Whenever I hear a liberal MSM talking head say that Social Security is not a problem, I could spit.
Obama and Romney both declared the Social Security system sound. They lied to the American people that it will only require minor tweaks to keep it solvent for a hundred years. Liberals hate math. The Social Security System has an unfunded liability of $18 trillion. This means our politicians have promised $18 trillion more than they can possibly pay out. I guess $18 trillion is trivial to a liberal minded person like Krugman or Obama. Lucky for them that 99% of all Americans don’t understand what unfunded liability even means. The chart below gives the gory details. The Social Security system had a negative cashflow of $47.8 billion last year, after running a $48 billion deficit the year before. You may notice that 77% of this deficit was created by the SSDI program, where the depressed masses gather after their 99 weeks of unemployment run out. Do you have a headache? Are you depressed because liquor stores don’t accept food stamps? Did you pull a muscle getting on your government provided rascal? Trouble hearing your Obama phone? Then you are eligible for SSDI.
The funniest line item on the chart is the Assets at End of Year line, which shows the Social Security system having $2.7 trillion. Even using this funny number, the SSDI will be broke in three years. Al Gore told us this money was in a lockbox. They take it out of your paycheck and put it into a fund, waiting for you to retire and collect what you’re owed. Right? Wrong! If you tried to observe the vault with the $2.7 trillion on deposit, you’d be looking for a long long time. You see, the noble politicians in Washington DC took the $2.7 trillion and spent it on undeclared wars overseas, ethanol subsidies, investments in Solyndra, turtle crossings, tax breaks for hedge funds, TARP, bailing out AIG, subsidizing GM, $800 billion stimulus packages, cash for clunkers, homebuyer tax credits, predator drones, DHS, Sandy relief and thousands of other buckets of shit. There are nothing but IOU’s in the vault. The $2.7 trillion is long gone. The U.S. government had to borrow $47.8 billion to fund SS last year. They will have to borrow over $50 billion this year. There will be 10,000 per day turning 65 for the next decade. The borrowing will rise exponentially. If the $2.7 trillion actually existed, why would we need to borrow?
The trust funds are required by law to hand over all surplus revenues to the Treasury and the Treasury then provides “special issue” non-marketable bonds—essentially electronic IOUs—to the trust funds in return for the cash. These “IOUs” become part of the national debt. When the Treasury pays “interest” that increases the value of the Social Security Trust Funds it does so by increasing the number of IOUs it owes the trust funds. When the Social Security program runs a net cash flow deficit, as it has in the last three fiscal years, the Treasury needs to borrow cash from the “public” to keep the program funded.
Does this look like a trend that is going to reverse itself or level out with 10,000 Boomers turning 65 years old every freaking day?
These costs will be exceeding $1 trillion per year in the near future. Meanwhile, the number of workers per retiree will continue to fall as it has for decades. In 1945 there were 42 workers per retiree. In 1965 there were 5 workers per retiree. Today there are less than 2.5 workers per retiree. There are only 1.6 full time private workers for every one retiree. With Obamacare working its magic of destroying jobs across the land, there is much less revenue going into the Social Security System. The system is unsustainable and ignoring the problem will not make it go away.
A recent article on Bloomberg below barely scratches the surface of the massive fraud going on in the SSDI program. Those who think we owe them a living are faking disabilities by the millions. The number of annual applications were flat at 2.1 million per year between 2004 and 2007. They now exceed 3 million per year, as the Obama administration has actively attempted to get more people on the dole. In a matter of a couple years, there were suddenly 40% more people getting disabled. Amazing!!!
