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Spending our way to financial ruin (each American household owes $455,000 for entitlements)
San Francisco Examiner ^ | 12/22/07

Posted on 12/22/2007 7:22:36 AM PST by Libloather

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And voters should only support candidates who unequivocally agree to stop squandering our children’s future.

Ain't gonna happen. If it feels good, they'll do it.

1 posted on 12/22/2007 7:22:41 AM PST by Libloather
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To: Libloather

On this subject, Bush is part of the problem, not part of the solution.


2 posted on 12/22/2007 7:28:02 AM PST by samtheman (Huckabee. A Bible-Packing Leftist.)
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To: Libloather

totally ludicrous article

everyone knows we can all eat china supplied arificially flavored cake


3 posted on 12/22/2007 7:28:07 AM PST by Flavius (24/7)
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To: Libloather
Ain't gonna happen. If it feels good, they'll do it.

Yep. SS & Medicare are two of the biggest abominations ever created by our country. It should have been a private system right from the start (but then again, that wouldn't have kept the people dependent on the state)

4 posted on 12/22/2007 7:28:16 AM PST by rb22982
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To: Libloather

Fortunately there is an alternative. Move to another country. Yes moving to the country within South Dakota to Montana, you too can avoid these nasty vexing tax problems. Here’s where I’m going
http://www.foxnews.com/story/0,2933,317548,00.html


5 posted on 12/22/2007 7:30:36 AM PST by BipolarBob (I've been stung by honey bees and bumblebees. I don't want no huckle bee.)
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To: Libloather

I haven’t watched the MSM Evening News in years..but last night I happened to see Katie for a few minutes.
They did a piece on the famous”earmarks”..with Pres. Bush and ended the piece showing an Air Force warehouse full of unneeded purchases and said the Air Force was the worst spender. It seemed to blame earmarks on the Air Force and not Congress.
The people aren’t up in arms because our MSM “watchdog” media won’t do their job and make news out of this out-right curruption of “earmarks”..nor will they tell the public the truth about our Federal, State and local govt spending and insolvency.
Just look at CA..the press was blaming the Republicans for blocking the CA budget in Aug. They were more than right..CA is broke..busted.


6 posted on 12/22/2007 7:32:45 AM PST by Oldexpat
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To: Libloather
And voters should only support candidates who unequivocally agree to stop squandering our children’s future.

Sorry, I'm not voting for Ron Paul.

7 posted on 12/22/2007 7:34:13 AM PST by Wolfie
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To: Libloather

We will only vote for “front runners” who can “win”. We fear the judgment of men, should we vote for someone who won’t win.

See my tagline ...


8 posted on 12/22/2007 7:37:33 AM PST by ROTB (Front Runner=rich guy who doesn't hate evil and strives to offend no one, & WILL SELL YOU OUT.)
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To: Libloather
I agree with you.

This is a matter of political will. However, the electorate will punish anyone who attempts to correct the situation.

9 posted on 12/22/2007 7:39:08 AM PST by verity ("Lord, what fools these mortals be!")
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To: Libloather

Individual and state problem. Cal spends $10 bill a year on services for illegals and has a $14 bill deficit.


10 posted on 12/22/2007 7:39:38 AM PST by purpleraine
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To: Libloather
"Our national stock is dropping. The value of the U.S. dollar has depreciated against almost every other major foreign currency. Anybody who believes that the federal government can continue to spend billions of dollars it doesn’t have is living in a fool’s paradise. Congress is already using the Social Security surplus to pay government operating expenses and “repaying” it with a bunch of IOUs. Of the aforementioned benefit deficit of $53 trillion, $34 trillion is owed for Medicare alone. Seven short years ago, the country’s entire entitlement shortfall stood at $20 trillion."

