Here's the good news though - it's only $175,000 per person.
We're $53 TRILLION in the hole folks. That's not per HP, that's per the General Accounting Office of the United States. The biggest Ponzi Scheme of all wasn't housing. No, no, no. It was Social Security / Medicaid / Medicare.
Our corrupt government doesn't include the cost of future liabilities on its balance sheet (like every business has to). It acts like nobody is going to retire, and like no benefits will ever have to get paid. And nobody running for president will touch this subject with a ten foot pole (except Ron Paul of course).
And you, the gullible and clueless American people, buy it all hook, line and sinker. Along with every other fool who invests in US debt that will never be paid back, or owns US dollars that will continue to lose value.
HousingPANIC should spin off BenefitsPANIC, but someone else take that on, OK? I've got enough on my hands here.
Here's a good video with Glenn Beck and the head of the GAO (who I expect to be fired or assassinated soon). My favorite quote: "If the private sector had trust funds like the government, someone would be going to jail!". Yup. Any questions now?
Watch this video. And think about whether you want to be part of this mess much longer.
January 11, 2008
Psst.. Ya got $400,000? 'Cause that's what each household in America is on the hook for with the entitlement bomb, or $53 TRILLION in total. Ouch.
Subscribe to:
Post Comments (Atom)
61 comments:
I just cannot watch Glen Beck without thinking about what the offspring of Porky Pig and Elmer Fudd would look like if it were actually possible for these two characters to mate with each other and reproduce.
But I'm slightly deranged so maybe it's just better to move on to some other comments.
Bud duh' bud duh' bud duh' That's all folks!
Bill me. You want your $400K? Send me a US currency printing press and some paper and I'll have it for you within the hour. Now, did you want 50's or 100's?
Otherwise, the Gov't can print it themselves....oh wait, they already got that covered. ACTUAL Amount owed by average citizen...zero.
Once again, just like the housing bubble, I would like for someone to explain how this is a uniquely American Phenomenon. It is not.
The U.S. has a birthrate of 2 per couple, which is repalacement, but not enough to pay for the bulge of baby boomers retiring. I accept that.
What I don't accept is that you don't mention(conveniently again) that the rest of the world has the same problem. Europes replacement rate is about 1.3 and Japan's is closer to one.
Are you here to counter the permabulls with facts or are you here to just be negative on America? Tell the truth. You jetset around the world on daddy's money. How many strollers did you see in Germany?
I'd rather owe it to you than cheat you out of it.
If I had $400,000 - I wouldn't need any entitlements.
they don't mention that those very same politicians who work for the government want to destroy it. they are doing their jobs quite well.
what is not mentioned also is our out of whack defense budget. for decades we have been shoveling in trillions of dollars for weaponry and war, the most expensive of which, the ones for outer space, don't work!
but then again the major media is owned by those very same defense firms so just move on, and ignore the man behind the curtain.
Now wait just a damn minute. Didn't Pres. Bush just say earlier this week that our economy is on solid financial ground?
Now wait just a damn minute. Didn't Pres. Bush just say earlier this week that our economy is on solid financial ground?
The average American is clearly not paying attention to what is happening in this country now. My question is will they wise up once the depression hits or will they just be broke clueless serfs on the continent their fathers conquered?
Now wait just a damn minute. Didn't Pres. Bush just say earlier this week that our economy is on solid financial ground?
No way! Bush? Lie?
Are you out of your god-damn, freaking mind?!!
Won't happen. Baby boomers won't see 20% of what they dumped into social security. Millenials will rebel and go to the underground economy. If you are over 40 plan on moving to Costa Rica or some inexpensive place to retire. If you are under 40, hide your money.
Only two ways out of this:
Taxes or inflation or both.
Either way we're fucked.
Head of the GAO, that's got to be an honorary title, right? Why would the gov't need an accounting office? The gov't isn't accountable to anyone or anything.
And then this in the Financial Times today:
http://tinyurl.com/2gzq32
US's triple-A credit rating 'under threat'
By Francesco Guerrera, Aline van Duyn and Daniel Pimlott,in New York
The US is at risk of losing its top-notch triple-A credit rating within a decade unless it takes radical action to curb soaring healthcare and social security spending, Moody's, the credit rating agency, said yesterday.
