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The Debt Ceiling Debacle Is Only The Beginning Of A Major Fiscal Crisis
the Business Insider ^ | 7/28/2011 | Grace Wyler

Posted on 07/28/2011 4:11:11 PM PDT by taildragger

If you think the current debt ceiling circus is bad, just wait for the real debt crisis. Peter Coy at Businessweek writes today that the debate over raising the debt limit ignores just how ailing the nation's fiscal health really is. Here are the highlights from his piece: The national debt is only a small part of U.S. liabilities. Failure to raise the debt ceiling would hurt the global financial system, but the threat is minimal compared to the real danger: Sharply rising healthcare costs combined with the aging baby-boomer generation. The U.S. is in danger of reaching a generational tipping point at which older Americans have the clout to vote themselves benefits that sap the strength of the younger generation—benefits that can never be repeated.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Extended News; Government
KEYWORDS: aarp; bankrupt; broke; crisis; debt; government; greed; spending
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To: CharlyFord

Damned rights I said it with a straight face. And pretty soon the public is going to have to face the reality too. We’re broke! Headed for a major depression. The big spending socialists, progressives and RINOS must be stopped before the country goes under!


21 posted on 07/28/2011 6:21:06 PM PDT by Jim Robinson (Rebellion is brewing!! Impeach the corrupt Marxist bastard!!)
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To: taildragger
It is quite simple. It will not happen.

Wishes are not reality. The Boomers will not have a pleasant end.

22 posted on 07/28/2011 6:29:15 PM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: Jim Robinson
We agree on where the Country is headed and what's causing the problem. But, I don't see a voting population that is capable of electing the leadership that's needed.

The last time we got in trouble like this, the 1930s, the Country elected a socialist, FDR. The Country was saved by FDR having to turn to private industry to build the war materials for WWII. The voters didn't save us. War did.

Why can we expect voters to do a better job this time?

23 posted on 07/28/2011 7:01:13 PM PDT by CharlyFord (t)
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To: taildragger

“all Liabilities are in the 211 Trillion Dollar Range.’

And what are the assets range?


24 posted on 07/28/2011 7:53:10 PM PDT by Rennes Templar
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To: taildragger

If you ask me we reached a generational tipping point about 20 years ago. Older Americans have been financially screwing over younger Americans for decades by receiving far more in social security and medicare benefits than they ever paid into the system, even when adjusting for inflation and a return on investment. There will have to be reductions in benefits for affluent seniors, or this country will go bankrupt and we’ll see serious inflation as the government debases the dollar to tax everyone heavily through inflation. When will Pelosi and Reid start to tell the truth about entitlement spending?...probably never.


25 posted on 07/28/2011 9:30:29 PM PDT by socialism_stinX (We need a decline of statism and a revival of individualism and personal responsibility in America.)
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To: taildragger

“I am not sure we can get out of this.... “

There will be a resolution, though you won’t like it.

See what’s gonna happen here:
http://www.youtube.com/watch?v=TYKAbRK_wKA

Just sayin’....


26 posted on 07/28/2011 10:22:21 PM PDT by Grumplestiltskin (I may look new, but it's only deja vu!)
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To: Publius6961

excellent excerpt. Thank you


27 posted on 07/29/2011 12:53:03 AM PDT by Cronos ( W Szczebrzeszynie chrzaszcz brzmi w trzcinie I Szczebrzeszyn z tego slynie.)
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To: CharlyFord
we need to cut, cut a lot, but how do we handle people who are so used to feeding at the trough? I believe SS, Medicare need to be eliminated completely. Obamacare should be killed off immediately. Cut 60% of departments, kill off the EPA, etc.

But how to handle the people who are used to getting their bread and circuses? There will be war... but there will be war when we default as well.... dang it, there is no way to avoid that.

28 posted on 07/29/2011 12:59:31 AM PDT by Cronos ( W Szczebrzeszynie chrzaszcz brzmi w trzcinie I Szczebrzeszyn z tego slynie.)
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To: Grumplestiltskin

Nice link. But those folks aren’t chinese, they look Thai :)


29 posted on 07/29/2011 1:02:39 AM PDT by Cronos ( W Szczebrzeszynie chrzaszcz brzmi w trzcinie I Szczebrzeszyn z tego slynie.)
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To: taildragger
To heck with the "balanced budget amendment" - I want the Thomas Jefferson Amendment
30 posted on 07/29/2011 1:05:06 AM PDT by EternalVigilance (For decades they've kicked the can down the road. Sorry, but there's no more road.)
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