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Thread: The National Debt: A Cheery Subject . . .

  1. #9
    BigBella's Avatar
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    Quote Originally Posted by Dexenthes View Post
    Some of those figures they throw around like unfunded liabilities, are pretty open ended. Really just reasons to make a pile of cash look taller than the tallest buildings. Regardless, piles of cash don't really put the real problem into perspective.
    Yes, there are many factors involved; that was only a graphic representation; and the unfunded liabilities are a very legitimate concern -- considering that the majority of pension programs in the US are empty coffers (as empty as the mythological "lock-box" of social security) and only now are they considering programs that would utilize 401K types of investment products for those on pension programs.

    I know of pensioners in San Francisco, quite a few in fact (both retirees from police and fire) who are collecting more in retirement than when they were as public servants; and if you think they are some great exception, you'd be terribly wrong. One fellow I knew who cashed out his "sick days" last year (a neighbor) received a check for 250K from the city of SF -- and he certainly wasn't alone.

    The same is true across the country -- and the unfunded liabilities (in terms of pension programs) have multiplied several times in the course of the last decade -- 2 billion in NY State (as I had mentioned earlier) to over 12 billion now. A sixfold increase of anything is not sustainable . . .
    “Sì perché l'autorità dell'opinione di mille nelle scienze non val per una scintilla di ragione di un solo . . ."

    -- Galileo "Biff" Galilei

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    GregNY's Avatar
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    This email I just received with a picture of Warren Buffet eating a parfait kinda make me chuckle, as I feel it really applies to the core of the problem here that hasn't been mentioned much in this thread. That problem being our members of government in general.

    Its goes.....

    This is A Great Idea!!!!



    Midwestern tycoon Warren Buffett, pictured here adorably eating a parfait,
    presented his quick and easy solution to Americas debt problem today on CNBC:
    I could end the deficit in five minutes.

    You just pass a law that says that anytime there is a deficit of more than three
    percent of GDP all sitting members of congress are ineligible for reelection.


    And on a side note, I watched this ridiculous conspiracy video pretty much acting like a marketing ploy, HOWEVER, some of the things it touches on are kinda sorta true, and it provides some quite interesting history on us defaulting and the world moving away from the dollar being the world's currency...If anyone's interested....

    StansberryResearch

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    swords's Avatar
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    Bend over and grab your ankles hopeful future retirees... A "compromise" has been reached!

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    GregNY's Avatar
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    Haha a deal, not a slution, was made!

    Forgive me but can someone explain how we make cuts to reduce long term debt but approve, in the short term, a 900 billion increase in our debt ceiling? Am I missing something

  5. #13
    BigBella's Avatar
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    Quote Originally Posted by GregNY View Post
    Haha a deal, not a slution, was made!

    Forgive me but can someone explain how we make cuts to reduce long term debt but approve, in the short term, a 900 billion increase in our debt ceiling? Am I missing something
    No, you're not missing a thing. It's three-card Monte and US political theater; and there is an ingrained constituency for every asinine program, from top to bottom, slated for cuts. There are no real cuts, just a slightly-slowed swelling of the $46,153.04 each of the three hundred million of us "owe" as the share of national debt. Hope you like gyros and Spanakopita ; Greece isn't too far away.

    I think I am going to hit up my eight year old niece for her share this afternoon . . .

    Last edited by BigBella; 08-02-2011 at 11:14 AM.
    “Sì perché l'autorità dell'opinione di mille nelle scienze non val per una scintilla di ragione di un solo . . ."

    -- Galileo "Biff" Galilei

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    GregNY's Avatar
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    Its all disgusting.

    Wish I was old enough to be racking in some of those pensions I've heard mentioned and have personally heard of from retiree's....

    I recognize all major powers have issues similar to us, but a nice tropical island somewhere NOT in the US is not looking too shabby IMO...

    Good luck with your niece

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    swords's Avatar
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    A pension? Good luck with all THAT!

    My job already cancelled ours years ago due to some regulation on pensions Bush put through, my uncles was stolen by his companies CEO and my moms was cut in half. A pension is a pipedream. And a 401K is simply a pension that even more people have access to ripping off.

    We're likely not gonna get social security either even though we've paid in all these years and will continue to. But if all goes really well maybe I can work at my machine until I keel over dead at 72!

    Not gonna say what Boehner looks like he's doing here...


  8. #16
    Kung Fu Fighting! NeciFiX's Avatar
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    The new deal is okay, but, not generating any revenue is a big problem. Cutting and not generating any revenue is going to hurt us in the long run. I wish Obama would just stop with this compromise crap and do what he thinks needs to be done. I'm not saying that because I like Obama's viewpoint - in fact, I sort of agree more with Boehner and Republicans (except that the Bush tax cuts should be revoked and military spending needs more serious, deeper cuts). But, if I have a President, he needs to lead in times like this, not compromise. Compromising has its place, but, not in a time like this. It almost cost us big time and in the end might be less effective.
    - NeciFiX

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