The warning over the future of the triple-A rating - granted to US government debt since it was first assessed in 1917 - reflects growing concerns over the country's ability to retain its financial and economic supremacy.
ually, it was the Iraq war that put the US into the hole.
But you are absolutely right about it being a Ponzi scheme. Except this one includes killing our kids for their entitlement scams.
Fred Thompson has a published position on Social Security reform and consistently points out that committing the incomes of generations which weren't at the table when the decisions were made is irresponsible and wrong. His plan may not satisfy all concerns, but at least could be a starting point for serious analysis.
Here's the good news though - it's only $175,000 per person.
===
So, if I win the lottery pay the G 175000, then no more taxes????
Its ironic how no media outlet ever warns about the devastation of $700 tillion in derivatives obligations. Taxpayers have been reemed up the arse paying the interest on this massive pile of worthless paper.
And if anyone is still wondering why the German people followed Hitler they dont have to look any further than this website for the answer.
Im suddenly not so scared about the housing bubble
Taxes, inflation, cuts or both.
Inflation is the safest poltical choice... I'd bet on it.
Won't happen. Baby boomers won't see 20% of what they dumped into social security. Millenials will rebel and go to the underground economy. If you are over 40 plan on moving to Costa Rica or some inexpensive place to retire. If you are under 40, hide your money.
----------------------------------
thats right. One way to lower the future liability is to cut benefits. The other is to raise taxes. it will need to be both.
glenn beck had better get his head out of his ass and figure out who's side he is on....
maybe one day a group of angry people will gather in front of his house and demand that he come out.....
this could happen....
Vita said...
Fred Thompson has a published position on Social Security reform and consistently points out that committing the incomes of generations which weren't at the table when the decisions were made is irresponsible and wrong. His plan may not satisfy all concerns, but at least could be a starting point for serious analysis.
January 11, 2008 9:37 PM<<
is fred thompson a member in good standing of the CFR? yes he is. then why should we trust a freekin word this actor says...
but then again the major media is owned by those very same defense firms so just move on, and ignore the man behind the curtain.
ABC, CBS, CNN are owned by defense firms? You are a moron.
then why should we trust a freekin word this actor says...
So if this former Senator said that 2 + 2 = 4 you wouldn't believe it? You are a moron.
The other is to raise taxes.
People living in NY, CA and other states are already taxed over 50% (fed, state, local, property, sales, payroll, etc etc etc). At some point, these productive people will leave the country or stop working so hard. Then the entire economy goes in the shithole like France and Italy.
ually, it was the Iraq war that put the US into the hole.
Get a clue, you idiot. This started with the creation of SS back in 1935. The $1 trillion blown on Iraq is just a blip. People used to live to 65 and now they live to 85. The retirement age has not changed in 70 years. The ratio of workers to retirees has gotten smaller since WWII while the people on benefits keep living longer.
The government and the fed already have a plan and are executing it. 1st, they print money and juice the inflation rate to 15%.
2nd, Lie to the american people, and make up a bogus inflation rate of 2.5%.
3rd, watch the money roll in, government receipts rise with inflation at 10-15% a year and the SSI cost of living adjustment is 2.1%, presto, real living standards go down, government profit increases.
Operation Logan's Run. Everyone retires in "paradise". Problem solved.
Our only hope is...Hillary.
oh come on keith. don't fail me now. i am so close to retirement. soon i shall be basking in the sun in florida, collecting my social security check, getting my free drugs and medicaid as needed and living the good life. i want it. i demand it and i expect it. all you crybabies out there , whining about the tax burden need to buck up and take it like a man or woman. i did my fair share and now its your turn. pay for my retirements you lazy slaves. get off of your asses and get to work and make me some money.
Once again, just like the housing bubble, I would like for someone to explain how this is a uniquely American Phenomenon. It is not
------------------------
Oh ya, now I know what they mean by "stupid ugly American". You, my friend, are the height of ignorance. America is the world's greatest debtor nation, this is an undisputed FACT. It is completely financially insolvent. Did you see the video or not. Germany does not have the debt the US has. They actually produce things that work and the country's financial accounting is run by real people, not the monkeys you have in Washington. What are you, a MORON. Oh no, I forgot, you're just an American.
Here's a good start ... start lowering salaries across the board for government, county and state employees.
The private sector has been doing it for years, including loosing their jobs oversees.
