White House Shelved Comprehensive Treasury Deficit Report: 44 trillion dollar projected defecit

[tnitsuj]

From MSNBC

 

[Tiger]

THE STUDY, the most comprehensive assessment of how the U.S. government is at risk of being overwhelmed by the ?baby boom? generation?s future healthcare and retirement costs, was commissioned by then-Treasury secretary Paul O?Neill.

Nothing new.
The social security program was set up ass backwards in 1933. Instead of a pay as you go system the retirement costs of the current generation are passed onto the younger generation. This is why the social security trust fund needs to be liberalized and allow people to invest that money at a higher rate of return. Currently SS gets about 1% ROI. You could get triple that with simple certificates of deposit.

 

[IamDavid]

Bush wanted to do something about SS. The Dems freak if its even brought up. They say "your gonna starve old people to death".. Thats all the public hears and they believe it.

SS will never be fixed. Unless of course one party hold all 3 branches of government by a large majority... 2004 baby!!

 

[burnedout]

Upon reading the headline earlier this AM, there was little doubt that this issue would become a topic of discussion here. So if my math calculations are correct, so much debt would equal about $163,000 per U.S. citizen?

44,000,000,000,000/270,000,000 = 162,962

or (4.4 * 10^13) / (2.7 * 10^8)

 

[Lucky]

It estimates that closing the gap would require the equivalent of an immediate and permanent 66 percent across-the-board income tax increase

Oh yes, that would be fantastic for our economy. Raise taxes immediately and put the proceeds in a "locked box" to be used only benefits 75 years down the road. Won't be touched at all, what a fantastic idea.

 

[sMiLeYz]

Laurence Kotlikoff, an expert on long-term budget accounting, alleged in a recent Boston Globe editorial that the Bush administration suppressed the research to ease passage of the tax-cut plan

I'm not even shocked or suprised anymore, this adminstration sure wants to keep things secret.

However...

44. Trillion. Dollar. Deficit.

By god, almighty what is this administration doing to address this massive deficit? Besides passing more tax cuts for Rich people?

 

[athithi]

This is going to be as true as the gazillion dollar surpluses they predicted towards the end of the Clinton Presidency

I think Americans just like big numbers

 

[Mookow]

Originally posted by: athithi
This is going to be as true as the gazillion dollar surpluses they predicted towards the end of the Clinton Presidency

I think Americans just like big numbers

We like everything big... IIRC silicon implants were an American invention

 

[ElFenix]

Originally posted by: Mookow

Originally posted by: athithi
This is going to be as true as the gazillion dollar surpluses they predicted towards the end of the Clinton Presidency

I think Americans just like big numbers

We like everything big... IIRC silicon implants were an American invention

by docs from baylor college of medicine in texas, no less.

 

[ElFenix]

Originally posted by: Tiger

THE STUDY, the most comprehensive assessment of how the U.S. government is at risk of being overwhelmed by the ?baby boom? generation?s future healthcare and retirement costs, was commissioned by then-Treasury secretary Paul O?Neill.

Nothing new.
The social security program was set up ass backwards in 1933. Instead of a pay as you go system the retirement costs of the current generation are passed onto the younger generation. This is why the social security trust fund needs to be liberalized and allow people to invest that money at a higher rate of return. Currently SS gets about 1% ROI. You could get triple that with simple certificates of deposit.

you've got it wrong, the current system is a pay-as-you-go plan. the way it should be done is a fully-funded system, which reduces down to little more than a gov't mandated savings account

 

[charrison]

Originally posted by: ElFenix

Originally posted by: Tiger

THE STUDY, the most comprehensive assessment of how the U.S. government is at risk of being overwhelmed by the ?baby boom? generation?s future healthcare and retirement costs, was commissioned by then-Treasury secretary Paul O?Neill.

Nothing new.
The social security program was set up ass backwards in 1933. Instead of a pay as you go system the retirement costs of the current generation are passed onto the younger generation. This is why the social security trust fund needs to be liberalized and allow people to invest that money at a higher rate of return. Currently SS gets about 1% ROI. You could get triple that with simple certificates of deposit.

you've got it wrong, the current system is a pay-as-you-go plan. the way it should be done is a fully-funded system, which reduces down to little more than a gov't mandated savings account

You have it wrong, the current system is just a ponzi scheme. You only hold an IOU until you retire.

 

[Zebo]

I'm moving back to the motherland Sweden where they have a balanced budget and excellent infrastucture and social welfare system, you can keep my vested SS crap. cya. This country is being grifted from the top, not the bottom.

 

[JellyBaby]

It estimates that closing the gap would require the equivalent of an immediate and permanent 66 percent across-the-board income tax increase

If that happened I suspect the money would find itself being used on new spending. There is no lockbox with these weasels.

 

[ElFenix]

Originally posted by: charrison

You have it wrong, the current system is just a ponzi scheme. You only hold an IOU until you retire.

its a ponzi scheme yes but its still a pay-as-you-go system

 

[ElFenix]

Originally posted by: JellyBaby

It estimates that closing the gap would require the equivalent of an immediate and permanent 66 percent across-the-board income tax increase

If that happened I suspect the money would find itself being used on new spending. There is no lockbox with these weasels.

a lock box would do nothing but put a drain on the economy

 

[SuperTool]

We have mortgaged our future for a little economic stimulus now.
Hope it's worth it.

 

[BaliBabyDoc]

"It's a buget . . . it has a lot of numbers in it . . ."