Shockingly, as 1.4 million people have been kicked off the 99 week unemployment rolls, the number of people applying for SSDI skyrocketed. Just because the scumbags on Wall Street and in the rest of corporate America commit fraud on a massive scale does not mean we should look the other way when lowlifes in our community do the same thing on a smaller scale. The working middle class pays the bill for the cost of both frauds. More than 90% of all the people who go onto SSDI never go back to work. This program was supposed to be short term until people could recover and go back to work. There are now 8.83 million people so disabled, they supposedly can’t work. There are only 12 million officially unemployed people in the country. The government is so incompetent, they barely check the applications for SSDI. Anyone with an ounce of brain power (this disqualifies anyone on MSNBC) knows that at least 50% of the people on SSDI are capable of some form of employment.
The Social Security system is already broke. The money is gone. Pretending all is well is for fools and there are millions of them in this country. If someone within the leadership of this country was honest with the American people we could fix the Social Security system. A combination of age adjustments, means testing, and reconfiguration of income levels subject to the tax could make it viable. Too bad Washington is inhabited by snakes, scumbags, liars and knaves. Corrupt lowlife politicians, lying liberal media whores, and a delusional populace will ignore the Social Security problem until it becomes a crisis of epic proportions. Then they will propose wrong solutions and implement them badly. Some things are easily predictable.
I see only four minor problems with the Social Security Trust Fund:
1. It’s anti-social.
2. It’s insecure.
3. There’s no trust.
4. And there is certainly no fund.
You can bet the mortgage that Congress will do everything possible to defer the difficult choices to another day. It’s practically the only thing they excel at. The AARP blue hairs will ensure that nothing meaningful will get implemented, which means we’ll continue to pretend the “fund” is solvent until reality asserts itself.
recall the bit, alan greenspan telling bush, we can make it for as much as you want for as long as you want but we can’t make it worth anything. the wheels were set in motion to reflate the dow, pump up house values in anticipation of mass plunder.
mexican inflation resulted in stories we heard, a man sold his home for a certain price, after an overnight inflation (it happens overnight) he said his selling price would only buy him a wooden pencil.
there is no end of the world coming, it simply will be a heist of such proportions to rival the great TARP robbery of 2008. boomers and anyone with bonds will be thrown out in the street.
Stalker,
TARP is going to look like a blip when the bond market bubble pops. And, unlike 2008, the real crash will not involve further bank bailouts. The funds necessary to capitalize the banks this time around would cause a tax revolt.
Fear not. Obama is at the helm. They’re prepping those infamous $1 trillion platinum coins. What could possibly go wrong?
“Such a requirement would create a cost incentive for employers to accommodate workers with limited disabilities by offering vocational rehabilitation, moving workers into less physically taxing jobs or improving ergonomics when possible.”
I really don’t think the problem is employers. I think much of the problem is simple laziness and outright fraud. Many of these people just don’t want to work, and they won’t unless they’re forced to.
If anything this program needs to be corrected and saved for the unfortunate people who truly can’t work, like my friend who was in Vietnam. He’s not even 60 but looks like 100.
KaD – good comment.
It is all academic anyway. The government can ignore the cost because they KNOW that the entire money system is going to collapse long before it is a problem. If you believe that the current system is going to last another 20-30 years, you are on some good stuff and you should share!
The dollar is toast … er … Charmin. They know it. The rest of the world knows it. Everyone is playing for time. China is building up reserves of natural resources like ores, coal, oil, food, etc. Japan is downsizing life styles and planting forests and conserving their resources. Even the Philippines is working hard to be independent. So are other smart countries. America is not one of them. America is just trying to hang on to what they had and it is slip sliding away. I’m 68 and on SS, but I don’t expect it to last even my lifetime and I am preparing accordingly. Are YOU?
Makati
I’m 68 also. Working on getting my Dual C, US-Pi. When this all comes apart it’ll be much safer there than here.
Fantastic write!
Hey, those turtle crossings were worth it. Turtles are cute.
My parents got $25K in Social Security benefits last year, plus withdrew $18K of their own money. They did not pay a single dime in taxes. No income taxes for federal or state, and certainly no payroll taxes. My mom can’t help but brag. She says, “It doesn’t seem right, but that’s the way the rules work.” No wonder she’s never voted.
