McArdle: U.S. Budget Deficit to Pass $1.5 Trillion This Year
Denninger: Here It Comes (Social Security)
Think there’s a happy way out of this?
>How much of that Social Security is being sent to Mexico and other countries? As I recall, Social Security was originally intended for 'old' people. Now it is paying for loafers, slackers, alkies, druggies and whatever "disability" they can dream up. The system is being bled dry.
>I recently had someone give a very convencing talk about SS, and that we're just about at the point where even a 100% tax rate won't be enough.So . . .That's a bad thing, right?Hudson: We're on an express elevator to hell; going down!
>I sat next to some "social workers" this morning on the train ride into work who were discussing their substance- abusing siblings and "clients" having such a "tough time" because of their "inadequate fixed incomes." "No wonder they so often end up in prison and mental hospitals."What a wonderful world we live in.
>Mainstream media begin to catch up to Denninger. http://headlines.verizon.com/headlines/portals/headlines.portal?_nfpb=true&_pageLabel=headlines_portal_page__article&_article=3300505 My Obama-voting neighbor who is on disability income even though she can still work now and then as a physical therapist charging acquaintances and getting paid tax-free while she condemns Sarah Palin and all conservatives for opposing unconstitutional "free" healthcare and rides for free in my car as she complains about the price of gas and complains about having to fill out a form every time she gets 50 pounds of free food from the church food pantry as she casually mentions that she'd never own a gun but does have thousands of thousands of dollars in real jewelry in her house, where it's hard to walk because of boxes of debris every square foot… Even though her current income is twice my working wife's, she's facing ANOTHER bankruptcy because, she says, she loaned a friend — also on SSI — about a hundred thousand dollars she'll never see again. He sells near-depleted food stamp cards as full-value ones, buys liquor with the money and crashes at friends' houses. I gave HIM a free ride to buy a new suit for a friend's funeral. I wish I could afford new clothes. The government they love taxed my severance pay at 29% and my unemployment checks at 10%. I just took a $350 course so I can take a $120 test to be certified for a $10 an hour job. I used to make twice that with some college, no degree.
>Social Security and Medicare are easy fixes. All the government has to do is go Logan's Run and initiate some form of carousel. Eventually, that will be an easy sell to the remaining workers who support the retirees.
>Precisely, there is no happy way out of this. The AmeriKan populace doesn't get it -yet. To fix this it's going to get expensive in dollars, dollars many of us simply don't have. If we do have, da gubmint will expropriate somehow. Or expensive in bullets as those that are tired of being robbed of their livelihood and liberty fight back. The disconnected criminals in DC refuse to listen to NO and STOP, so what choice is there? -Or more likley, both. I hope I'm wrong, but it ain't lookin' good.Bob K
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