"I don't understand this fuzzy math . . ."

 

[Dari]

Here's an idea: why don't people prepare for retirement? Is that so damn hard for people to contemplate? If you don't prepare, you should live in a project for old people. There is too much politics in this SS scheme. An independent body should scrutenize this issue and everyone should agree to abide by their ruling.

 

[Hayabusa Rider]

Originally posted by: Dari
Here's an idea: why don't people prepare for retirement? Is that so damn hard for people to contemplate? If you don't prepare, you should live in a project for old people. There is too much politics in this SS scheme. An independent body should scrutenize this issue and everyone should agree to abide by their ruling.

So, you're like 17 right?

 

[Dari]

Originally posted by: Hayabusarider

Originally posted by: Dari
Here's an idea: why don't people prepare for retirement? Is that so damn hard for people to contemplate? If you don't prepare, you should live in a project for old people. There is too much politics in this SS scheme. An independent body should scrutenize this issue and everyone should agree to abide by their ruling.

So, you're like 17 right?

 

[Hayabusa Rider]

Originally posted by: Dari

Originally posted by: Hayabusarider

Originally posted by: Dari
Here's an idea: why don't people prepare for retirement? Is that so damn hard for people to contemplate? If you don't prepare, you should live in a project for old people. There is too much politics in this SS scheme. An independent body should scrutenize this issue and everyone should agree to abide by their ruling.

So, you're like 17 right?

I say that based on your seeming lack of life experience. Sorry, but the "if you don't prepare" bit did not sit well. What I see quite often is people spending their retirement for health care of a family member, or other unforeseeable events. I can tell you this, life never goes to plan.

 

[Dari]

Originally posted by: Hayabusarider

Originally posted by: Dari

Originally posted by: Hayabusarider

Originally posted by: Dari
Here's an idea: why don't people prepare for retirement? Is that so damn hard for people to contemplate? If you don't prepare, you should live in a project for old people. There is too much politics in this SS scheme. An independent body should scrutenize this issue and everyone should agree to abide by their ruling.

So, you're like 17 right?

I say that based on your seeming lack of life experience. Sorry, but the "if you don't prepare" bit did not sit well. What I see quite often is people spending their retirement for health care of a family member, or other unforeseeable events. I can tell you this, life never goes to plan.

You're right. I'm young so all this is yet to be experienced. But I am learning how not prepare for my retirement. We Americans have chosen to live in a society that preaches the virtues of the individual and the limitations of government. We must come to the realization of its inherent disadvantages. Social security is one of them. That is why I say that everyone should prepare for the inevitable. At the very least, an independent body should study this issue.

 

[Hayabusa Rider]

Originally posted by: Dari

Originally posted by: Hayabusarider

Originally posted by: Dari

Originally posted by: Hayabusarider

Originally posted by: Dari
Here's an idea: why don't people prepare for retirement? Is that so damn hard for people to contemplate? If you don't prepare, you should live in a project for old people. There is too much politics in this SS scheme. An independent body should scrutenize this issue and everyone should agree to abide by their ruling.

So, you're like 17 right?

I say that based on your seeming lack of life experience. Sorry, but the "if you don't prepare" bit did not sit well. What I see quite often is people spending their retirement for health care of a family member, or other unforeseeable events. I can tell you this, life never goes to plan.

You're right. I'm young so all this is yet to be experienced. But I am learning how not prepare for my retirement. We Americans have chosen to live in a society that preaches the virtues of the individual and the limitations of government. We must come to the realization of its inherent disadvantages. Social security is one of them. That is why I say that everyone should prepare for the inevitable. At the very least, an independent body should study this issue.

I'll go along with you there. Some form of reform is needed, and some organization or body needs to be given free reign to come up with ideas and be able to give realistic cost estimates free from party bias. How the heck you do that though is beyond me.

 

[charrison]

Originally posted by: Hayabusarider

Originally posted by: Dari

Originally posted by: Hayabusarider

Originally posted by: Dari
Here's an idea: why don't people prepare for retirement? Is that so damn hard for people to contemplate? If you don't prepare, you should live in a project for old people. There is too much politics in this SS scheme. An independent body should scrutenize this issue and everyone should agree to abide by their ruling.

So, you're like 17 right?

I say that based on your seeming lack of life experience. Sorry, but the "if you don't prepare" bit did not sit well. What I see quite often is people spending their retirement for health care of a family member, or other unforeseeable events. I can tell you this, life never goes to plan.

And relying on someone else to take care of you is really bad plan to rely on.

 

[Zebo]

Originally posted by: charrison

Originally posted by: Hayabusarider

Originally posted by: Dari

Originally posted by: Hayabusarider

Originally posted by: Dari
Here's an idea: why don't people prepare for retirement? Is that so damn hard for people to contemplate? If you don't prepare, you should live in a project for old people. There is too much politics in this SS scheme. An independent body should scrutenize this issue and everyone should agree to abide by their ruling.

So, you're like 17 right?

I say that based on your seeming lack of life experience. Sorry, but the "if you don't prepare" bit did not sit well. What I see quite often is people spending their retirement for health care of a family member, or other unforeseeable events. I can tell you this, life never goes to plan.

And relying on someone else to take care of you is really bad plan to rely on.

Two points a) they took care of two generations at least during thier working time and b) SS has always run a surplus, I really don't see how it's in trouble at all unless the politicians keep sucking off the excess.