I foresee that those who paid in the maximum every year over their lifetimes and also accumulated assets will be told to deplete those assets before collecting Social Security.
This government will create a class of serfs, similar to those in Imperial Russia, who worked to pay the master’s taxes, but were never free themselves.
When you work to diminish each others pay this is what you will get. You will be ruled by Kings and Queens, Lords, Viscounts, Duchesses, Knights and Powdered wigs.
By the time the M’lls get to retirement age they will be making Chinese wages of 5$ a day and relinquished to the soylent green heap.
And they helped.
Makati1, you didn’t address the sun coming up the next day. Have you considered suicide? Oops, my bad. You did say you’re prepping. Care to enlighten us how?
ASIG, ex-pat is a way to go. I’ll take my chances here, with a shit load of supplies and ammunition.
We have more lawyers per capita than any nation in the world (1 per less than 200 people). 90% of these scumbags have jumped on the disability bandwagon and are reaping billions from the system. For filing a few papers and showing up at one or two hearings, they get 30-50% of “back wages” which SSDI recipients qualify for when they are approved, which I’ve seen amount to $35,000 or more in a lump sum.
Lawyers are the second biggest contributor to the democratic party (now behind Wall Street). Over time, the more than 1 million lawyers in the U.S. have lobbied their criminal lawyers politicians for ever easier disability qualifications so that now anyone can qualify for just about any reason.
Once again, lawyers absolutely destroying a system put in place to help people so they can get rich regardless of the consequences.
The morality of people getting on disability is a complete wasteland. 98% of them are scum, pure and simple. They got on disability for LIFE for a sprained knee, a sore back, being obese and diabetic, or depressed because they are too lazy to work. Once they get on disability and get their back pay check, they become masters of the universe, and everyone else are their to serve their needs.
I had a guy come in last week wanting drugs; pain pills and xanax. His attitude was simply striking and amazing. He told me exactly what he wanted and was offended and viscous when I told him no, I wasn’t going to prescribe them because he didn’t really have anything wrong with him. He screamed “I’m on disability” and that I should be serving him and giving him what he wanted. These people really are the lowest form of human imaginable; their only competition being life-long welfare recipients.
Like life-long, multi-generational welfare recipients, many disability loser’s fathers and mothers were/are on disability. Given the majority voting block held by democrats (FSA, welfare and SSDI recipients) I don’t ever see it changing until it collapses, which it will. These parasites are in for a rude awakening some day.
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The very definition of unsustainable. More people getting disability than jobs. Only in a socialist country would this be allowed to happen.
Thanks, Obama! Rate of Americans Joining Disability Now Outpaces Rate of Americans Finding Jobs
A new chart set to be released by the Republican side of the Senate Budget Committee details an alarming fact: In the last three months, more Americans have joined disability than have found a job.
As the chart shows, between April-June 2012, an estimated 246,000 Americans were added to Social Security’s disability insurance program. In that same time period, only 225,000 American jobs were created.
These alarming numbers, though, are part of a wider trend, as another chart, also set to be released later today, from the Republican side of the Senate Budget Committee shows.
Since 2008, 3.6. million Americans have been added to Social Security’s disability insurance program. In that same time period, a net total of 1.3 million jobs were lost.
“Amazingly, while fewer Americans are working than at the end of 2008, 3.6 million Americans have been awarded SSDI benefits over the same period. The growing number of people on disability and other federal benefits, combined with weak economic growth, raises serious concerns about the sustainability of the American economy,” Senator Jeff Sessions, ranking member of the Senate Budget Committee, says in a statement in response to these new numbers.
“It is clear there is a great need to distinguish between proper and improper disability claims, and to better incentivize and find acceptable work for those who are able. Today only 1 percent of Social Security disability recipients ever return to work. The administration of this program must be improved to avoid sinking our country deeper into debt, to ensure the program remains viable for those with disabilities, and to protect Social Security itself.”
Does this lady look like she couldn’t hold a job?
