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nom=de=plume[_2_]

"Canuck57" wrote in message
...
On 11/06/2010 9:46 PM, wrote:
On Fri, 11 Jun 2010 20:00:37 -0700, "nom=de=plume"
wrote:

The problem is not entitlements per se, it is unfunded entitlements
and that includes SS and Medicare as of this year. We have done
exactly what Tyler predicted. We voted benefits in excess of the taxes
we are willing to pay. That is also what happened in Greece and most
of western Europe. It is an unsustainable system. 40 cents of every
dollar in my SS check is borrowed from my kids. You can't even prorate
that by the amount taken in by the FICA tax since LBJ put SS in budget
but even if you did, the check still includes some borrowed money
since FICA does not cover the outlay.

Well, if you're not willing to address even one of the major
entitlements,
then there's no way to fix it. I agree, we're over-extended, but some
would
lay that at the door of the current administration, when previous went
wild
with spending and deregulation, then said, oh by the way, we're about to
have a financial meltdown, and tried to put the toothpaste back in the
tube.
The current admin. has been attempting to do that since it got in power,
and
it actually seems to be working. The next step will be to do something
like
paygo, but what we can't do is tighten spending. That would result in
the
same thing happening again.

I will lay that on every administration since Eisenhower. He was the
last one who actually wanted the government to live within it's
budget. Goldwater predicted this Social Security problem in 1964, when
we might have actually been able to do something about it. .By 1970
the die was cast and anyone who actually looked at the demographics
knew SS was going to go broke. The only arguments was when. In spite
of that nobody was willing to propose the fixes that would actually
save the system (later retirement ages, stopping the unrealistic
growth in benefits and means testing the benefit). They nibble around
the edges of this but they will not take the steps necessary to fix
it.
Greece is looking the same basic problem in the face, with a EU gun at
their back and they will have to make the changes. Let's see how that
works out.

I predict the same issues in Greece will hit US and Canadian shores. Same
reason, too much pozi debt.

One difference, Canada and US can "create" all the money they want. It
will differ in that we will see hyper-stagflation. It is why there is a
slow land buy right now, gold, land, real assets are good, paper currency
and debt is junk. Much like Zimbabwe, your home too may be worth $20
million....some day and not too far off.
--
Taxation, modern day slavery. The loss of economic freedom.

You predict?? YOU??? Now that's funny.

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