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Re: From the Thom Hartmann blog... 

By: Decomposed in FFFT | Recommend this post (1)
Wed, 31 Aug 11 5:31 PM | 49 view(s)
Boardmark this board | Food For Further Thought 		Msg. 32419 of 65535
(This msg. is a reply to 32418 by Decomposed)
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BTW, the government site listed below disputes my contention that SS + Medicare unfunded liabilities comes to $50 trillion. They describe it as "only" $20 trillion.

That's much better, of course. It's only $250,000 per household. A pittance. Not a problem for any of you, I'm sure, though I trust you will agree that there are conceivably SOME folks out there who will have to take a second job at the Quickee-Mart in order to pay their share.

But that's how small the government thinks this problem is.

Of course, there are some whackos out there who disagree. I guess I'm one - because I think the unfunded obligiations come to $50 trillion. And here's a professor who says it is actually $84 trillion. http://www.garynorth.com/public/department30.cfm

"The unfunded liability of the two programs is now about $84 trillion. See the table, based on a 2007 estimate -- before the recession -- made by Prof. Kent Smetters of the Wharton School of Finance at the University of Pennsylvania. http://www.garynorth.com/SmettersTable--2007.gif
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You-all will probably choose to believe your government over some silly professor. After all, government has a history of being an oustanding steward of our money and has never steered us wrong before.

Right?




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The above is a reply to the following message:
Re: From the Thom Hartmann blog...
By: Decomposed in FFFT
Wed, 31 Aug 11 5:22 PM 		Msg. 32418 of 65535

From a government website:

http://www.cga.ct.gov/2010/rpt/2010-R-0197.htm


"Debate about the future of Social Security and Medicare centers around the fact that as the Baby Boomers retire, tax revenues will decrease and expenditures will increase. If program expenditures exceed tax revenues for too long, the trust fund will be depleted and the program will be insolvent (Congressional Budget Office). Both Medicare and Social Security have substantial unfunded liabilities, which are calculated by subtracting the value of future taxes and the trust fund balance from the value of future benefit payments."  


Substantial unfunded liabilities. And "substantial," in this case, actually means MONSTROUSLY, MIND-NUMBINGLY, GARGANTUANLY, HUGE.

But we can't cut the spending. No-sirree. Because the left rear tire of the bus we're on is still on the cliff, and the fall hasn't yet begun.

You liberals are so mature. THE MONEY TO SUPPORT THESE PROGRAMS ISN'T THERE. ANYWHERE. But it's better in your minds to ignore the problem than it is to manage the crisis in a controlled fashion. Unbelievable.

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