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I’m glad our virtuous president fully supports people leaving the workforce and getting on disability. Keeps the BLS numbers looking good, and FSA recipients slaves to the government.
This chart says it all.
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5.4 Million Join Disability Rolls Under Obama
AWD
It appears I’ve hit a nerve. I hope I didn’t ruin your weekend.
It would be nice if there were low-skilled jobs these folks were obliged to take but t an off shoring of the G DP tends to preclude that.
I don’t have the answer – and I have watched this past year as two people whose jobs are now in India descend into bitterness, anger, resentment and entitlement.
They will lose their homes, their cars and their skills after sending out hundreds of applications and rarely getting acknowledgement, much less an interview.
“I had a guy come in last week wanting drugs; pain pills and xanax…….I told him no, I wasn’t going to prescribe them because he didn’t really have anything wrong with him.”
—-AWD
Bet that’s the last time you’ll see that guy.
Social Security will survive because most of the pre-boomers are dying in droves and the boomers are also dying faster than the pre-boomers. In fact many boomers have not lived long enough to even collect. I’ve known some of them.
Republicans claim to be the party of small government. This is simply not true. With every bill they pass government grows larger. For government to stop growing legislation has to stop. For government to go on a diet legislation has to be repealed.
Defense spending is not defense spending at all. Rather it is offense spending. Do we really need all this spending? What we are really doing is bullying the world to be like us. Do we really need to do this? Do we really need to spread the bliss of slavery?
We are no longer a free country. With so much government in our face with endless laws enacted every year how can we be a free people. Do you really think the free shit army is free? They are slaves to the system, as the rest of us are but we won’t admit it.
A free man lives by his conscience; not under man made laws. Laws of nature exist that we all have to live by, but they are small in number compared to the millions of laws made by man to control others.
If you are a free man then why is your house titled and you have to pay taxes on it every year?
If you are a free man then why is your automobile titled under the State?
If you are a free man then why is your business registered under the State and you have to comply to federal and state laws?
If you are a free man then why do you need a social security number to open a private bank account or a federal ID number to open a business account?
If you are a free man then why do you need a drivers license?
We are all subjects of the State. Let us not be deceived; we are owned by the State. We are not a free people.
So in light of all this why is this thread complaining about the free shit disabled army, as you call them? They are your comrades; are they not? Everyone gets something out of this relationship with our father and master the government. Some get to keep a portion of their wages, some get to keep some of their investment income, and some (the free shit army) get money directly from the government. The government is providing for everyone.
Is this not what the people want? When you complain about it then are you not being ungrateful? Look what the government is doing for you? The government gives you permission to make your money but those unfortunates not as bright as you the government still takes care of.
Shame on you slaves for complaining. Is there no shame in your ranks? Now go your way and stop complaining. Your master has spoken.
Most of the guys I work with are over 65. We all have aches and pains, but so what. The alarm goes off at 0430 and we’re up to face another day in paradise. First thought is “WTF is gonna hurt today”. Sometimes not so much, sometimes a lot. Like I said, so what. Pain is part of life, especially when we get older. Most “Americans” make me want to puke. We have become a nation of weak dicks, of pussies that want “disability” if they stub a toe. I say cut most of that shit out and see what happens. I have no room to talk, but if some of them lost a hundred pounds or so they just might be able to go back to work. Sorry for the rant but lazy fuckers really piss me off!
There really does need to be a requirement for those on the government dole to do some kind of work in order to get their payments, even those who are on disability.
Since our beloved leader is so enamored with renewable energy, I would suggest non-motorized treadmill farms, connected to generators, that all federal welfare recipients would be required to come to and produce power for several hours each day, with established minimum power production standards.
Just think, a renewable energy source with the added health benefit of fighting obesity. No entertainment while working, of course, to encourage participants to consider getting a real job.
Olga says: “They will lose their homes, their cars and their skills after sending out hundreds of applications and rarely getting acknowledgement, much less an interview.”
