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Chicago Tribune Warns on Federal Debt Dangers

post #1 of 13
3/31/10 at 8:25pm
Thread Starter 
http://www.chicagotribune.com/news/o...,7563220.story

Quote:
So it's hard to see why investors would be leery. Well, actually, it's not so hard: The federal government is digging itself deeper into debt every month and intends to keep doing so indefinitely.

The nonpartisan Congressional Budget Office offers a prognosis: "Under the president's budget, debt held by the public would grow from $7.5 trillion (53 percent of GDP) at the end of 2009 to $20.3 trillion (90 percent of GDP) at the end of 2020." Interest payments would quadruple.
90% of the GDP. In TEN short years.
And I am betting that projection does not even include Cap & Trade, which is next on Barack's agenda, that the House has alread passed.
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post #2 of 13
4/1/10 at 2:18pm
Thread Starter 
Wow, I guess people are not to concerned with the federal debt. Your children will be.
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post #3 of 13
4/1/10 at 3:05pm
Have you taken a look at the CIA's international comparison? For 2009, the US ranked 42nd, just below the world average. Japan's public debt (2nd place) is 192% of GDP.
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post #4 of 13
4/1/10 at 3:19pm
Quote:
Originally Posted by ckblv View Post
Wow, I guess people are not to concerned with the federal debt. Your children will be.
I may or may not be concerned, but won't say, because I come to TCS for relaxation, socialization, support, and to help cats, where I can, and to learn about cats. I don't do politics.

<edit> I do find interest in reading everyone else's opinions, though
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post #5 of 13
4/1/10 at 3:55pm
I thought Dick Cheney said deficits don't matter. I was very concerned with the debt levels rising during the Bush administration when the economy was good because deficits are the first tool governments go to when we have recessions. The government spending helped keep us out of a depression. And if we clamp down too quickly on that spending, it will hurt us as badly as if we didn't address the debt. What the Obama administration and Congress need to do is to start coming up with a plan to address the debt. Unfortunately, I'm not seeing anything and the two biggest culprits are Social Security and Medicare. And in the health care debate, it certainly was clear that no one who voted wanted that touched.

The youth are going to have to get more organized and have their voice in government. The transfer of wealth from them to the older generations is becoming criminal. They are paying heavily for the retirements and health care of those going before them.
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post #6 of 13
4/1/10 at 8:40pm
Thread Starter 
I don't believe you can spend your way out of a recession. Unemployment is STILL at 9.7% national average. Much higher than that if you add in the people that are discouraged and have stopped looking for work and the underemployed (part timers). Unemployment is still 13% where I live.

Barack hasn't created any jobs. Maybe some government jobs, what does that prove? Government jobs don't produce anything.
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post #7 of 13
4/1/10 at 11:43pm
Quote:
Originally Posted by katachtig View Post
The youth are going to have to get more organized and have their voice in government. The transfer of wealth from them to the older generations is becoming criminal. They are paying heavily for the retirements and health care of those going before them.
It's hard to get people involved in their government. I would say most say it is a waste of time because of the slow turn around in the government. It's nothing like we are used too, what with all the instant gratification video games are based off of these days. Honestly there is nothing new with this idea of the youth paying for the older generation though. My mother was preaching just what you're saying for Generation X all these years. She is a firm believer that she will pay into SS all her life only to have to crash when she hit 65. Based off the last report she'll be 63 when it goes insolvent.
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post #8 of 13
4/2/10 at 8:53am
Thread Starter 
Quote:
Originally Posted by katachtig View Post

The youth are going to have to get more organized and have their voice in government. The transfer of wealth from them to the older generations is becoming criminal. They are paying heavily for the retirements and health care of those going before them.
Perhaps the "youth" should get "more organized"
and "have their voice in government," is right. Perhaps Congress would listen to the "youth" and stop robbing social security money to pay for other things, I think the "youth" should get right on that.

While they are at it, perhaps the "youth" could encourage Congress to actually DO something about the 60 Billion Dollars per YEAR in Medicare fraud that the "youth" pays.

But I realize it is much easier to blame the elderly that have worked and paid into Medicare and Social Security all of their lives.
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post #9 of 13
4/2/10 at 11:21am
Quote:
Originally Posted by ckblv View Post

But I realize it is much easier to blame the elderly that have worked and paid into Medicare and Social Security all of their lives.
True, but they are pulling out a lot more than they put in. Social Security is a Ponzi scheme and there is a reason why Bush's proposal to privatize is failed. People know that the private money could easily run out before they die.

I sat down with my last statement regarding SSI. Through some crude assumptions, I looked at what I had paid in, what I could potentially add to it over the next 20 years when I would be eligible for retirement then divided by the monthly benefit. I found that I would have paid for 14 years. So if I live longer than 81, I will be pulling out money that I didn't put in. And this actually gets worse when you account for inflation-adjusted dollars.

The myth is that Social Security is saving money in trust for us. What we pay in now is to cover the current retirees. The money pulled from my paycheck yesterday is to pay for someone's benefit today.
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post #10 of 13
4/2/10 at 12:01pm
Thread Starter 
Seeing as how the life expectancy for a typical American is 78 years of age, all would be good IF our illustrious Congress did not use money collected for Social Security for other things.

Plus, no one is forced to retire at age 62 or 65, you can work longer than that. I can't see myself retiring at age 62 or 65.
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post #11 of 13
4/5/10 at 9:30am
Quote:
Originally Posted by ckblv View Post
Seeing as how the life expectancy for a typical American is 78 years of age, all would be good IF our illustrious Congress did not use money collected for Social Security for other things.

Plus, no one is forced to retire at age 62 or 65, you can work longer than that. I can't see myself retiring at age 62 or 65.
It's a socialist program...we shouldn't have it at all.
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post #12 of 13
4/5/10 at 9:55am
Thread Starter 
Quote:
Originally Posted by Skippymjp View Post
It's a socialist program...we shouldn't have it at all.
The sad fact of the matter is people are to darn irresponsible to save money for their retirement. If Social Security and Medicare did not exist there would be people dying in the streets.

At least people do have to contribute to both programs, at least those that work do.
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post #13 of 13
4/5/10 at 10:16am
I just wonder when (or should I say if) other nations will get frightened of the prospect of investing in America. If you watched the cable special called "House of Cards", then you can bet at least one European municipality absolutely detests America after getting taken to the cleaners with the subprime fiasco. The mayor was interviewed and you could just tell she was P.O.'ed under her Scandinavian calm, perhaps even cursing America.
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