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Old 01-24-2008, 02:36 PM   #1
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I'm usually loathe to post anything remotely political, but this is downright terrifying. Essentially, our incredibly irresponsible government entitlement spending is killing this nation from the inside. As the Comptroller General says in the interview, our biggest threat is not a guy in a cave in some 3rd-world dirthole, it's our own government's short-sighted actions here at home.

Listen to this 60 Minutes interview, then read Ron Paul's thoughts on the matter. Prepare to get that nasty sinking feeling in your stomach as you realize just how screwed we are. Yes, he said fifty trillion.

[YOUTUBE]qaSuL9L_G2w[/YOUTUBE]

Quote:
by Ron Paul, Dr. March 5, 2007

March 5, 2007

David Walker, Comptroller General at the Government Accountability Office, appeared on the show “60 Minutes” last evening to discuss the federal budget outlook. If you saw the show, you know that he painted a very sobering picture regarding the federal government’s ability to meet its future obligations.

If you didn’t see the show, Mr. Walker’s theme was simple: government entitlement spending is like a runaway freight train headed straight at American taxpayers. He singled out the Medicare prescription drug bill, passed by Congress at the end of 2003, as “probably the most fiscally irresponsible piece of legislation since the 1960s.”

When it comes to Social Security and Medicare, the federal government simply won’t be able to keep its promises in the future. That is the reality every American should get used to, despite the grand promises of Washington reformers. Our entitlement system can’t be reformed- it’s too late. And the Medicare prescription drug bill is the final nail in the coffin.

The financial impact of the drug bill cannot be overstated. Government projections that the program would cost $400 billion over the next decade were a joke, as everyone in Congress knew even as they voted for the bill. The real cost will be at least $1 trillion in the first decade alone, and much more in following decades as the American population grows older.

The Medicare “trust fund” is already badly in the red, and the only solution will be a dramatic increase in payroll taxes for younger workers. The National Taxpayers Union reports that Medicare will consume nearly 40% of the nation’s GDP after several decades because of the new drug benefit. That’s not 40% of federal revenues, or 40% of federal spending, but rather 40 % of the nation’s entire private sector output!

The politicians who get reelected by passing such incredibly shortsighted legislation will never have to answer to future generations saddled with huge federal deficits. Those generations are the real victims, as they cannot object to the debts being incurred today in their names.

The official national debt figure, now approaching $9 trillion, reflects only what the federal government owes in current debts on money already borrowed. It does not reflect what the federal government has promised to pay millions of Americans in entitlement benefits down the road. Those future obligations put our real debt figure at roughly fifty trillion dollars- a staggering sum that is about as large as the total household net worth of the entire United States. Your share of this fifty trillion amounts to about $175,000.

Don’t believe for a second that we can grow our way out of the problem through a prosperous economy that yields higher future tax revenues. If present trends continue, by 2040 the entire federal budget will be consumed by Social Security and Medicare alone. The only options for balancing the budget would be cutting total federal spending by about 60%, or doubling federal taxes. To close the long-term entitlement gap, the U.S. economy would have to grow by double digits every year for the next 75 years.

The answer to these critical financial realities is simple, but not easy: We must rethink the very role of government in our society. Anything less, any tinkering or “reform,” won’t cut it. A good start would be for Congress to repeal the Medicare prescription drug bill.
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Old 01-24-2008, 02:52 PM   #2
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I hate to break it to you but this is nothing new. Our entitlement system needs a major overhaul but no one is willing to either 1) pay for a better system or 2) cut benefits out of the system we currently have. Those are the only options to truly fix it.

Our system was designed at a time when people worked for the same company their entire career, got decent pensions, retired at 65, and died at 70. It just wasn't meant to be the sole source of income for people for 15+ years after they retire. There's also the coming retirement of the baby boomers which will result in fewer workers per person receiving entitlement benefits.

I'm 30 and I'm already well aware that there will be no Social Security check for me when I grow up. As I said there are only 2 solutions, pay more taxes, or get less benefits and nary shall the two sides meet.
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Old 01-24-2008, 03:15 PM   #3
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Oh, I never said it was anything new---I just think more people need to have this at the forefront of their mind, rather than whether a particular candidate supports some meaningless issue.
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.planned:
•Scottish 80/- •Sweet Stout •Roggenbier
.primary | bright:
98: Moss Hollow Soured '09 72: Oude Kriek 99: B-Weisse 102: Brett'd BDSA 104: Feat of Strength Helles Bock 105: Merkin Brown
.on tap | kegged:
XX: Moss Hollow Springs Sparkling Water 95: Gott Mit Uns German Pils 91b: Brown Willie's Oaked Abbey Ale 103: Merkin Stout
98: Yorkshire Special 100: Maple Porter 89: Cidre Saison 101: Steffiweizen '09 (#3)

 
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Old 01-24-2008, 03:17 PM   #4
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Quote:
Originally Posted by Evan!
I'm usually loathe to post anything remotely political
This is sig-worthy.