I find this hard to believe. Possibly what has happened is their skills are obsolete or they have poor social skills and have a very small circle of people that know them in their skill field.
Right now there is a critical shortage of people will skills. There is no need to send out hundreds of resume’s to people you do not know. In fact if I were looking for work I would not send out my references unless I knew the people advertising were worth it.
A good source for getting a job is through Crag’s List providing you work it right. Even though you may not have access to a telephone number, name, or email address, there is a place to list your skills, comments, and even your counter proposals. The person on the other end has to read the responses. Just sending them a resume without knowing who you are sending it too foolish. Evidently that is what these folks are doing.
Another good way to get a job or at least leads is by making cold calls on businesses. Talking to people opens doors that the internet cannot do.
If people want a job they have to get off their butt and put some sweat into it. Many people have become slaves, and slaves don’t make good workers. People that sit at home and send out hundreds of resumes and just sit there waiting for a response are not the people I would hire. This tells you up front how lazy these people are. A good worker is a self starter. One who puts some sweat in the game.
I like what you have to say ragman. I am with you.
Clownbucks says:
“I foresee that those who paid in the maximum every year over their lifetimes and also accumulated assets will be told to deplete those assets before collecting Social Security.”
I think that at some point they will tax SS at a higher rate so that it effectively disappears if you have another source of income, including savings.
ragman says:
Most of the guys I work with are over 65. We all have aches and pains, but so what. The alarm goes off at 0430 and we’re up to face another day in paradise. First thought is “WTF is gonna hurt today”.
if someone would just collect these gems of wisdon, a thousand monkeys would write the great american novel to rival joyce’s ulysses
i say kill the ability to sue for careless slip and fall/ injury due to product use /or stupidity of pouring hot coffee in your lap.
As well as disability and all the other parasitic bullshit that those lazy cunts want.
If i didn’t have to pay my fair share i could retire in my 40’s just by living within my means.
White man is one dumb motherfucker to have allowed this shit to get started, and to continue.
It all depends on if the person really needs help.Not everyone is a crook.
For many all the jobs leaving for years has finally had an effect.Free trade? The usa has gotten the shaft and places like China got the mine.Greedy fuks going overseas for cheaper labor and little regs.No long term thinking by all the so called smart leaders.This crap sure isnt helping the country.
Ive noticed a trend here where people with jobs and money like to beat up on theyre fellow broke citizens. Just watch out its easy to slip and fall and be anouther joining the poor folks ranks.
Most people are a paycheck or two away from joining the folks on the street.
Uncle Ronny said that if you don’t like the….situation, you should vote with your feet.
Rhett Butler: My darling, you’re such a child. You think that by saying, “I’m sorry,” all the past can be corrected. Here, take my handkerchief. Never, at any crisis of your life, have I known you to have a handkerchief.
Scarlett: Rhett! Rhett, where are you going?
Rhett Butler: I’m going back to Charleston, back where I belong.
Scarlett: Please, please take me with you!
Rhett Butler: No, I’m through with everything here. I want peace. I want to see if somewhere there isn’t something left in life of charm and grace. Do you know what I’m talking about?
Scarlett: No! I only know that I love you.
Rhett Butler: That’s your misfortune.
[Rhett turns to walk down the stairs]
Scarlett: Oh, Rhett!
[Scarlett watches Rhett walk to the door]
Scarlett: Rhett!
[runs down the stairs after Rhett]
Scarlett: Rhett, Rhett!
[catches him as he’s walking out the front door]
Scarlett: Rhett… if you go, where shall I go, what shall I do?
Rhett Butler: Frankly, my dear, I don’t give a damn.
[Rhett walks off into the fog]
You young whippersnappers best stop your whining, put that 2% of your paychecks back in the pot because this boomer, come October 26th this year is coming to collect. For the first time since I was discharged from the US Army, Uncle Sam is going to be signing a paycheck for me. Its my turn at the trough and I intend to be all sharp elbows if anyone tries to pull my snout away.
