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Obama endorses slavery
On Sun, 10 Apr 2011 07:14:04 -0400, Harryk
wrote: wrote: On Sun, 10 Apr 2011 00:47:12 -0500, Boating All Out wrote: In , says... On Sat, 9 Apr 2011 13:11:28 -0500, Boating All Out wrote: Last projection I saw for SS fund zero balance was 2037. That all assumes the US has the money to redeem those treasuries. Some tens of billions were redeemed last year. Looks like "having the money" is a good assumption. Pretty neat. The world hasn't ended. Let's see who tries to cut off or reduce SS checks. Get the popcorn ready. Absolutely ZERO were redeemed in any "net" way, we simply refinanced the debt. That is going to get ugly when we have to refinance at even a meager 2%. That is about 10 times what our short terms notes go for now. Only the government can call a debt they have no way of paying, an asset. Never heard the SS fund called an asset. Never heard the government can't pay its debt. You just make all that up? Sell it to a dope, not me. Sadly, that kind of talk reminds me of right wing ideologues talking about "scary future SS obligations" without counting the SS revenue stream in their total. They do it all the time. The revenue is not covering the obligation, for the first time in history but that is the destiny for the future. We are totally in virgin territory here. Like I said, SS isn't a difficult problem - except for right wing ideologues. The SS fund has accumulated a bit over over $2 trillion in government debt. It will take about $80 billion a year in other tax revenues to pay that off in 26 years. The problem is that debt is rising, not falling. We are running a deficit of 1.5 trillion and you are talking about an 80 billion surplus. We have NEVER run a surplus more than a couple years in a row. It was also never that big. That's assuming there's no upturn in the economy and SS revenues, which would boost the fund or reduce fund redemption. Far less yearly than Iraq and Afghanistan are currently costing. And probably less in total. I agree we should get out of Iraq and Afghanistan but I also understand it is just a drop in the deficit bucket. That would be a loss of jobs for one thing. Plume was just saying that if we cut the DoD budget, a lot of workers would have to get laid off and that would be bad. Even that dope Paul Ryan didn't address SS. I think you're smarter than him, but you have to prove it. Adults will come to the fore to extend the SS trust fund. Mostly on the revenue side I expect. In the meantime checks will keep coming as the government pays off the debt to SS recipients. I agree they will pay until it becomes such a huge problem that the kids throw momma from the train. They just have to learn to vote and to understand SS and Medicare is a massive wealth transfer from the young to the old. All that needs to be done is to substantially raise social security taxes on the wealthy, as part of the price they have to pay for accumulating wealth. Federal taxes generally in this country are frar too low on the wealthy. Facts don't matter. Don't you get it. |
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