You’ll know when it happens.
I dunno, just ask a Greek how long it took there.
Why do we always here about the billions of dollars that will be cut from the defense budget due to the sequestering deal at the end of the year, but we never hear that an equal amount is supposed to come from cuts in entitlements? Is is because the Obama Socialists have no intention of cutting those, no matter the “deal” they supposedly made? The entire cut will probably come from defense, because they always support that.
The Democrats lied to Reagan and didn’t cut spending after he raised taxes. The Democrats lied to Papa Bush and didn’t cut spending after he raised taxes...and even crucified him in his re-election bid because he raised taxes!
So Republicans who would raise taxes now, on the worthless promise of the Democrats that spending will be cut, are really too stupid to hold office.
It will start in California, we’re about 80% there.
Productive taxpayers and businesses continue to flee the state (there is a premium on U-hauls leaving California) - and destitute immigrants continue to pour in.
We’re flat out of “other people’s money.”
In 50 years, the politicians in Sacramento have ruined my home state of California.
— Michael Reagan
3 Scenario’s -
1. Never, Bernake has promised to print money(electronic transfers) to accommodate the Democrat’s financial failure(spending).
2. Sooner, Starve the Beast 2.0 is effective in lowing revenue to GDP, Democrats and the media can only hide the negative macroeconomic effects for so long.
3. Between 1 & (1/2) and 3 years out, as many others have predicted.
There will not be a entitlement “crash” as a time when the EBT card stops working...
It will be a slow devalue of such entitlements....
SS will be first since seniors are going to die anyway and will eat cat food without rioting
Final election results are in:
Takers-1
Makers-0
No amount of explaining can make these fools understand. The “everybody gets a trophy” mind set will not be swayed. Which one would they vote for?
1. I’ll take care of you.
2. You’ll have to work and be responsible for yourself.
Helping keep mankind warm for 65 years.
This “crash” may come much more quickly than most anyone might imagine.
Daily, there are reports and anecdotal tales of businesses that are either about to close, or shall very soon, as they cannot operate profitably because of sharply rising taxes, or draconian regulations that seem to be written for the express purpose of bankrupting what productive capability we have remaining.
Bankrupt businesses do not hire people. Self-employment, if subjected to too much regulation, responds by going underground, operating on cash-only or barter basis, further eroding whatever tax base remains.
There is every reason to believe this will have a snowball effect beyond anything the United States has ever experienced.
Declaring a date of 2014 to 2016 may be unduly optimistic.
1. Social Security Disability Insurance claims have risen dramatically in the last few years, and it is pretty well understood that a lot of permanently unemployed people whose unemployment benefits have expired are collecting SSDI to replace their unemployment benefits.
2. The number of employed Americans relative to the total population has continued to decline, regardless of what the official unemployment figures indicate. This has occurred even as Social Security and Medicare outlays have increased dramatically as Baby Boomers begin to retire.
3. Coupled with the previous point, average incomes in the U.S. have declined in the last few years -- and payroll tax revenues have declined with it.
It’ll happen immediately before the inflation crash - the day when the government has printed so much paper money to cover its bills and other expenses that it takes a wheel barrow full of money to buy a loaf of bread.
Good-bye savings account, good-bye retirement account, good-bye rainy day account, good-bye cookie jar account. King Hussein the First, of Kenya, will see to it that you have all the cardboard shoes you need and all the tree bark you can eat.
Nope, the authour is ignoring all the other probable results out there:
Rioting
Military coup (Obama would call it a "coop")
Civil War
“So for me it will come as early as 2014 or as late as mid 2016. What about you? What do you think?”
2020 if steps are not taken to correct the current fiscal trajectory of the United States. It takes a lot to drive the worlds largest economy into bankruptcy, and Obama is only a third of the way there.
Answer:.......EDUCATION! ( K-12 is the worst offender).
Here are two suggestions that would kick-start the economy immediately and cost the taxpayer NOTHING;
1) Pay every family $5,000 for each child who does not attend their government assigned school.
2) Remove all age restrictions on the GED. Give any child who passes the GED or similar private exam an official government diploma to be issued by their local high school. ( Actually, all children should be required to pass the GED or similar private exam to graduate.)
One of the top stories on Yahoo:
Why Social Security is Running Out of Money
http://finance.yahoo.com/blogs/just-explain-it/why-social-security-running-money-just-explain-133731426.html
I don’t understand why the Boomers are so passive.
I think it’s 2020 for Medicare and then 2035 for Social Security. I can’t remember the dates exactly, but that’s roughly when it is.
Within the next year. We are simply out of financial options to keep this sucker alive any further.