You see Ben Bernanke has been stealing over $25,000 per year from me that I would get if interest rates were just 4%. He’s doing that so zombie banks can roll over zombie loans and so the government can finance its obligations… like Social Security for me. I won’t get $25,000 per year from my early social security claim but at least l’ll get $14,000 or so of what Bernanke stole from me.
Admin: great topic, didn’t ruin my weekend, on the contrary. At least it’s a topic I know something about. I have to deal with these parasites every day. I’m the doc at a group home; people that are retarded, head injuries, psych problems. Truly disabled people. And guess what? They want to work every day. They work at a wood shop nearby, doing odd jobs. They beg me to let them go to work. Brings tears to my eyes. Then there’s the other 98% of people on disability. Parasites.
SSS: I hope to God I never see that prick again. I was hoping he was going to raise a fist or something, then I could have tee-d off on the guy. A truly miserable waste of oxygen he was.
Ragman: Pain is just pain. Nobody in the history of mankind has ever died from pain. Pain lets you know you’re still alive. The fucking democrats and criminals in Washington want to take away everyone’s pain, by getting them addicted to pain meds, benzos. Their solution is worse than the problem. Take away their humanity, save them from themselves. Priceless.
230,000 disability recipients were recently caught going to 4 or more doctors a month, getting pain pills from each and then selling them. The government caught them, but did nothing about it, including not taking away their “medical card” or anything. The government DOES NOT WANT people to get off disability.
Here’s how it happens. People hurt their back or knee, go to the ER where they get pain pills, they immediately get addicted to pain pills. Some get off ’em and go back to work, the lazy shits don’t, they decide to make prescription drug addiction a lifestyle and a vocation by getting on disability. 80% smoke cigarettes, many have jobs on the side, and most go on more vacations than anyone I know. They got it made, and never have to work another day in their life, and everything is paid for by taxpayers. It doesn’t help people, it’s pure evil.
Sangell, could be they mint the trillion dollar coin, drive inflation through the roof, pay us old warriors pensions with clownbux and take our homes for a pittance in oldspeak money. you see it happening but your sense of cognitive dissonance makes you deny it to yourself. my sense of deja vu is firing off right now, having seen this happen in mexico in the 70’s and 90’s. i can almost assure you the dollar will fall so low that there will be a new minted 1000 dollar coin and million dollar bills. any accounts receivable you may have, including bonds, will turn to crap. it seems a plan in place is to disposses the boomers and pacify the genexers, a docile generation; dependent on government largess, studied in the new math where 1+1=3, and the constitution is but a piece of paper.
objuan,
I’ll live as long as I live with or without Social Security. I won’t live or die by it but goddammit. 12.4% of all I was ever paid was taken from every paycheck I ever earned to pay for this ponzi scheme. Had you taken 12.4% of a 20 year old median wage earners income ( around $40,000) and paid them no interest beyond wage inflation over the next 45 years of their life they would have $223,000 at age 65.
$223,000 in the bank in your name makes a huge difference financially and politically and that is why the Democrats made sure this option was not available to the American people. Suddenly you are interested in the economy. You have a major stake in it. You have wealth to bequeath to your children should you die. Your retirement is up to you. Maybe you forego that cruise or buying a new car when you are 50 because you can see the impact that make on your eventual nest egg.
If some idiot politician wants to debase the currency you might even decide to fire off a $500 check to see that he is defeated because… you can do it!
Liberals hate math? You must have missed the entire polling process in the last election.
sangell, so if you had had the opportunity to save that amount (you in general) why would genexers complain if you collected as much from SS over a 20 year period starting at age 62 collecting a reduced benefit @ ~$950/mo? considering american health is not the best in the world, a person might not even collect that much in benefits.
vito, no one mentioned liberals and anyway, many of them don’t even deserve to be called liberals because they are really libertines, not you, of course.
