Geithner unveils report on entitlement programs. Social Security trust fund may be exhausted 4 years sooner than earlier forecast. Medicare is much worse off.
Social Security and Medicare finances worsen
Some things frustrate me to no end.
Social Security and Medicare finances worsen
Some things frustrate me to no end.
I would go back and find the statements of assurance about the national retirement system a few years ago from Senator Harry "Woodrow Wilson" Reid and other opponets to change. It is not worth it.
Instead it is more important for me to keep tally of the fomenting economic condition as a "blog of reference" on the matter for anyone interested in considering the boot camp method toward weight loss that might leave you sore in the mornings as opposed to the sugar pill that is being presented as the miracle weightloss formula.
Let's personalize this for a second. Let us project to the year 2025. Where as the reports above say 2037 as of this point in 2009 - our eroding economic situation between now and then proved these estimates to be as wrong as the estimate given about the spending upon Medicaid (the poverty program, not the old age program which is Medicare) in the year 2000 as compared to when the actual year passed us by. The estimate was 8 times OFF.
You successfully defended against all benefit cuts and privatization plans that were offered. YOU INDEED "WON" these battles on the way up to this point. Now the fund is exhausted. You are in retirement but the outstanding liabilities exceed the fund's ability to pay.
The band of international investors that had been financing America's federal debt has cut this naton's credit card available balance off. After years of living beyond our means as a nation - to provide a standard of living that has no relation to the economic realities for delivery of them - our resources have been tapped out. Any future payouts from Social Security and Medicare must come from the present federal budget.
The key problem is that THERE ARE NO MORE RESOURCES LEFT TO TAP.
What will you do?
After years of having our fiat currency treated as "magic money" the chickens have come home to roost.
I asked the question last night - "What is the moral standing of a nation that goes bankrupt in its pursuit of providing a standard of living for all of its citizens that is far in excess of the entity's ability to substantively provide for this standard. They shifted the burden over to 'magic money' with the promises of centralized government rather than asking of the people at the periphery to be the primary force in determining the living standard that they are able to consume?"
0 comments:
Post a Comment