Posted on 05/25/2006 9:21:25 AM PDT by HAL9000
Excerpt -
NEW YORK -(Dow Jones)- Taxpayers owe more than $500,000 per household for financial promises made by government, mostly to cover the cost of retirement benefits for baby boomers, USA Today reported, citing its own analysis.Federal, state and local governments have added nearly $10 trillion to taxpayer liabilities in the past two years, bringing the total of government's unfunded obligations to an unprecedented $57.8 trillion, said the report late Wednesday.
That is the equivalent of $510,678 for every household in the U.S., said USA Today.
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(Excerpt) Read more at nasdaq.com ...
That is the equivalent of $510,678 for every household in the U.S., said USA Today.
I notice this article doesn't bother to mention that the wealthiest 10% of taxpayers (mostly large corporations) are picking up about 90% of this tab for us. That tidbit would kinda takes the bite out of Rep. Jim Cooper's tactic of making it sound like the average family will actually have to pony up a half million each.
That said, it is still a shameful amount of increase.
Total and utter crap. Try this: "Taxpayers have been cheated of over $500,000 per houshold stolen from their retirement benifits to pay for useless, boondoggle pork projects that the government shouldn't have been voting for if it didn't have hard money to pay for them."
"Oh, and they can keep the change. There's more paper and ink where that came from."
All I want is what I've paid in to each with the compound interest figured in based on what the gov has paid for the 10 year (or 30 yr)treasury note since 1973. Nothing complicated....I've got all the records and so does SS....I'll take it at 62 in one lump sum.
Illegals are making anchor babies and out breeding the native population. The burden they place on the schools is one of the major costs. There is no "allure" to illegal aliens. They consume far more public resources than they contribute in tax revenues.
Only if you assume Social Security will remain solvent is this true.
When I work my a$$ off to earn $200K and lose $70k to federal income tax and $17K to state income tax, I wonder why I'm working so hard. People who make under $50K get to keep most of that income. By the time I'm taxed, the theiving politicians have "leveled the playing field" by stealing all the extra money I earned.
I have my mortgage paid off. I could easily choose to stop working so hard and take a very low paying job that just keeps my family fed and utilities paid. I'd have more time off and the thieving politicians would have a lot less to steal. Alternatively, I could keep my high paying job, but only work 1/4 time.
The Chinese will be calling the debt, methinks.
Something about selling us the rope they'll use to hang us.
From each according to his ability, to each according to his need...
Sure, if you have plenty of guns.
Baby boomers suck....
how much do you know about belize? anything about gun ownership there? a friend has property down there and has been suggesting that we move down there.
I'll tell ya what, I'm 34, its still 31 to 41 years before I'll be able to retire legally based on government age requirements with full bennies... so How about this, you give me $350k right now in cash tax free and I promise I'll never make a claim against SS. I'll continue to pay my tax into the fund during my working years, so you can prop up the boomers.
I'm pretty close to paid off if that's true. Can I stop then?
Now explain to me why Ken Lay is going to prison for saying that his company was financially sound when he knew it was about to go broke. Yes, he caused the retirement funds of his employees to be wiped out, but at least he didn't buy votes with them, leaving worthless IOUs in their place. When will we start arresting members of the federal government, all three branches, for ripping off all the "investors" in Social Security for their fradulent Ponzi scheme? Maybe our children and grandchildren will do the job that Americans didn't do in the past two generations.
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