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  #1  
Old 10-17-2006, 01:36 PM
Hatterasguy's Avatar
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Social security and Medicare collapse? Plan B

"In 1994, Kent Smetters and Jagadeesh Gokhale actually spent the time to calculate as of 1994 what the US govs obligations to the American people were."$72,000,000,000,000

Over the next few years the baby boomer generation will start to use SS and Medicare. Its pretty odvious that the government simply cannot pay for this, 75m people all expecting what $500-$1k a month? This will lead to a collapse of these systems, ie the US government will say sorry about that but we can't pay you.

The next step is the baby boomers will start to withdraw from there mutual funds, CD's, and 401k's. Imagine that, anyone want to bet on what the markets do? All you need is a slight drop before panic sets in. Then everyone will be selling in order to protect what retirement savings they have left. And the market will drop, maybe crash.

Don't worry it gets better! The US gov my not want to admit it cannot pay its obligations. So they will do what they have been doing for the past 10+ years, print a lot more money. Hyperinflation anyone? All of a sudden your $100k in savings is worth $5k or less?

Then other nations start calling our debt due and the whole house of cards comes crashing down, 1929 all over again.

I believe from what I have seen and read that this will be the point of a huge shift in this society. What will emerge from the wreckage will be anyone’s guess, but I do know US society as we know it will change. The middle class is already dieing and this will wipe it out. When we come out on the other side we will be a two class society, along with most of the world.

From what I have read and the predictions that I have seen, I think 2008-2015 is the time frame.

Don't buy it? Donald Trump does, as does Robert K, and others. Both men have been saying this since the late 90's.

The currant administration isn't doing much, and neither have the past ones. We can only hope the next president has enough balls to grab the politcal third rail, and cut until it hurts. We also have our selves to blame, as a society we expect the government to take care of us. But thats just not the case.

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  #2  
Old 10-17-2006, 01:46 PM
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Social Security = the Federal Gov. legalized larceny of the middle and lower classes.

Medicare = a joke to pay for hyperinflating healthcare due to:

1. Many uninsured that we all end up paying for.
2. Large legal awards that feed the legal community more than the injured parties, and causes insurance to go up.

Unfortunately, I too see the beginning of the end for the US. You can't live on debt forever. This goes for the fed as well as the average US citizen who refinanced his house to buy a new car or whatever consumer good. We used to finance a large percentage of our debt domestically, but that is a thing of the past. The Chinese will own us one day, unless we do something now!
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Old 10-17-2006, 01:49 PM
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If one puts it in a context like this it makes perfect sense.

Say you make $50,000 a year, but have a $70,000 per year life style. So you borrow the extra $20k per year, how long can this go on? Probably for quite a while, but eventually you will go bankrupt.

In a nutshell thats what the fed is doing on a massive scale.
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  #4  
Old 10-17-2006, 02:39 PM
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Quote:
Originally Posted by riethoven View Post
Unfortunately, I too see the beginning of the end for the US. You can't live on debt forever. This goes for the fed as well as the average US citizen who refinanced his house to buy a new car or whatever consumer good. We used to finance a large percentage of our debt domestically, but that is a thing of the past. The Chinese will own us one day, unless we do something now!
The time to do something has probably already past. And I agree with your collapse timeframe, 5 to 10 years, if not less.

I honestly see no need reason to be optimistic, the indicators for collapse should be apparent to anyone who has the slightest amount of insight for the future. No I'm not claravoyant. I just have a fair grasp on realality, unlike many who Americans who believe the party will last forever based on nothing but unfounded optimism that our countries future is strong and secure.

I have lived a good and bountiful life, but this is not the country it was 20 years ago that enabled me to develope an optimistic outlook. I really hope I'm wrong about all this, but I don't see any alternative directions on the horizon, and the clock is ticking.

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Last edited by 450slcguy; 10-17-2006 at 06:08 PM.
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  #5  
Old 10-17-2006, 02:47 PM
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Quote:
Social Security = the Federal Gov. legalized larceny of the middle and lower classes.

Medicare = a joke to pay for hyperinflating healthcare due to:

1. Many uninsured that we all end up paying for.
2. Large legal awards that feed the legal community more than the injured parties, and causes insurance to go up.
Agreed.
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  #6  
Old 10-17-2006, 02:48 PM
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hoorrraaayyy we're fcuked
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  #7  
Old 10-17-2006, 06:40 PM
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Screwed no. I think that like any collapse something will come form the ashes. Look at when the Soviet Union fell apart, fortunes were made!

I think the coming crash will give some people the chance to create fortunes on the rebound.

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