Posted on 08/19/2010 2:00:27 PM PDT by JohnRLott
In Ohio on Wednesday President Obama announced that Social Security "is not in crisis" and that only "modest adjustments" are required. He has long promised that his health care plan will not add "one dime" to the deficit. Yet, a new report from the International Monetary Fund concludes that, long-term, our government is in worse financial shape than Greece, and that this problem is driven in large part by both programs, particularly the new health care plan.
Greece has built up so much debt and so many financial obligations that the difference between all future expenditures and revenues, the so-called "fiscal gap," equals 11.5 percent of its GDP for perpetuity. In other words, as things are currently scheduled, every single year, forever, government expenditures will exceed revenue by 11.5 percent of GDP. . . .
Well, a new IMF report on the United States issued on July 12th estimates that the U.S. fiscal gap is about 14 percent of GDP. . . .
(Excerpt) Read more at foxnews.com ...
This is not a surprise if you’ve been paying attention to the deficits that we’ve been accumulating. This Congress needs to go and it’s time to cut everything across the board.
Like I said.....Don’t worry about. The President is thinking about it while on vacation. You’ll see the worried look on his face while eating ice cream.
Short term investments: Food, guns and ammo.
This is Cloward Pivens writ across an entire nation. When we fall it’s going to leave a mark on the entire world for centuries.
ping
Oh, I believe it, I just don’t LIKE it.
We can fix it in no time.
Execute everyone the day after retirement.
No pay out for social security or medicare and then confiscate their wealth.
We’re much bigger than rome was. And we’re STILL finding their stuff.
Bush paved the way for Obama.
We don’t have Germany to bail us out.
My uncle just passed away a few weeks ago at the age of 60 from cancer of the unknown primary. He paid into Social Security for 40+ years. He never married and didn’t have any children. He never drew disability payments or any kind of Social Security benefit. He worked until the day he died.
The government kept every penny of what he paid into Social Security. We couldn’t even get the paltry $255 death benefit to help pay for the grave marker.
sick government
W. Cleon Skousen, in his book “The Naked Capitalist” corroborated much of what Mr. Griffin had previously stated. Skousen wrote: “Most Americans have probably forgotten that it was the Soviet Union which insisted that the headquarters for the United Nations be set up in the United States.”
As long as the US is the fittest horse in the glue factory, it will not fail.
Borrowing money to give it away is never a good plan.
God damn America
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