This will pass??? WTF is he smoking? Will entitlement spending magically be cut? Or will tax revenues magically double without an increase in tax rates? This moron seems to think there are no structural problems with our government. I’m sure he is saying this just to shill for his buddy, Obama. I doubt he believes a word of it.
I personally think that this country will never see a balanced budget again.
Consider:
The Retirement Boom is just getting started
In 2011, nearly 55 million Americans will receive $727 billion in Social Security benefits. That number is projected to grow substantially in years ahead as waves of Baby Boomers begin to retire.
The retiree to worker ratio is getting... impossible
Back in 1950 each retiree’s Social Security benefit was paid for by 16 workers. Today, each retiree’s Social Security benefit is paid for by approximately 3.3 workers. By 2025 it is projected that there will be approximately two workers for each retiree.
Over half of Obama’s budget is handouts
Approximately 57 percent of Barack Obama’s 3.8 trillion dollar budget for 2011 consists of direct payments to individual Americans or is money that is spent on their behalf.
About 1 in 7 Americans receive food stamps. That’s 44.2 billion people (or 14.3% of the population) and rising.
Also note: Entitlement programs are not subject to budget freezes or budget cuts - unless Congress changes the underlying laws
Try taking that away and you will see Greece in America.
So, the present value of projected scheduled benefits exceeds earmarked revenues for entitlement programs such as Social Security and Medicare by about 46 trillion dollars over the next 75 years. So that means that the U.S government is going to have to find an extra 46 trillion dollars from somewhere to pay all those benefits
Social Security’s deficit is spinning out of control.
According to the Congressional Budget Office, in 2011 the Social Security system will run a $54 billion deficit and will continue to do so over the next decade. The total will come to $547 billion.
The U.S. government “borrowed” 2.5 trillion dollars from the Social Security Trust Fund, and now it turns out that the Social Security system is going to start needing that money. So where will the U.S. government get an extra 2.5 trillion dollars?
The vast majority of the American people have become soft and don’t know how to take care of themselves any longer. We now have millions upon millions of people who are totally dependent on the U.S. government for survival. As the government takes care of more and more people the red ink will increasingly get worse. At what point will it cause U.S. government finances to totally collapse?
SO, MR. DIMON, CAN YOU GIVE US YOUR REASONS FOR OPTIMISM IN LIGHT OF ALL THE ABOVE DOCUMENTED FACTS JUST GIVEN?
I like to be optimistic but given what I see, I cannot help but believe that the course we are on now can only end badly.