Just another alarmist piece aimed at the uninformed hand wringers. The dollar has been far lower then it is today. Back in the 1970's under the guidance of Jimmah Cahtah the dollar was in such bad shape that the French would not even accept them in payment for services used by American tourists, who were stranded there for a period of time while things were worked out. Back then about 25-30% of the entire worlds reserves were in dollars versus about 65% now. The dollar is and shall be the currency of last resort for as far into the future as one cares to look. If and when the sh*t truly hits the fan on this tired old planet, you will see a surge in the dollars value unprecedented in history as traders dump other more vulnerable currencies for the safety of the USA backed currency.

11 posted on 12/22/2007 7:39:50 AM PST by aroundabout
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To: Libloather
“And voters should only support candidates who unequivocally agree to stop squandering our children’s future.”

And just who might those candidates be?? Let’s face it, as far as spending goes there is little if any difference between the parties or the candidates. From where I sit we are on our own.Our leaders (Of all persuasions) are interested in their own interests - Or, after being elected, very soon adopt that philosophy.

12 posted on 12/22/2007 7:41:01 AM PST by TCats
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To: Libloather
Just three years ago G.W.Bush tried to address this Social Security problem by:
a) guaranteeing seniors their social security and
b) allow privatizing future recipients social security payroll deductions.
Loud howling from the Dem's and most of all from AARP the Dem’s best friend and true interest group.
We are looking towards degrade Social Security into a welfare program, where the income poor, and that is those who pay the least, are the only ones that receive Social Security.
Dem's will profit as there will be more poor ones which infallibly are true Dem voters.
13 posted on 12/22/2007 7:41:05 AM PST by hermgem (Will Olmr)
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To: BipolarBob
I wonder if debit ridden Citizens here will realize the Republic of Texas "kooks" were not so crazy after all. Especially when the Governor’s name is Martinez, not Perry, they can not get a job and things are starting to look like a blend of mexico and Rhodesia.

Nah, probably not.

14 posted on 12/22/2007 7:47:48 AM PST by TLI ( ITINERIS IMPENDEO VALHALLA)
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To: Libloather
$34 trillion is owed for Medicare alone

Just wait till we get a full-blown socialized medical system. That will be chump-change.

15 posted on 12/22/2007 7:49:22 AM PST by AmericaUnited
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To: Libloather
"Ain't gonna happen. If it feels good, they'll do it."

It may have felt good at one time, but my gut instincts tell me that's not the case anymore. I believe everyone in government knows the dire financial straights our nation is in, and they have decided it is a helpless situation they are fearful to tackle. I believe most Americans have a sense of how bad the situation is too.

The government created the mess. Congress cannot stop spending, therefore it cannot stop borrowing. If it did, the whole nation would soon learn what the federal government knows, but is fearful to admit. Without the government spending there is no segment of American society that can sustain the economy under current circumstances. Millions of people would find themselves out of work.

Americans cannot provide an economic replacement to the lost government spending if it ended. Too many Americans are already in a financial quagmire of debt.

American industries cannot provide an economic replacement if government spending suddenly ended as a large number of factories have been moved to other countries.

The nation has been stripped bare of any public segment that could support a sound economy. As a nation, we are up the creek, not only without a paddle, but without so much as a log to cling to.

We are living in a time of a false economy. If not for the government borrowing vast sums of money to be spent on every conceivable project, the truth of our financial straights would be painfully obvious to all immediately. Even the entitlements are no longer geared to assist retirees, but to get money into the hands of people that will spend it immediately to help mask the precarious situation.
16 posted on 12/22/2007 8:11:23 AM PST by backtothestreets (My bologna has a first name, it's J-O-R-G-E)
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To: Libloather
each American household owes $455,000 for these entitlements

And that is before we get the bill for the gifts under Hillary's "holiday tree."

17 posted on 12/22/2007 8:11:58 AM PST by outofstyle (My Ride's Here)
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To: backtothestreets

While that is true, the government could however flatline or slightly decrease spending—especially on ‘social programs.’ With time and inflatin, the real spending by the gov’t will go down significantly, and the private sector spending will go up picking up that slack.


18 posted on 12/22/2007 8:14:11 AM PST by rb22982
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To: Libloather

bmflr

.

