Posted on 05/10/2022 9:57:12 PM PDT by RandFan
Partial transcript:
“So this time we have a worse financial crisis than last time and nobody gets a bailout, nobody gets a government check there is no TARP there is nothing and what does that mean that means the US government instead of sending stimulus checks to Americans who were struggling, who are unemployed the US government is actually going to send Americans a bill because the government is going to be forced to raise taxes on the people who still have jobs because that's the only way it can pay its bills but you know what else they're going to do they're going to cut Social Security, they're going to cut Medicare not for future recipients but for the people who are getting checks right now.
The government is going to have to tell people who are on Social Security and who vote you know what we don't have enough already the Fed is fighting inflation right now and so we don't have any extra money and the cost of paying the national debt has skyrocketed and you know we have to pay a lot of money to Japan and China and Saudi Arabia and we don't have any money left over to make Social Security payments so we're going to have to cut your payments. Now maybe they won't say that maybe we're going to say you know what we're just going to tell a Japanese to pound sand and we're going to tell the Saudis and the Chinese we don't have any money we're defaulting on US treasury’s because the only way we can pay Social Security is not to pay you and the people who get Social Security vote and you guys don't. I mean it's going to be some combination of this but can you imagine what would be happening in the US economy if we were doing that if we were defaulting on treasury’s and cutting Social Security raising taxes on the middle class this is all what has to happen if the markets are correct that Powell is committed to fighting inflation and doing whatever it takes but I know that's a fantasy there's no way Powell is going to do any of that at the first sign of real trouble the Fed is going to pivot, the Fed is going to call off these rate hikes in fact any rate hikes that have been delivered will be reversed.”
There will be a terrible financial crisis, but the government won’t do any of the things he is suggesting. What they will start doing is printing money like there is no tomorrow, so they can pay everybody. It will lead to Wiemar-style hyperinflation.
“If servicing the debt consumes the entire budget something’s got to give”
Yeah us, paing more taxes.
There’s no doubt it’s time to hunker down into survival mode.
paing = paying above; typo.
The older you get.
The less a life sentence matters.
When TCMDO exceeds 360 percent of GDP, a country’s economy almost always goes into unmanaged economic collapse.
We’re this [] close...
They have been pushing multiple rounds of QE to keep ahead, back filling the economy with debt.
It’s going to be so ugly, 2008 will look like a cake walk.
Just remember, it is by design. Cloward and Piven prepare for the great reset.
IF we are approaching the prophetic milestone that I think we may be, those without the “mark” (vax) will start feeling the pain soon. Such as, no SS or SSI for us unvaxxed cretins, and if we have a pension annuity it will be confiscated. Mortages in the name of the unvaxxed will be foreclosed even when current, by the lender exercising the “jeopardy” clause.
No services, especially banking and credit. It’ll be like we’re 17 again and using cash only, except we all have grown-up bills to pay which will be difficult to do with no services. Imagine having to visit the local offices of all your utilities every month to pay your bill in cash.
What I’m keeping an eye on is that mosque which currently stands where the Third Temple needs to go. If these times really are the end times, that mosque will become rubble or ionized gas, soon.
Not until every single non-constitutional, non-essential federal department and program is eliminated permanently, and at least 90% of the federal employees are fired. THEN maybe we can talk.
My idea is to replace the tax on business payrolls and the corporate income tax by a 14% VAT, earmarked for Social Security. & to have an 8% individual payroll tax with no cap, earmarked for Medicare. If SS & Medicare are 2/3 of the federal budget, it makes sense to reform taxes to pay for them, first—-and such a SUPPLY SIDE tax reform would reduce inflation & increase growth, too. If the Fed tightens now to reduce inflation caused during Covid 19 shutdowns, how will supply chains recover? It seems to me that revenues dried up during Covid 19 shutdowns—-which put many people out of work and business. Government increased spending during the pandemic to compensate for lost wages and revenues from the shutdown, for testing, for masks, for all that Covic spending pushed by Trump. Government had to borrow money to pay for this spending. The Fed bought up all this necessary new debt so it didn’t get dumped onto the bond markets and drive up interest rates. The Fed was trying to prop up the housing market and stock market during the Covid19 shutdowns so panic didn’t spread to financial panic. We are paying the price for that now with inflation, as things return to normal and unemployment rate falls below 4% again. But it’s crazy to worry about “runaway inflation” and kill the lending/borrowing environment for supply problems affecting prices before the economy has healed. People still need access to capital to fix what was broken. The way out of inflation is GROWTH, which is why Reagan used tax cuts and deregulation. GOP needs to get serious about balancing the budget again. but what we do NOT need now is another Fed-caused recession and crash.
What I fear is the Democrats creating new entitlements, regulations,and anti supply side tax changes that kill growth and healing and lead to more inflation, because they put a drag on the economy.
What happened in the 1970s is that fiscal and regulatory policy strangle economic growth and competition and innovation……and the Fed was tasked BY LAW to pump money into the economy to get growth and more jobs…..but all that money led to inflation, not growth. But when Trump cut the corporate income tax and deregulated, we got more competition, innovation, investment, business spending that drove up productivity and wages….and inflation fell.
I’ve been saying for two decades that the worst threat to the U.S. is the national debt.
They’ll never default, they’ll just continue to devalue the currency. At some point everyone will be a “millionaire”, but few will be able to afford to eat.
Ukrainians get the pensions. with ten percent for the big guy.
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It’s just the latest payment - and this is a long term boondoggle.
There is no end in sight, Treasury to unknown Ukrainian entities and black budget.
Medicare Trust Fund is exhausted in 2026. The USG will have to raise taxes or cut benefits or some combination of the two.
No problemo, they’ll just have to spend a little that has been saved up in the trust fund.
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There are like 3 out of 535 in Congress that have even politely questioned the use of all the Ukrainian funds at the expense of Americans.
People make this mistake of thinking comments here are mainstream or reflective. Congress will send Ukraine whatever they request + $20 Billion.
I saw a post on large Social Media site showing inner city Philadelphia, and comments on how the money was being sent instead to Ukraine.
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Just days after Mid terms, they’ll start with a bill to raise taxes.
They don’t care what the people think, that much is perfectly clear. It’s been a spending orgy since Biden walked in the door.
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if SS goes away, we'll be in the poorhouse....
But all the financial planners say to wait until you’re 70 to collect Social Security.
Won’t be anything left by then.
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