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  • delucks345 delucks345 Mar 11, 2013 2:28 PM Flag

    True Aim of Deficit Scare-Mongering: To Gut Social Security and Medicare

    bottom line is than those younger than 55 when the gop gets its way will pay for an unchanged medicare and social security for the geezers BUT ...... they will get screwed by the austerity pumping billionaire crowd. Oh well.
    the fact is:
    Debt, Deficits, and Demographics: Why We Can Afford the Social Contract

    November 2012, Dean Baker

    The emphasis on budget deficits in national policy debates over the last three decades has badly distorted national priorities. There has been an enormous amount of fundamentally confused thinking on budget deficits that has made its way into mainstream political debates. This paper shows that the potential harm from budget deficits has been seriously misrepresented and it is implausible that future generations of workers will see a decline in living standards due to the effects of an aging population. It also shows that the long-term deficit horror stories that appear frequently in public discussions are driven almost entirely by projections of exploding health care costs.

    This report was originally published by the New America Foundation.
    Report - PDF

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    • Four renown investor/economist types just on CNBC explaining the problems facing SS and Medicare. They know they are underfunded by $100 to 200 trillion to sustain the ponzi schemes in the future. Two predicted the 1999 meltdown and the 2007-2008 housing meltdown. They realized the numbers are not there to realistically sustain these programs when they analyzed the programs in 1996. But libiots in Congress refuse to budge ........until it will be too late.

      • 1 Reply to vanzinf
      • bs , just the wall street billionaires fear mongering... Social Security is no problem at all, and medicare is fixed by creating a medicare for all option...... fyi dean baker is a phd economist who also saw the housing fiasco coming, so there you go.

        Debt, Deficits, and Demographics: Why We Can Afford the Social Contract

        November 2012, Dean Baker

        The emphasis on budget deficits in national policy debates over the last three decades has badly distorted national priorities. There has been an enormous amount of fundamentally confused thinking on budget deficits that has made its way into mainstream political debates. This paper shows that the potential harm from budget deficits has been seriously misrepresented and it is implausible that future generations of workers will see a decline in living standards due to the effects of an aging population................

        The first section of this paper discusses the economy’s recent growth and projected future growth. It compares the projected gains from continued growth and contrasts these with the impact of an aging population. Under any plausible scenario, the benefits from growth will swamp any negative impact on living standards from an aging population.

        The second section examines how deficits can pose a drain on the economy. Specifically, it will point out the distinction between a deficit when the economy is near full employment and a deficit run when the economy has a large number of unemployed workers and a large amount of excess capacity. In the latter case, there is really no way that the deficit can be seen as imposing a drain on the economy. In fact, deficits in the latter case are likely to increase the well-being of future generations

 
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