.

.

According to Intrade, the winner of the December 12th GOP debate was... Duncan Hunter.
http://www.freerepublic.com/focus/f-news/1938773/posts


19 posted on 12/22/2007 8:17:04 AM PST by Kevmo (We should withdraw from Iraq ó via Tehran. And Duncan Hunter is just the man to get that job done.)
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To: rb22982

I agree. I just don’t see it happening in government voluntarily. I don’t see either political party as having the moral fortitude to make it happen either. Nonetheless, you are correct.


20 posted on 12/22/2007 8:22:04 AM PST by backtothestreets (My bologna has a first name, it's J-O-R-G-E)
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To: qam1; ItsOurTimeNow; PresbyRev; Fraulein; StoneColdGOP; Clemenza; m18436572; InShanghai; xrp; ...

Xer Ping

Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.

Freep mail me to be added or dropped. See my home page for details and previous articles.  

21 posted on 12/22/2007 8:25:07 AM PST by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
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To: samtheman
On this subject, Bush is part of the problem, not part of the solution.

Yeah, the President who finally got Soc Security reform on the table as a viable political issue instead of the "issue of death" and introduced the 1st elements for privatization into an entitlement program really is "part of the problem"

22 posted on 12/22/2007 8:25:52 AM PST by MNJohnnie (Hillary Clinton has never done one thing right. She thinks that qualifies her to be President?)
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To: samtheman
On this subject, Bush is part of the problem, not part of the solution.

President Bush attempted to address this in the 1st part of his second term and was stonewalled by Democrats and a good number of Republicans.

23 posted on 12/22/2007 8:31:58 AM PST by xrp (Ron Paul: The RIGHT way to vote for freedom.)
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To: ROTB

You pay a high price to be an individual. So few of our Presidents have been individuals.


24 posted on 12/22/2007 8:48:24 AM PST by freekitty ((May the eagles long fly our beautiful and free American sky.))
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To: Libloather

Thank you FDR Ping - way to sink the country! I can’t believe we still revere him and his socialist tendency buddies.


25 posted on 12/22/2007 9:23:11 AM PST by mek1959
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To: backtothestreets
We are living in a time of a false economy. If not for the government borrowing vast sums of money to be spent on every conceivable project, the truth of our financial straights would be painfully obvious to all immediately. Even the entitlements are no longer geared to assist retirees, but to get money into the hands of people that will spend it immediately to help mask the precarious situation.

Great post. You have summarized in a nutshell the logic of Keynesian economic theory. Pols like FDR and LBJ translated it into "spend, spend, elect, elect".

Now the government is like a heroin addict that needs to spend more and more to accomplish less and less.

My tagline tells you what I think we can look forward to in the next administration.

:-(


26 posted on 12/22/2007 9:30:07 AM PST by cgbg ("2009-2017: Gnarled and ugly,loud and preachy, fiscally and morally depraved.")
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To: Libloather

I will give anyone in this room the candidate of their choice for President. I don’t care who it is, that person when elected President will not be able to clean this mess up. This system of government is broken. It needs to be scrapped.


27 posted on 12/22/2007 9:35:59 AM PST by Plains Drifter (If guns kill people, wouldn't there be a lot of dead people at gun shows?)
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To: Libloather

To really study what each American owes, you should then study what each American owns. If you make a list of items that the American government owns and divide it by the number of citizens (what you did with debt)each American would get $1,750,000. I’ll take the difference! I might end up part owner of an aircraft carrier.


28 posted on 12/22/2007 9:49:25 AM PST by Blake#1
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To: Libloather

Two Words: Bill Me!


29 posted on 12/22/2007 9:55:46 AM PST by Mikey_1962 (Liberals want equality of outcome not opportunity.)
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To: Plains Drifter

Legislation comes from the legislative branch, not the executive.