Shockingly, as 1.4 million people have been kicked off the 99 week unemployment rolls, the number of people applying for SSDI skyrocketed. Just because the scumbags on Wall Street and in the rest of corporate America commit fraud on a massive scale does not mean we should look the other way when lowlifes in our community do the same thing on a smaller scale.
Pardon the ad hominem, but this fuckshit is assuming that the any person on disability is a lazy no-account? Or just some? Or because there are some, fuck the rest of them?
And there is virtually nobody in that crowd that worked for years, paid their taxes, WHILE THEY WERE DISABLED? They didn’t want to take a buck they wanted to earn it. Nobody, right?
Then when there were no jobs, they took something of which they were entitled to in the first place.
Like in this day and age, some fucking Corporation is going to hire a Disabled person?
Yeah, fuck them. We have to put up with all of these handicapped parking spaces that they never use.
This is like the fuckin’ right-to-vote-cards. Because .00001% of the population got around the law, all of the voters are probable frauds.
Blame the fuckin’ victims.
This Jim Quinn is a fuckin’ intellectual thug.
Objuan, you just don’t get it do you?
I gave the figure of $223,000 per person. A thousand people with that much saved money is $223 million. One million people with that much save money is $223 billion. 50 million geezers with that in their own bank accounts is over $11 trillion dollars. Not owed to them, but money they have saved. It would make the US government’s debt to GDP ration the best in the OECD and better yet it would mean real investment in real enterprises because no retiree is going to by a 10 year bond that yields less than 2% because they may not be Bill Gross but they aren’t total idiots
Pike Bishop
Nice rant full of assumptions, unfortunately proving you are an intellectual Morlock.
nonanon… I am preparing by helping to prepare some land to become a self-sufficient farm. No mortgage or bank loans. No debt. No commercial utility ties. (Solar/wind/batteries/Sat.dish)
I have skills learned from age 5. Carpentry, masonry, building design/construction, plumbing, electrician, gardener, animal husbandry, first aid, etc. I am building a complete hand tool collection that will allow me to do and to teach others how to do what I know. Hand tools, with care, can last past your lifetime and continue to produce for a very long time. I have tools my grandfather used to build his home in 1950. All hand tools of good quality. Better than owning stocks or savings.
Very good health from a healthy lifestyle and some genetic luck. Both parents in their late 80s. Uncle turned 90 and still lives on his own. Other uncles in their 80s. Good, trusted friends here in the Philippines and a good climate for growing food and living independent. Low stress. How else can you prepare for a total collapse of the world you have always known? By doing all you can now to be ready to live without…
How many of you entitlement haters want your parents or grandparents to be cut off from government programs tomorrow? How many of you are willing to do, as they did before those programs? You know, take them in and take care of them until they die? Extended families used to be the norm, not the exception. Are you ready to give your mother-in-law a room in your house and feed and pay her medical expenses? Think about it before you make a smart-assed reply.
I remember vising my grandmother when she was in her 60s and HER mother was living with them in their 700 square foot, two bedroom house. Her mother was 94 and senile. Didn’t remember who anyone was and lived in the distant past. That was before government programs to take care of old people. Would you do that today?
There are 5 pages of comments on Zero Hedge. The 1st 2 pages are about the Jews.
The mathematically inept liberal douchebags don’t have a clue what unfunded liability means. I wish a few more would show up on TBP so you can see their idiocy.
They actually believe the $2.7 trillion exists in a fund with their name on it.
What is the PV of a 1% increase in SS taxes over a 50 year horizon with a GDP growth rate of 2.75% for a $15 trillion economy discounted at a 2% inflation rate? Don’t forget the terminal value. Lets assume it is a perpetuity.
Approximately $17.75 Trillion.
So were down to $250B without any reasonable and logical changes in benefit formula or eligibility age.
Do you consider those MAJOR changes?
A math savant such as yourself could easily have worked that out in your head right? So why bother with such a meaningless post?