Until we spread the risk across the entire economy, the problem will never be resolved as it should - and we'll just keep fighting and complaining about things not being done as they should.
In anycase, natural forces tend to have a way of not discriminating who get's hurt when times get really tough.
Wow this is the scariest thing I've read on here.
Big deal. America is way too important for the rest of the world and thus we can not fail. Don't forget, our government can simply expand credit and sell more treasury's abroad (foreigners will buy them because we are the most stable nation in the world). Everything will be fine folks. People like Keith are sad, sad because they want us to collapse and that won't happen.
This Glen Beck piece came right on que with the Mussolini/Bloomberg campaign. Here is what Moody's had to say (the same rating agency that forgot to tell you the real value of Collateralized Securities), So look at who is really pushing this before you take the bait.
In its annual report on the United States, Moody's says that
"The combination of the medical programs and Social Security is
the most important threat to the triple-A rating over the long
term." Reporting on Moody's outrage, The City of London's
{Financial Times} delivers the message to "both the Republican
and Democratic parties to sharpen their focus on healthcare and
pensions in the run-up to November's Presidential elections."
Moody's own rating and corporate reputation have already
crashed under the rubbish of most "triple-A" financial entities
and other firms that collapsed since July 2007. It is under
investigation by the Securities and Exchange Commission, and by
the Senate Banking Committee, for faking these ratings, and has
just had to lay off 275 of its employees.
If Moody's is now trying to be the an armor-bearer for Mussolini Bloomberg, those investigations need to be sped up, toget to the punishment phase.
for the real scoop on the current "entitlement scare" see LaRouche on Moody's and Bloomberg
http://www.larouchepac.com/news/2008/01/11/promoting-bloomberg-moodys-threatens-general-welfare-extorti.html
Why can't we outsource our government and leadership to someone who can do it cheaper... say in China?
It would cost less, have about the same effects and make less Americans become professional liars.
What are we worried about with the outsourcing?
Inefficiency?
Corruption?
Greed?
Lack of Accountability?
Disconnection of leadership with citizens?
If the "stuff" for government was made in China, and the decisions were made in India, we'd have a more efficient path to the obvious destination that our country's leaders have in mind.
And to think that our nation's best, brightest and most honorable have left their homes, fought, bled and died in horrible conditions so these saps can rape the America that the real heros suffered to protect... it's sickening!
It's to pay for their family's Social Security and Health Care in their old age. It's likely cheaper than if we all had to guy buy it ourselves.
Sounds like a good investment to me.
US's triple-A credit rating 'under threat'
---------------------------------
This is some scary stuff. Forget about trying to find the bottom if this happens because there won't be a bottom- it'll be just a dead-ass continual fall.
I won't pay a damn thing,and no one can make me.
Anonymous Tanker said...
Once again, just like the housing bubble, I would like for someone to explain how this is a uniquely American Phenomenon. It is not.
The U.S. has a birthrate of 2 per couple, which is repalacement, but not enough to pay for the bulge of baby boomers retiring. I accept that.
What I don't accept is that you don't mention(conveniently again) that the rest of the world has the same problem. Europes replacement rate is about 1.3 and Japan's is closer to one.
"Screw for solvency". I like it.
If Hillary or Obama is nominated, the Dems will lose white men forever. Well, white men who are worth a damn.
We may even get a revolution out of it. How legitimate is a government headed by either of those two?
Ther are alot of flaws in this video commentary. Keith, how could someone like you who supposedly hates spin and manipulation of facts jump on the same bandwagon as this shock jock host on a talking heads network? The video has good info up to a point but stops short. First of all, it is clear you hate entitlement programs. That is fine but their options that I hear noone offering up as solutions. For example, Single-Payer Government Sponsored Health Care Programs. It is a program that each person can pay for on their own, whether employed or not, at reasonable market rates until the day they die. The advantage is that they don't have to worry about preexisting conditions or about claim rejections. It is real health insurance and not a freebie but yet gives the insured much more bang for the buck. It could almost do away with medicare which is the biggest threat to our government's budget in the coming years. So I ask you what is more wrong with this and why don't you libertarians like this plan? What is not Libertarian about eliminating big business special interests from controlling health care costs; it is definitely not free since the premiums will still be pricey and the government is not interfering with their health care decisions but yet gives the person healthcare more value for their healthcare dollars. I dare you to respond to this!