30 posted on 12/22/2007 9:55:52 AM PST by LowCountryJoe (I'm a Paleo-liberal: I believe in freedom; am socially independent and a borderline fiscal anarchist)
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To: aroundabout

“The dollar has been far lower then it is today. Back in the 1970’s under the guidance of Jimmah Cahtah”

Is this where we want to be? The same economic conditions that existed then?

“Back then about 25-30% of the entire worlds reserves were in dollars versus about 65% now.”

The reason there has been such a large increase, is the fact that we are carrying such a large trade deficit. The scary thing is the dollar has declined this much in a time of economic growth in our country.


31 posted on 12/22/2007 10:30:01 AM PST by WILLIALAL
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To: cgbg
Keynesians like FDR and LBJ were bad, but always they faced a Republican Party that shunned Keynesian theory. When Richard Nixon* pronounced himself a Keynesian in 1971, Republican opposition faded.

I see an American generational “ideological war” looming in our future. Much has been said, both pro and con, about Ron Paul in his bid for the White House. Forgetting Paul for the moment, I see something more.

I see a great many young adults supporting Paul’s candidacy due to rightful indignation and fear of the financial burden politicians of earlier generations have planned for them. Among the older Paul supporters I heard them saying their generation must stop spending the inheritance of future generations. The younger supporters are driven by self-preservation, the older supporters by morals.

If I’m wrong, so be it. If I am correct, there will be another “civil war” in America we can only hope will be kept civil. The sides will not be determined by geopolitics, party affiliation, or even ideology as much as by age of the participants. Ron Paul's candidacy is the first battleground.

President Richard M. Nixon, 1971, “We are all Keynesians now.”

32 posted on 12/22/2007 10:54:05 AM PST by backtothestreets (My bologna has a first name, it's J-O-R-G-E)
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To: LowCountryJoe

That is why i said whatI said.


33 posted on 12/22/2007 11:02:20 AM PST by Plains Drifter (If guns kill people, wouldn't there be a lot of dead people at gun shows?)
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To: BipolarBob
"A delegation of Lakota leaders..."

Leaders in their own mind. They lost elections in the tribe and have no standing, other than wacko activists who get news coverage by reporters who don't fact check press releases. ("Russell Means" should have been a clue it was bogus.)

See http://www.freerepublic.com/focus/f-news/1942933/posts

34 posted on 12/22/2007 11:55:14 AM PST by Gondring (I'll give up my right to die when hell freezes over my dead body!)
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To: Libloather
In releasing the federal government’s 2007 financial report at the National Press Club earlier this week, Walker noted that each American household owes $455,000 for these entitlements — almost five times the net worth of the median American family. Just imagine having to pay a $455,000 mortgage but not being able to live in the house.

Ummmm....each household will be receiving $455,000 of these entitlements.

35 posted on 12/22/2007 11:55:27 AM PST by Toddsterpatriot (What came first, the bad math or the goldbuggery?)
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To: WILLIALAL
The scary thing is the dollar has declined this much in a time of economic growth in our country.

How much do you think the dollar has declined? Over what time frame?

36 posted on 12/22/2007 11:58:38 AM PST by Toddsterpatriot (What came first, the bad math or the goldbuggery?)
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To: Gondring

Go ahead and ruin my delusions with the ice cold water of reality.


37 posted on 12/22/2007 12:27:04 PM PST by BipolarBob (I've been stung by honey bees and bumblebees. I don't want no huckle bee.)
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To: Libloather
each American household owes is set to receive $455,000 for entitlements

I promised to pay my wife $500 million in 2020. My family is doomed, we'll never be able to come up with that much money!

38 posted on 12/22/2007 12:43:56 PM PST by Fan of Fiat
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To: Fan of Fiat

Too slow!


39 posted on 12/22/2007 12:49:33 PM PST by Toddsterpatriot (What came first, the bad math or the goldbuggery?)
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To: Fan of Fiat

Dang!


40 posted on 12/22/2007 12:53:32 PM PST by Fan of Fiat
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To: WILLIALAL
“The dollar has been far lower then it is today. Back in the 1970’s under the guidance of Jimmah Cahtah”

Is this where we want to be? The same economic conditions that existed then?

