Tuesday, March 3, 2015

Hard to Believe II -- Updated for 2014 and the ACA

I think that our readers and commenters are smarter than the national average. We don't get into giant flailing arguments and I generally enjoy everyone who take the time to comment. So I hope I didn't come off as abrupt in my last post where I used a quote from a comment. Michael, if you're still one of our readers, look up this information, do your own verification, and if I'm wrong on this, please show me the alternative numbers and your sources. I promise I will post them right here.

The information I have says the in less than two decades, all projected tax revenues will be consumed by just three federal programs (Medicare, Social Security, and Medicaid, which includes CHIP and Obamacare) and the interest on the debt.

I'm in the demographic that's going to load the system in the coming years. My wife is eligible for all of this in 4 years. I become eligible a few years later. We are two of 80+ million boomers. We all paid in far less than we will draw out. But even if we had paid in the full amount we could draw, it's already been spent. It's gone. All that remains is an I.O.U. from the federal government to itself. 

They are trying to cover this by spending a trillion dollars a year more than they have. And by "they" I mean all of them, left and right, Dems and GOP, Executive and Legislative. 

If it's not already too late to put on the brakes, it's very close.


burt said...

Oh, it's definitely too late to put on the brakes. And neither of the two major political parties - otherwise known as "our masters" - are willing to do what needs to be done.

Proof? DHS will soon be fully funded. Even the small (relatively tiny, budget-speaking) amount to support Obama's illegal "illegal alien" residence program couldn't be cut.

If we can't cut funds to a program that provides financial support to illegal aliens, we'll never cut anything. Ever.

The term "doomed" doesn't even begin to describe this country's oncoming financial disaster.

If there's any schadenfreude to be found, it'll be that the ultra-rich who made their money on Wall St and who have been thumbing their noses and laughing at us Ford-drivers from the back of their chauffeur-driven limos will be worse off than those of us who have managed (or, truthfully, been forced) to live a frugal life.

R.K. Brumbelow said...

Sorry but at this point I have nothing but a small piece of schadenfreude. I tried for 3 years to raise funds for treatment, and not simply asking people for funds but offering work and goods in trade for support. I got no response other than one person telling me how to set up a business plan and 3 people that passed the issue along. I could have already been back into productive work providing money into the economy and system, but instead will spend the remainder of my life sucking funds out of it. Fortunately, that time will not be particularly long.

Michael said...

Of course I am still one of your readers, what makes you think your posting would offend my sensibilities! In fact I am honored to be mentioned by name in a post. I don't have any data contrary to share, which is really sad because your predictions are pretty dire for this once great nation. My comment was more of a shocked reaction to a certain economic implosion! It is something my head agrees with but my heart wants to reject. After all, I have grandchildren that will have to live through such trying times as are certainly ahead. But please, keep destroying my fantasy with fact, we all need to be aware of the sad truth that our fed govt is leading us to an economic ruin that is within our lifetimes.