Maybe next time try tackling the American educational system; notably its to failure to emphasize mathematical and logical reasoning.
Math for Dummies
You’re funny. You must have gone to the Paul Krugman school of economics. The Social Security System is already broke. The $2.7 trillion was spent by our politicians. It consists of IOUs. I love when economic geniuses like yourself think your little NPV formulas provide truth, when all your little assumptions do is give you a nice warm feeling in your pants.
I also love your BLS and CBO level assumptions. They are hysterical. The long term GDP growth rate of 2.75% is a joke. Try 1.5% hotshot. Ask Bill Gross, Jeremy Grantham or John Hussman.
Your 2% inflation rate almost made me fall off my chair in hysterics. You really believe the BLS drivel that passes for inflation? I guess some things are so stupid only an intellectual like yourself could believe them. Try 5% inflation for people who live in the real world, and not in the world of theoretical economic models.
Put those assumptions in your little model and churn away Dr. Math.
The funniest part of your ridiculous post is your assumption that this country will actually have a functioning economic system in 50 years. Now tell us how Obamacare is going to reduce costs and Medicare will be fine for centuries. I need another laugh.
Thanks for dropping by. We love to witness the minds of liberal academics like Krugman and his ilk. It reminds us what kind of people are running the country.
Math is hard for dummies and liberals
Are you tired of working? Feeling a little down? How about a monthly check for life? Just call this 1-800 number and we’ll help you scam the American taxpayer. Thank God for shyster lawyers and liberal academics.
Admin, a couple weeks past we witnessed a hilarious rant by Stucky, who had just learned of the 1960 case, Flemming vs. Nestor, where it was decided that the federal government has no contractual obligation to pay Social Security benefits. As Stucky exclaimed between f-bombs, “it was always just another tax!”
That is probably why those unfunded liabilities are not considered part of the national debt. Because the government does not consider them to be liabilities, and in truth they are not, since there is no contractual obligation to pay them.
Let’s not forget the Hov-A Round for all the fatso’s who are on the public dole in one form or another and are too lazy to get out of their seats and grab a beverage.
The new Hov-A-Round advertised incessantly on cable TV, now features a beverage and snack pocket. They even have a snappy jingle now. The fat Black guy featured in the spot sings it beautifully.
The “purchase” is also covered by Medicaid and Medicare. Cool.
Perfect for your 32 ounce Mountain Dew
The USA government uses Social Security monies in the US GOVERNMENT INCOME pie chart. This money is not income to the government – it should not be shown as such ! It is money to be held in trust for recipients. I am sure they do this to make gov finances look better than it outherwise would. If we ran our business books like the gov we would be arrested and jailed for financial fraud.
In my condo association, we do not use capital improvement funds for operating expenses. If we have a heavy year for snow removal and the dues don’t end up being enough to cover it, we assess the homeowners for the difference at the end of the year. By no means do we “borrow from” the capital improvements fund. We know we will need that money in the future to replace elevators, roofs, or resurface the parking lot.
The US government decided to borrow from the SS trust fund, and has borrowed all of it. Now the Boomers are retiring, and it’s time to replace the roof. Either the roof won’t be replaced, or outside money will have to be borrowed to pay for it.
When the lights go out..
http://detroit.cbslocal.com/2013/01/12/riot-breaks-out-at-housing-assistance-event-in-taylor/
“When the lights went out, it went horrible. People started trampling over people, there was a disabled lady that was in a wheelchair and they was trying to knock her over to get in front of her. I mean, just crazy,” she said.
I swear, more and more of the comments on here are starting to look like government drones complete with BLS level bullshit numbers and propaganda.
Whey work when you can hoveround?
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Thank God taxpayers have allowed me not to have to walk anymore. Walking is so overrated.
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AWD
Over 300 comments on Zero Hedge. I’ve been beating down idiots all day.
@AWD and Admin Thanks for the Hoveround pix. Hysterical!