You seem to believe this is where we are headed, I do not

“Back then about 25-30% of the entire worlds reserves were in dollars versus about 65% now.”

The reason there has been such a large increase, is the fact that we are carrying such a large trade deficit. The scary thing is the dollar has declined this much in a time of economic growth in our country.

We are by far the worlds largest consumer. If they choose they may ask us to pay them in Euros, or Kroner, or Marks, or Yen. So why don't they? The answer is quite obvious, they want our business and do not want to price themselves out of OUR market. Until such time as America ceases to be the engine that pulls the worlds economic train, the dollar will continue to be the currency of choice for the plurality if not the majority of countries.

Over the years the dollar, like other currencies rises and falls and currently it is at a level close to it's historical average if not a tad above. It has even been strengthening relative to the Euro over the past few weeks. The whole thing is nothing more them media scare tactics designed to make people think the end is near and it is, of course, Bushes fault.

Have a Merry Christmas and a nice glass of wine. Don't worry about the dollar, it'll be just fine and so will we. After all we represent about 25% of the entire worlds GDP and as such we will remain at the fore for a long, long time to come.

41 posted on 12/22/2007 12:57:24 PM PST by aroundabout
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To: aroundabout
If and when the sh*t truly hits the fan on this tired old planet, you will see a surge in the dollars value unprecedented in history as traders dump other more vulnerable currencies for the safety of the USA backed currency.

That's true as long we maintain a position as the primary superpower in the world. The dollar basically is accepted anywhere because the bearer can always cash it in. If that ever changes, we become the Weimar Republic.

42 posted on 12/22/2007 1:01:53 PM PST by Bernard (If you always tell the truth, you never have to remember exactly what you said.)
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To: Libloather

I don’t “owe” nobody nuttin!


43 posted on 12/22/2007 1:02:20 PM PST by lonestar
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To: BipolarBob
Go ahead and ruin my delusions with the ice cold water of reality.

hehehe...that's a conservative's job, isn't it? ;-)

44 posted on 12/22/2007 2:20:44 PM PST by Gondring (I'll give up my right to die when hell freezes over my dead body!)
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To: Bernard
"That's true as long we maintain a position as the primary superpower in the world."

Nothing is forever but given our current military capabilities and our ongoing R&D programs to advance them, I cannot envision a future when we will not be the preeminent military power.

45 posted on 12/22/2007 3:42:09 PM PST by aroundabout
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To: Libloather; Abathar; Abcdefg; Abram; akatel; albertp; AlexandriaDuke; Alexander Rubin; Allerious; ..
Libertarian ping! To be added or removed from my ping list freepmail me or post a message here.
46 posted on 12/22/2007 3:51:15 PM PST by traviskicks (http://www.neoperspectives.com/Ron_Paul_2008.htm)
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To: Plains Drifter

>>>This system of government is broken. It needs to be scrapped.<<<

The next step comes when Augustus, having been granted the absolute powers, restores the republic and rules with peaceful beneficence. Good times for a while. Eventually, when the term becomes meaningless, we all get to be citizens.


47 posted on 12/22/2007 4:46:54 PM PST by redpoll
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To: Libloather; samtheman; AmericaUnited
No problemo ! Bernanke will just print more greenbacks 24/7 and drop $$$$$$$ from helicopters.
48 posted on 12/22/2007 7:12:27 PM PST by ex-Texan (Matthew 7: 1 - 6)
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To: lonestar
I don’t “owe” nobody nuttin!

Hold on tight. The RATS aren't done spending your money yet...

49 posted on 12/22/2007 8:10:10 PM PST by Libloather (Hillary donors find their way to the cover of Time. And the very next day they're doing it...)
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To: traviskicks

Since we’re all about “sustainability” nowadays:
Socialism ...is unsustainable.


50 posted on 12/23/2007 3:33:56 PM PST by 4Liberty (U.S. tax laws are enforced, Immigration laws arenít = global tax)
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