how will they pay for all the obligations, social security, medicaid
over 100 trillion of obligations and how many trillion in debt. they can either earn all this money by tax collection. what is that about 1/2 million per taxpayer. Yeah right, or they can print, or they can default. they are printing, due to the fragileness of the economy, they cannot raise interest rates. so unless they stop printing and cause a depression, I think silver may start going up just like health care cost sooner than you think.
According to Dailyfinance, the US ranks no. 55 on top tax bracket rate, and ranks no. 1 for debt.
Someone will pay one day, just not today. I think the rich have gotten off easy, government employees- very easy, SS recipients- easy, future taxpayer- very hard.
You are correct. 'no worries'.
buy silver now. You'll be glad you did.
In 12-24 months the CBO and OMB both project the deficit to increase over current levels, accelerate and never drop again past 2020. If you search OMB deficit/debt projection to 2020, it's revealing.
The answer is to kick the can, pay yourself first (gov't employees), tell the public they are ok, massage the data, print, obfuscate.
good post, I looked up more on the recent projections (from Feb 2014 article)
The federal budget deficit has fallen sharply during the past few years, and it is on a path to decline further this year and next year. CBO estimates that under current law, the deficit will total $514 billion in fiscal year 2014, compared with $1.4 trillion in 2009. At that level, this year’s deficit would equal 3.0 percent of the nation’s economic output, or gross domestic product (GDP)—close to the average percentage of GDP seen during the past 40 years.
As it does regularly, CBO has prepared baseline projections of what federal spending, revenues, and deficits would look like over the next 10 years if current laws governing federal taxes and spending generally remained unchanged. Under that assumption, the deficit is projected to decrease again in 2015—to $478 billion, or 2.6 percent of GDP. After that, however, deficits are projected to start rising—both in dollar terms and relative to the size of the economy—because revenues are expected to grow at roughly the same pace as GDP whereas spending is expected to grow more rapidly than GDP. In CBO’s baseline, spending is boosted by the aging of the population, the expansion of federal subsidies for health insurance, rising health care costs per beneficiary, and mounting interest costs on federal debt. By contrast, all federal spending apart from outlays for Social Security, major health care programs, and net interest payments is projected to drop to its lowest percentage of GDP since 1940 (the earliest year for which comparable data have been reported)"
while I am very dissappointed in all levels of gov't employees ability to push back against pension reform (my highest concern for their compensation packages)....I have never gotten an impression of a concerted lying to the public about everything being rosy. Where are they saying that ?