I too do not expect a Social Security check when I retire. The only thing to do is save for the future and stop buying expensive cars/houses.

Evan!, with all of your political rantings, are you at least somewhat involved in politics or do you just enjoy inciting paranoia?
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Old 01-24-2008, 03:19 PM   #5
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Quote:
Originally Posted by Flyin' Lion
Evan!, with all of your political rantings, are you at least somewhat involved in politics or do you just enjoy inciting paranoia?
Which "rantings" would those be?

There's a big difference between "inciting paranoia" and "posting an interview of the COMPTROLLER GENERAL where he says that we are f*cked", would you not agree? It's not paranoia when it's real.
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.planned:
•Scottish 80/- •Sweet Stout •Roggenbier
.primary | bright:
98: Moss Hollow Soured '09 72: Oude Kriek 99: B-Weisse 102: Brett'd BDSA 104: Feat of Strength Helles Bock 105: Merkin Brown
.on tap | kegged:
XX: Moss Hollow Springs Sparkling Water 95: Gott Mit Uns German Pils 91b: Brown Willie's Oaked Abbey Ale 103: Merkin Stout
98: Yorkshire Special 100: Maple Porter 89: Cidre Saison 101: Steffiweizen '09 (#3)

 
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Old 01-24-2008, 03:43 PM   #6
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Shoot! I'm 55 and I don't expect SS. I'll qualify just as the system hits the cliff.
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Old 01-24-2008, 04:31 PM   #7
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Quote:
Originally Posted by Evan!
Which "rantings" would those be?

There's a big difference between "inciting paranoia" and "posting an interview of the COMPTROLLER GENERAL where he says that we are f*cked", would you not agree? It's not paranoia when it's real.
You still didn't answer my question. Are you involved in politics other than posting about them on a discussion board?
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Old 01-24-2008, 04:39 PM   #8
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Quote:
Originally Posted by Flyin' Lion
You still didn't answer my question. Are you involved in politics other than posting about them on a discussion board?
Officially? My involvement extends to being a member of the LP, writing my reps all the time, and various local stuff in C-ville. Why do you ask?
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.planned:
•Scottish 80/- •Sweet Stout •Roggenbier
.primary | bright:
98: Moss Hollow Soured '09 72: Oude Kriek 99: B-Weisse 102: Brett'd BDSA 104: Feat of Strength Helles Bock 105: Merkin Brown
.on tap | kegged:
XX: Moss Hollow Springs Sparkling Water 95: Gott Mit Uns German Pils 91b: Brown Willie's Oaked Abbey Ale 103: Merkin Stout
98: Yorkshire Special 100: Maple Porter 89: Cidre Saison 101: Steffiweizen '09 (#3)

 
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Old 01-24-2008, 04:42 PM   #9
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It's common knowledge that there is no stability in the future of social security. Anyone under the age of 50 is planning and contributing to their own retirement. I have an IRA, and 401K and the Thrift Savings plan.

I have however expended into a 4th retirement plan... in the right circumstances it will out pace any market and overcome all volatility.

It's called the Guns & Ammo retirement plan. You save up all the guns and ammo you can before the tax & spend morons screw everything up. At that point, you have all the retirement power you want to get what you need.
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Old 01-24-2008, 04:48 PM   #10
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Quote:
Originally Posted by Seabee John
It's common knowledge that there is no stability in the future of social security. Anyone under the age of 50 is planning and contributing to their own retirement. I have an IRA, and 401K and the Thrift Savings plan.

I have however expended into a 4th retirement plan... in the right circumstances it will out pace any market and overcome all volatility.

It's called the Guns & Ammo retirement plan. You save up all the guns and ammo you can before the tax & spend morons screw everything up. At that point, you have all the retirement power you want to get what you need.
Damn, your 401k has gotta be hurting right now. What's the Thrift Savings Plan? I've got a nice IRA (woohoo, employer matching!), but I'd be interested in that too.

I'd also be interested in your 4th plan. When China takes us over, I'll be in Costa Rico with a big house and a bunch of guns.
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MOSS HOLLOW BREWING CO.
Aristocratic Ales, Lascivious Lagers


.planned:
•Scottish 80/- •Sweet Stout •Roggenbier
.primary | bright:
98: Moss Hollow Soured '09 72: Oude Kriek 99: B-Weisse 102: Brett'd BDSA 104: Feat of Strength Helles Bock 105: Merkin Brown
.on tap | kegged:
XX: Moss Hollow Springs Sparkling Water 95: Gott Mit Uns German Pils 91b: Brown Willie's Oaked Abbey Ale 103: Merkin Stout
98: Yorkshire Special 100: Maple Porter 89: Cidre Saison 101: Steffiweizen '09 (#3)

 
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