In four months the debate over America's Fiscal cliff will come to a crescendo, and if Goldman is correct (and in this case it likely is), it will probably be resolved in some sort of compromise, but not before the market swoons in a replica of the August 2011 pre- and post-debt ceiling fiasco: after all politicians only act when they (and their more influential, read richer, voters and lobbyists) see one or two 0's in their 401(k)s get chopped off. But while the Fiscal cliff is unlikely to be a key point of contention far past December, another cliff is only starting to be appreciated, let alone priced in: America's Demographic cliff, which in a decade or two will put Japan's ongoing demographic crunch to shame, and with barely 2 US workers for every retired person in 2035, we can see why both presidential candidates are doing their darnedest to skirt around the key issue that is at stake not only now, be every day hence.http://www.zerohedge.com/news/ameri...ntial-elections
According to the latest Social Security and Medicare Board of Trustees 2012 Annual Reports Social Security now pays out more than it takes in
sobering stuff IMHO
Even if uncle sam didn't have any fiscal problems, this poses significant challenges .
Even if you have money to spend as a senior, you are dependent upon younger generations to provide you with the services you need.
Since the proportion of those younger than 65 is expected to shrink.
There will be more competition for the producers wares in the future. (esp if the indolent society keeps increasing)
So in effect you are in a competition with your cohorts as to your relative as well as absolute wealth position.
Even if uncle sam didn't have any fiscal problems, this poses significant challenges .
Even if you have money to spend as a senior, you are dependent upon younger generations to provide you with the services you need.
Since the proportion of those younger than 65 is expected to shrink.
There will be more competition for the producers wares in the future. (esp if the indolent society keeps increasing)
So in effect you are in a competition with your cohorts as to your relative as well as absolute wealth position.
Every time a sensible fix has been proposed, like raising the age of eligibility, the only thing democrats will allow is more taxes even though it is clear that 1/3 nonworkers is untenable. They howl about old people dying in the streets, 'off the backs of' people who are not even working, etc.
remember Bill Clinton's Blue Ribbon bipartisan committee? They came up with a plan but because the left didn't like it Clinton trashed his own committee
This is an artificial crisis created by the left and they are quite happy with it if it means the end of capitalism as we know it. I'm afraid that they have done an excellent job convincing people that they are owed something. There are no answers.
I've posted this chart here before. It clearly shows that just entitlement spending (not including defense or any other government expenditure) will consume every tax dollar by 2045.
I've posted this chart here before. It clearly shows that just entitlement spending (not including defense or any other government expenditure) will consume every tax dollar by 2045.
Congress stole all the money. Congress doesn't steal the money, these programs are flush with cash.
Cut all defense programs, cut all corporate welfare, raid the f'n banks, whatever. The people should not have to pay for the criminal activites of congress. However, I'm negotiable on this. I'll be happy to take a benefit cut and pay a little more. All I ask is that every living member of congress who is or has served since 1965 be executed.
Congress stole all the money. Congress doesn't steal the money, these programs are flush with cash.
Cut all defense programs, cut all corporate welfare, raid the f'n banks, whatever. The people should not have to pay for the criminal activites of congress. However, I'm negotiable on this. I'll be happy to take a benefit cut and pay a little more. All I ask is that every living member of congress who is or has served since 1965 be executed.
medicare and medicaid don't have trust funds.
I'm tired of everyone blaming defense, defense is what income taxes were started for.
I'm tired of everyone blaming defense, defense is what income taxes were started for.
Social Security has been raided to pay for everything from pet projects to wars. I'm tired of hearing these taxpayer funded programs need to be cut to fund all this other shit. Cut defense by at least 90%. We don't need to play world cop anymore. A boot NEVER has to touch foreign soil again. Troop levels can be reduced to less than 100,000. Any war can be won from the air.
Cut all corporate welfare. After everything else has been cut, cut, and cut some more, then we can talk about Social Security reduction. AFTER, not before!!!!!
