The Coming Entitlement Meltdown[Ron Paul]

http://www.house.gov/paul/ ^ | 05 March 2007 | Ron Paul

[from occupied ga]

"I really don't care if the government's credit is ruined. It deserves to be ruined."

Start buying gold now if you think that will happen.

The government's credit can never be ruined as long as there are hard working americans to tax and plunder and it has printing presses. They run low on cash and they just either print more or loot more.

[cva66snipe]

The Medicare Prescription Drug Plan will put another nail in the coffin of retirement benefits as well. Companies who gave this benefit as part of the employee retirement package will be encouraged to dump the cost on the government. Most states Medicaid programs have also turned over the prescription cost for the disabled once covered by Medicaid to Medicare.

[mc6809e]

If that happens, anything you own will also be worthless - might as well start living like cavemen.

You're confusing money and value.

[RockinRight]

I mean stocks, cash, those kind of assets...and probably real estate too...and your job? Bye bye.

[mc6809e]

I mean stocks, cash, those kind of assets...and probably real estate too...and your job? Bye bye.

Depends. I can see cash become worth less as the government tries to print itself out of debt, but that usually comes before bankruptcy. It might even be better for cash if the government simply goes ahead an defaults before they start running the presses overtime!

Private borrowing might become easier as money moves from public to private debt.

And as to stocks, well, if those companies are making what people want, a default on the national debt won't make much of a difference.

The trouble really comes from the actions of the government. If they just through up their hands there'd be little problem. But they have voters to payoff. And they'll be very angry when they find out they can't get their dole. I can see how the coming social unrest would hurt all those assets. Still, in the long term, the mounting debt does even MORE damage to things like stocks since they become targets of ever increasing taxes to support the debt. Bankruptcy would in effect look like a tax deduction.

But all that aside, it is fundamentally unfair for one generation to inherit the debt of another. We don't make children pay their parents debts when they die. Why should those children pay off a national debt they didn't create? Anyone that would lose money on government debt deserves the loss for knowingly trying to profit from a kind of slavery of later generations.

[kickme]

Well, we'll probably be nuked before I can retire anyway.

Roger that.....Hey, we won't have to pay the mortgage though....course there won't be a house....., but hey, I have "nukealert", I'll know what's hot at least....agh, how do I turn off the italics..............

[The_Eaglet]

But all that aside, it is fundamentally unfair for one generation to inherit the debt of another.

This is why the liberal deficit spenders in Congress and the White House need to be replaced ASAP.

[Nuc1]

LOL Yeah but with my luck by then wood will be a hundred a board foot.

You know that things are going south when Lou Dobbs discovers that real inflation exceeds the CPI. I am beginning to believe the elite never shop. Of course I guess we can all eat cake. :D)

[Nuc1]

LOL

agh, how do I turn off the italics..............

I don't know how to turn them on!!