The United States Ponzi Scheme, as explained in a beautiful presentation by Ross Perot on perotcharts.com

Ross Perot is back, with his beautiful new website perotcharts.com. Nice to see someone speak up on the debt, deficit and entitlement bomb, after George Bush and a corrupt and incompetent Democratic Congress did nothing, and I mean NOTHING, these past seven years.

Watch the preso, the whole thing, and have at it.

Or, be like 99% of Americans, and continue to not give a sh*t.

I love charts. A picture is worth a thousand declining dollars they say. Or a thousand dishonest politicians. And it'd be nice if Perot would run again, just to get his voice into the debate.

After reviewing his presentation, for starters and off the top of my head, here's a Top 10 economic to-do list for America. Have at it...

1. Raise the retirement age - dramatically and soon. Start at 70 and go from there
2. Mandatory high-deductible health insurance and subsidized grocery and drug store walk-in clinics
3. Pull the US military out of every foreign country within eight years
4. 5% across the board reduction in government spending and jobs
5. Make savings accounts tax free. Double or triple retirement account maximums.
6. Lower the US corporate tax rate to 20%
7. Sell off US government assets (not the Grand Canyon, but buildings and land for starters)
8. Line-item veto, no ear-marks, and balanced budget amendment
9. Vote every incumbent out of office, blow up the two-party system, and start over
10. Eliminate the income tax and switch to a consumption-based tax

Here's a youtube video of Schiff and Forbes on Fox News talking about everything we care about here at HP

Nice to see Steve Forbes rip on the Bush Administration and the traitor Ben Bernanke for destroying the US dollar while running up US debt. But too bad he still just doesn't see what's coming, even though Schiff tried. He (and others) just can't seem to make that leap of faith that yes, America really is in trouble this time.

I like optimists and I think there are many things in America to be optimistic about. But dammit, if we don't change, if we don't address our problems head on, then yes, we're going to be in a heap of trouble, if it isn't too late already.

That said, when I watch Social Security, Medicaid, Medicare, out of control federal spending, foreign debt, hyperinflation, the money supply, the housing crash and the dollar meltdown even being ADDRESSED in the MSM, especially the cheerleading Fox News, I think we're getting somewhere. First step to recovery is admitting you have a problem, or at least talking about the problem.

The problems of the US can be fixed, but only if the collective consciousness changes and we start dealing with them. We're getting there. Still a long, long, long, long, long way to go. But at least some people are taking notice. Poor Schiff though - he must still feel like a voice in the wilderness.

HousingPANIC Stupid Question of the Day

What's going to end up costing the US taxpayer more in the end

A) The Iraq Debacle

B) The Great Housing Crash

Pigs Fly Alert: USAToday front page story exposes $59 Trillion US Debt ($516,000 per household)

Man, the MSM is going HP it looks like. We've been screaming about this issue forever, and I do believe this is the very first MSM article that I've seen.

Meanwhile, do Americans even care? I think when you say "$59 Trillion" people's eyes gloss over. What's on America's Top Model?

It's sickening that our government so blatantly deceives us, and the MSM goes along for the ride. Bravo to Dennis Cauchon at the USAToday for doing his job. Too bad it's too late, and too bad his MSM peers are so pathetically incompetent.

Folks, we're either going to have to go insolvent, cancel entitlement programs, or print dollars like Wiemar Germany to get out of this mess.


Taxpayers on the hook for $59 trillion
By Dennis Cauchon, USA TODAY

The federal government recorded a $1.3 trillion loss last year — far more than the official $248 billion deficit — when corporate-style accounting standards are used, a USA TODAY analysis shows.

The loss reflects a continued deterioration in the finances of Social Security and government retirement programs for civil servants and military personnel. The loss — equal to $11,434 per household — is more than Americans paid in income taxes in 2006.

"We're on an unsustainable path and doing a great disservice to future generations," says Chris Chocola, a former Republican member of Congress from Indiana and corporate chief executive who is pushing for more accurate federal accounting.

Modern accounting requires that corporations, state governments and local governments count expenses immediately when a transaction occurs, even if the payment will be made later.

The federal government does not follow the rule, so promises for Social Security and Medicare don't show up when the government reports its financial condition.


Bottom line: Taxpayers are now on the hook for a record $59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to $516,348 for every U.S. household. By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debt combined.


BALANCE DUE
The cost per U.S. household of unfunded promises made by federal, state and local government:


Medicare
$255,280


Social Security
$144,251

Federal debt
$43,380

Military benefits
$25,863

State and local debt
$17,537

Federal civil- servant benefits
$14,374

State and local retiree benefits
$13,114

Other federal obligations
$2,548

Total
$516,348