- we can always just print more money...we've got a limitless supply :0 trust in the messiah!
Posted on 05/11/2009 10:32:49 AM PDT by SeekAndFind
We are already seriously in the poop can, and Obama will plunge us down further.
Is this a joke? If a family had to borrow $0.46 of every dollar it spent to make it’s budget, as is the condition of Obama’s current federal budget, would there even be a question about whether or not that family is broke?
Combine the budget situation with the Fed buying our own Treasury bills, and there can be no doubt - the US is hopelessly insolvent. They can’t continue like this for long before the whole thing implodes.
How long could you go on spending $1000 a month if you only make $540 a month?
I don't want an early in at 62, but will anything ne there at 65? 67?
“souls of all my great-great grandchildren’s souls”
It’s going to happen much sooner than that. Your great great grandchildren won’t even be born in America. Amerika is all that’ll be here for maybe a few years more.
I recall a sci-fi novel I read in the ‘70s. I think it was written by Phillip K. Dick. Part of the story involved our protagonist landing on a planet where there was a society of excessive affluence. People spent and lived as they wished without regard to cost. When asked how they could afford it, it turned out they were incurring debt that would be repaid by the person’s 9th generation of descendants. Of course, outside the city were a bunch of miserable poor people living in squalor, and we found out that they were the 9th generation who were living as deadbeats, refusing to pay the just obligations of their ancestors.
The classic Sci-Fi authors had a way of expressing editorial comment on our society, sometimes well ahead of its time.
Is America about to go broke?.....
With Erkel in the drivers seat?....silly question!
Let us see: $1.8 trillion of debt for the nation under Obama who he now says, Bush forced him to do this! 4 times the debt of 2008. And Bush bailed out all those banks, car companies, and put a Porkulas Bill together too? Ah, no. Now we find out that much of the so called Stimulus has not been targeted toward the most needy infrastructure problems. I want to see how many Ill., Chicago, or any minority communities get the dough and other needed states get zero.
“What we know is that all governments make promises they can’t fulfill.”
Not w/o the complicity of the electorate. The electorate in general has believed the lie that they can be enriched by allowing the govt to steal from their neighbors — a nation of idlers, coveters and robbers.
“Government obligations for Social Security and Medicare may soon exceed the combined net worth of every household and nonprofit organization in the country.”
This is based on using a misleading 75-year time horizon. Using a more neutral “infinite” time horizon, we have already passed this point. Every person in the U.S. would need to pony up $369,000 TODAY to bankroll all the future promises related to SS/Medicare and the current national debt. http://conoverc.wordpress.com/
ping.
I would guess that would be a number on the downside.
I am expecting Medicare to morph into Assisited Suicide while it will be illegal for the elderly to purchase health care on their own even outside the country. Of course, that will fix the SS problem in short order. I give it 5 yrs. max before the whole thing crumbles or they impose the sort of things that turn us into Zimbabwe. Naturally, the "elites" will be exempt from the laws the rest of us live by.
- we can always just print more money...we've got a limitless supply :0 trust in the messiah!
We’re so broke we can’t even pay attention.. KMFDM
Our debt holders should devise a “Stress Test” for the US. It will not be pretty as the debt is uncoverable....
“I don’t want an early in at 62, but will anything ne there at 65? 67?”
I am decades from retirement, so I am not faced with your decision; but I had just that same conversation with a friend who just turned 62. His conclusion, which I agree, is that in the near future SS payments will need to be reduced or eliminated for the “wealthy”—for those who have accumulated other savings. For example, he predicted that a person’s payment might be, say $3000 a month less other retirement income [company pension, 401K] that the person receives or is deemed to have received from just owning principal.
The long and short of it is that my friend figured he may not receive SS payments for long because the program will be going broke, so he took what he could up front.
Well, now wait a second. Let's not be too tough. A swing constituency was convinced that the Democrats had more and better to offer, upon a number of limited propositions (as in 1932).
Republicans had become demonstrably corrupt, formless, and agendaless in the majority in Congress, so voters tried to improve their representation with the phony "moderate Democrats" that Rahm Emanuel recruited to run against weak GOP incumbents.
Republicans allowed themselves to be snookered yet again by the East Coast Yacht Club, who always arrange open primaries in the East as the early contests, giving non-conservative, East Coast candidates like Rudy and Mitt an edge.
Too, remember that Obama ran a "blank screen" campaign (Tom Daschle admitted it, even before the election), onto which voters were invited to project their own aspirations, even as Obama made very few promises in the general election campaign. (And then he went back on some of them.)
So let's not beat up the voters too badly. They had a lot of help, steering them toward the Obamarats.
Not that I have a lick of insight into this, but I'm thinking that there will be some sort of buy-out, eventually. There's got to be some way of getting people off of the rolls.
Of course, I live in reality. Unlike the government.
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