Not all, but after years of foolish voting many Americans deserve a financial meltdown and everything that will come with it.
"...the requirement to pay [excise] taxes involves the exercise of privilege."
United States Supreme Court, Flint vs. Stone Tracy Co. 220 U.S. 107 (1911)
Great article. There’s seems to be a couple of misunderstandings in the mind of some people concerning Social Security. First off it’s a tax not a retirement plan. as many Americans will soon find out. Even the Social Security Administration admits it’s a tax on their website. In light of the above Supreme Court decision, one might wonder what is the privilege they are exercising in order to be taxed. It’s in the tax statutes. The taxing statute imposing S.S. taxes
Subsec. (g)(1)(C)(iii). Pub. L. 105-277, Sec. 4005(b)(4), inserted before period at end ''and the functions of the Social Security Administration in connection with the withholding of taxes from benefits, as described in section 407© of this title, pursuant to requests by persons entitled to such benefits or such persons' representative payee''. "SEC. 1532 DEFINITIONS.
As used in this subchapter.
(A) Employer.-- The term "employer’ means any carrier (as defined in subsection (h) of this section, and any company which is directly or indirectly owned or controlled by one or more carriers or under common control therewith, and which operates any equipment of facility ( except trucking service, casual service, and the casual operation of equipment or facilities) in the connection with transportation or passengers or property by railroad . .
So the tax being imposed under the guise of Social Security retirement is an excise tax for the benefit of working for the Railroad. A person paying into Social Security has already received their benefits, remember there is no contract. This also the reason for tax on tips, the tips are ones received on railroad cars that serve food or drinks. Doubt it? Goggle Railroad Retirement Act “tax on tips”. Truth is stranger than fiction. BTW Ron Paul wants to repeal the tax on tips, why not instead point out that it does not apply to those in the private sector, besides the tip is a gift, gifts are not taxable under a certain amount.
A real brief history of Social Security might be in order. Congress first tried a retirement plan (tax) on railroad workers in the fifty states, however the Supreme Court struck it down see Railroad Retirement Board vs. Alton Railroad Co.- 1935.
Faced with this ruling, Congress moved the plan (tax) to the insular possessions, Guam, Porto Rico, Cayman Islands, and D.C. See tax code 26 USC 3121.
Had enough fraud? Well hold on . Anyone who reaches a certain age, has a letter A added to his or her number. They are auxiliary beneficiaries. The real beneficiary is Congress.
26 CFR Sec. 301.7701-11 Social security number.
For purposes of this chapter, the term social security number means
the taxpayer identifying number of an individual or estate which is
assigned pursuant to section 6011(b) or corresponding provisions of
prior law, or pursuant to section 6109, and in which nine digits are
separated by hyphens as follows: 000-00-0000. Such term does not include
a number with a letter as a suffix which is used to identify an
auxiliary beneficiary under the social security program. The terms
``account number'' and ``social security number'' refer to the same
number.
[T.D. 7306, 39 FR 9947, Mar. 15, 1974] *
Where does the MONEY go that is paid into the I.R.S.? It spends at least a year in what is called a "quad zero" account under and Individual Master File, after which time the Director of the I.R.S. Center can apparently do whatever he wants with the money. It is sometimes dispersed under Treasury Order 91 (Rev, 1 ), May 12, 1986 which is a service agreement between the I.R.S. and the Agency for International Development, A.I.D. http://www.1215.org/lawnotes/lawnotes/irshist.htm#witm
somebody commented about the treasury bill (T-Bill). this is why the tbill isn't all that great. there are other articles by this guy that are very informative. please go thru them and decide for yourself if the most important issues are being debated in the presidential race.
http://www.gold-eagle.com/editorials_04/north101304.html
The only way out is by electing Ron Paul. He is the only one who will really solve these problems and keep your kids and grandkids from being drafted.
"The obligations of our representatives in Washington are to protect our liberty, not coddle the world, precipitating no-win wars, while bringing bankruptcy and economic turmoil to our people." -Ron Paul
.
YIKES!
.
