry (actually more like a whisper) of those who believe that their state should secede from the United States.

The Republic of Texas? Not Likely
Take Texas, for example. A petition to secede was placed on the White House's "We the People" site that allows citizens to start petitions for issues in which they believe strongly, without the use of lobbying. If the petition receives 25,000 or more "signatures," the White House promises a response.

"Peacefully grant the State of Texas to withdraw from the United States of America and create its own NEW government," the title of the petition reads. It received nearly 126,000 signatures, but even if everybody who signed it was from Texas, that would only be 0.5% of the state's population. (Surely, there are a few people who signed it who don't live in Texas.)

Texas Governor Rick Perry, somebody who isn't exactly pro-Washington or pro-Obama, doesn't support secession. "Gov. [Rick] Perry believes in the greatness of our Union and nothing should be done to change it," his press secretary Catherine Frazier wrote in a statement. "But he also shares the frustrations many Americans have with our federal government," according to CNN.

As promised, Washington responded. In a carefully worded, politically correct response, the White House said, "Sorry, there's no way to do it." Once you're in, you can't get out, but why is that?

Because the Constitution provides a process for a territory wishing to join the Union, but there is nothing in the document that provides a way to get out, regardless of how mad you are that Obama was re-elected.

Could This Actually Be a Possibility?
But, what if a state really wants out? There is a way. History, not the constitution, has a guide. Remember the Civil War? It was all about slavery. The South (Confederates) didn't agree with the idea of abolishing slavery. The eight original "slave states" wanted to secede from America. The only way to do it was to fight their way out. In case you didn't know, in the end, it didn't work. The Confederacy was defeated and secession did not take place.

In response to a letter written by a citizen in 2006, inquiring on the legality of secession, Supreme Court Justice Antonin Scalia answered the question by saying, "[The] answer is clear. If there was any constitutional issue resolved by the Civil War, it is that there is no right to secede."

However, the question has to be asked: what if it had happened? What if a state or states did successfully secede? What would it look like without any federal government benefits? Would the United States have to set up "international trade" with the new country or would they co-exist without any real impact because each side stands to see negative economic impacts?

Looking at countries like Iraq and Libya, countries in the beginning stages of establishing a new government, would this new country have the same growing pains? How much would it cost the country to set up the infrastructure that it has relied on from neighboring states? Would there still be states within the country?

The Bottom Line
Questions are plentiful and maybe that's why there is no provision to secede. It would not only affect the new country, but also the United States. In an article called, "Go Ahead and Secede, Texas. I Dare You," published by The New Republic, Chuck Thompson wrote that if Texas wants a nation that looks, acts and feels just like it, they could see what the outcome may look like. "This country already exists. It's called the Democratic Republic of the Congo." A little harsh? Maybe.

Related Articles
  1. Insurance

    Medicare 101: Do You Need All 4 Parts?

    Medicare is the United States’ health insurance program for those over age 65. Medicare has four parts, but you might not need them all.
  2. Economics

    Understanding Donald Trump's Stance on China

    Find out why China bothers Donald Trump so much, and why the 2016 Republican presidential candidate argues for a return to protectionist trade policies.
  3. Economics

    Will Putin Ever Leave Office?

    Find out when, or if, Russian President Vladimir Putin will ever relinquish control over the Russian government, and whether it matters.
  4. Economics

    What China's New Policy Means for Business

    Now that China has eliminated its one-child policy, how will the new policy impact businesses?
  5. Markets

    Will Paris Attacks Undo the European Union Dream?

    Last Friday's attacks in Paris are transforming the migrant crisis into an EU security threat, which could undermine the European Union dream.
  6. Insurance

    Avoid the Obamacare No-Insurance Penalty by Jan. 31

    If you don't have health insurance, act NOW or you could owe penalties on your 2016 taxes, in addition to this year's.
  7. Budgeting

    How Much Will it Cost to Become President In 2016?

    The 2016 race to the White House will largely be determined by who can spend the most money. Here is a look at how much it will cost to win the presidency.
  8. Economics

    How to Invest in the Philippines' Stock Market

    The Philippines offers more long-term growth potential than most economies around the world. Here's how to play it.
  9. Economics

    Current Probability of Donald Trump as President

    Predict the current odds of a Donald Trump presidency, and understand the factors that have kept him on top and the looming challenges he faces.
  10. Economics

    Explaining Devaluation

    Devaluation is the deliberate decrease in one county’s currency relative to the currency of other countries.
  1. Can FHA loans be used for condos?

    A borrower can obtain Federal Housing Administration (FHA) loans to finance the purchase of a condominium as long as the ... Read Full Answer >>
  2. Can I get dental insurance with Medicare?

    Medicare does not offer dental insurance that will cover dental care and medical supplies, such as cleanings, sealants, extractions, ... Read Full Answer >>
  3. Who can make catch-up contributions to a Health Savings Account (HSA)?

    An eligible individual who is 55 years or older at the end of his tax year can make additional catch-up contributions to ... Read Full Answer >>
  4. Do banks offer FHA loans?

    Many major U.S. banks, including Well Fargo & Company, U.S. Bancorp, Bank of America and Flagstar Bancorp, offer Federal ... Read Full Answer >>
  5. What do states do with unclaimed property?

    Unclaimed property refers to personal accounts in financial institutions or companies that have had no activity and whose ... Read Full Answer >>
  6. How can you reclaim escheated, or unclaimed, property?

    The process for reclaiming unclaimed or escheated property varies by state, as the federal government does not have a central ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Turkey

    Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities ...
  2. Barefoot Pilgrim

    A slang term for an unsophisticated investor who loses all of his or her wealth by trading equities in the stock market. ...
  3. Quick Ratio

    The quick ratio is an indicator of a company’s short-term liquidity. The quick ratio measures a company’s ability to meet ...
  4. Black Tuesday

    October 29, 1929, when the DJIA fell 12% - one of the largest one-day drops in stock market history. More than 16 million ...
  5. Black Monday

    October 19, 1987, when the Dow Jones Industrial Average (DJIA) lost almost 22% in a single day. That event marked the beginning ...
  6. Monetary Policy

    Monetary policy is the actions of a central bank, currency board or other regulatory committee that determine the size and ...
Trading Center