Because the government has been overpromising, overcommitting and overspending for decades, it is hurtling toward a fiscal train wreck. The numbers have stopped adding up. Looking out, there’s NO WAY that most Western governments can ever pay their ongoing obligations or pay off past debt.
July 27th, 2010 | Byron King | 0 comments | ContinuedAll Posts Tagged With: "social security"
Almost Every Mortgage Written Last Year Underwritten by US Government
And they took over the auto business too. They should be able to do for autos what they did for passenger trains. That is, they should turn Detroit into an Amtrak…
March 30th, 2010 | Bill Bonner | 0 comments | Continued
Trust Funds Con
I have mentioned the Social Security “trust funds,” where our payroll taxes go. All this money is transmitted to the federal government and credited to the Social Security trust funds.
February 23rd, 2010 | David Walker | 0 comments | Continued
Only Hope for Obama is that the Economy Revives
Why not? Wait a minute…you already know the answer to that question. Because it’s a depression. It’s the end of the road for the consumer credit economy. Consumers did their best.
October 19th, 2009 | Bill Bonner | 1 comment | Continued
Consumer Economy Not Going to Return to Robust Growth Anytime Soon
Mortgage lenders say they expect the peak in foreclosures to come about a year from now. As for the bottom of price declines, you can expect that in 2013 or beyond.
October 15th, 2009 | Bill Bonner | 1 comment | Continued
China’s Economy is Now Freer and More Competitive than the United States
Then, over the next two decades, whenever the Chinese stood up…Mao shot them down himself. Mao’s long march to power was a huge setback for human political progress – if there is any.
October 2nd, 2009 | Bill Bonner | 0 comments | Continued
The American Empire Depended on Trade…and the Dollar
We would name the period between the fall of the Berlin Wall and the fall of Lehman Bros – a period of only 19 years – as the peak of US power and wealth. Of course, Americans were dreaming during those years.
September 14th, 2009 | Bill Bonner | 3 comments | Continued
Roubini Says United States Will Climb Out of Recession Towards End of Year
Maybe he will be right. Maybe this downturn will resemble Japan’s multiple recessions over the last two decades. Or maybe it will be a single, deeper and longer lasting slump – like the one in the early ’30s. We don’t know. Either way, it should be thought of as a depression…
August 19th, 2009 | Bill Bonner | 0 comments | Continued
Financial Difficulties Facing Social Security and Medicare Pose Serious Challenges
When Social Security was founded, the typical US worker at age 65 could expect to live another 11.9 years. But if today’s official projections are right, by the year 2040 the typical 65-year-old worker can expect to live at least another 19.2 years.
August 12th, 2009 | Addison Wiggin | 2 comments | Continued
U.S. House of Representatives Passes Climate Change Bill
If the Senate bill is different than the House bill (and it almost always is, given the different agendas in both bodies and the need for more bribes), the two bills go to “reconciliation.” That’s where a committee made of members from both houses settles on a final compromise version of the two bills and sends them back to their respective bodies to be voted on. Then it gets sent to the President to become the law of the land.
June 30th, 2009 | Dan Denning | 21 comments | Continued
Social Security a Bigger Scam Than What Bernard Madoff Schemed
We celebrate with the victims when a swindler like Madoff is brought to justice. Yet there is a vastly larger fraud being perpetrated on all Americans, and it’s unlikely that any of the perpetrators will ever be jailed for their crime.
May 15th, 2009 | John Pugsley | 10 comments | Continued