Once again, just like the housing bubble, I would like for someone to explain how this is a uniquely American Phenomenon. It is not
------------------------
Oh ya, now I know what they mean by "stupid ugly American". You, my friend, are the height of ignorance. America is the world's greatest debtor nation, this is an undisputed FACT. It is completely financially insolvent. Did you see the video or not. Germany does not have the debt the US has. They actually produce things that work and the country's financial accounting is run by real people, not the monkeys you have in Washington. What are you, a MORON. Oh no, I forgot, you're just an American.
----------------------------------
Listen up ANON bitch. Why don't you show your face before you start spouting off about something you know nothing about. Or better yet, show some stats. The Brits have higher consumer debt as a percentage of GDP than Americans do. The U.S. National Debt is about 65% of GDP. Japan's is 130%.
I'm not saying the U.S. doesn't have serious problems, because we do. I am saying we are not alone. So bring some stats or shut up, bitch.
The sad part is that most of these entitlements are owed to the illegal immigrant garbage that has invaded our nation. They bring their diseases, violent culture, and criminal activity.
RE:
US's triple-A credit rating 'under threat'........
Question: How can the USA be -$$$TRILLIONS in the RED with a simultanious Triple-A Credit Rating??????
************************
Other RE: Bush's $2 Trillion dollar Iraq war OF AGGRESSION is just a "blip" in the big picture?
****
Blip my ass! You are an idiot! $2,000,000,000,000+????? and 65,320+ US troops injured so far is just a blip? No big deal about the lies and cover-up's too?
Do you have any idea on just how much Bush's 9/11 FEAR and TERROR MASS-MEDIA CAMPAINS "cost America" due to just lost productivity alone?
Bush's train wreck has been in part brought to you by Crest. For cleaner teeth, choose Crest!
American Idol in Next!
With SS "off-budget" the federal government spend $3 for every $2 it takes in. The only solution is CUT spending. I do not see much opportunity to increase taxes on the working people and the rich can take it with them right out of the country (most already have) if you try to tax them.
That is a 33% cut across the board. But there are really only four big items in the federal budget 30% health, 25% military, 17% pension to fed retirees, 10% interest on debt (that is 82% of the whole budget). Even if all other item are cut 100% we still have to cut these four by 15%. But do you really want to cut the coast guard by 100%?
After reading the above comments one over-riding thought came to mind. All these people are going to accept whatever comes along, they are a, as has been said, a nation of sheep.
Thomas Jefferson once said, "When a government no longer represents the people, it's time for a new government."
Writing letters hasn't helped, making phone calls hasn't helped, voting in a new batch of politicians to represent us hasn't helped therefore I have become quite Jeffersonian. A government that no longer fears the people, no longer has reason to act for the people for they are mealy sheep to be guided to where they will do the government the most good. We sit on our ass watching the football or basketball games as our industrial might is handed to those in other countries, we sit as our agricultural production slowly is enveloped by the chemical companies hell bent on and very successful in eliminating the family farm, we talk of yesterdays games as the worlds largest retailer, as U.S. company, Walmart, becomes a major outlet for Chinese goods, We have our morning coffee, read the Sports page as our dollar almost daily purchased fewer and fewer goods, and we listen to the false news from Iraq stating that over 3000 of our exceptionally fine men and women have thus far been killed in this needless war when the Department of Defense website shows that OVER 72,000 of our service members have died and 1.6 MILLION are on permanent disability, many from radiation poisoning which the Department of the Army will not even admit. Furthermore some of us justify this war, a war fought against Iraq because several Saudi Arabians, who were allegedly trained in Afghanistan attacked New York, because they feel, "Well, there is an oil shortage and they have oil and we need it. Ok folks, listed up because the government isn't going to tell you this. THERE ISN'T AN OIL SHORTAGE. Some time around 1973, at Gull Island, about 5 miles out of Prudhoe Bay, Alaska, a discovery was made which is the largest pool of oil ever discovered anywhere. A pool that if used would give us up to 4 million barrels of oil a day from the North Slope of Alaska, for 200 years, but none of this discovery has reached market. Read "The Energy Noncrisis by Lindsey Williams if you can find it and learn the reason why.
Its time the American people said, "That’s it, I've had enough." There are 357 of them and 300 million of us, those are some pretty good odds. Even if the fat, lazy, stupid ones stay home we still have them vastly outnumbered.
I realize I'm wasting my time but I can't help thinking that possibly, just maybe there are 3 to 5% of our 300 million that have the backbone to stand up and be counted before the trains arrive to RELOCATE us the camps that Kellogg, Brown and Root has been paid $384 million to prepare for use.
Shhh! Listen...you can hear it coming...3...2...1...
BOOM! HYPERINFLATION!
Now I can give you that $400K, it's cheaper than a coffee at Walmart. Sorry BabyBoomers. Oh Dang! I'm one of 'em!
53 trillion yes well thats true but hardly where it stops
70+ trillion in unfunded liabilities total
all the trust funds are empty
such as Indian trust fund etc...
you did name the big ones but not the total.
If the people have not caught on yet
I'll explain
these is not going to be pensions,welfare or anything else
the system tries to keep itself a float while politicians sign bills
to rape us further each year bringing us precariously closer to complete collapse.
the solution is simple
you take Ron Paul, Denis Kuncinich,and Mike gravel to the side then you hang the rest of them along with the those that were there(retired or voted out)
no jail terms hang them then you wont see too many bad apples in Washington for a long while
no hanging and you the people will be drawn a quartered
you will be left with nothing in your old age
Why is the illegals getting all that money while SS lays empty
If you are concerned ,just vote for Ron Paul. He is the only straight talking one there. Hillary wants to increase the debt. Did you see her Christmas commercial.
Govt. employees salaries & benefs. --past, present, future--Federal on down to city entity levels need to be sliced back to Soc. Sec. levels.
Back to the basics or ...
Produce, export chain, value skilled trades and refocus tax structure to emphasize or are doomed. Deep-six hot air & paper programs at univs.
This Boomer family has already paid it's debt by $$ lost to mergers, reorgs, relocations, outsourcing, H1B insourcing, etc...(a total of at least three out of the last 20 years years unemployed + lost asset benefits and accruals)...who could have imaged...As caregiver/provider to a medically fragile parent who outlived his WWII-entitled attitude and supporters via Plus Loans of two college students leveraged against the home we lost too soon, and our voices silenced thru tainted electronic ballot boxes and spineless winners. Enough is enough! I hear you, Toby; it certainly seems that we are destined to be living in the Third World one way or another.
The sad thing is most Americans don't know what it means!
it means America is finished ,broken.
Not going be anymore SS checks ,no more food stamps ,even the jobs are going to be going away.
Bush told Canadian PM shoot any body trying to escape illegally to Canada at the Border.
The Mexican border is open because you will be like Mexico soon,
dirt poor and shit out of luck.
most morons think it is a debt they owe.
Americans the dumbest beasts of burden on the planet!
you already paid the govt. the 400,000 they stole it thats why its not there.
I can't believe Americans that are this Ignorant are able to get on the internet.
What he is saying is America is about to fall into a depression
can't pay it's debts,banks all going under and Americans talking like the have to pay 400,000
there is no paying your money isn't going to be worth a POS in a couple years time.
the day is over for printing it up
inflation is going to be 30% this year 50% next year 100% year after
it must all be uneducated 10 year olds responding to this here
Americans the dumbest beasts of burden in the world no wonder cities like Cleveland has a 70% house vacancy.
the ghetto is not going to be Harlem ,its going be all of NY.
I will put simple terms for the dummies take out a 10 dollar bill
now that's going to be the new one dollar bill you can change your money at the banks.
then you can take the new 1 dollar bill and buy a match with it.
No wonder 20 thousand Americans are leaving each year.
People around the world watch Americans
wearing silly grins waving the flag
and bending over while the GOvt. rams you a new one
So smile wave and take it like a Girly man
Because you let them do to you
the Dumbest beasts of burden on the planet
DO what the forefathers did you all
get together and you go down and lynch the lot of them
Pelosi the worst of the lot
no need for impeachment as long as I can suck 25 million for my husband off the top
bush and co. 935 lies
no need to impeach
Americans you are finished
I have started petitioning Canadians we don't want anything to do with your SPP NAU
you are corrupt stay out of Canada
you are a disgrace to Humanity
torture people and warmongering your corrupt ways have finally made you blind
wait untill you see the real figures on the death to your soldiers
73,248 dead
212,000 crippled for life
another 248,000 wounded
fighting wars for israel and going broke doing it
If Americans don't shape up you will be taken over by Mexico and your president will be
El tortureo
Post a Comment