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On Rick Santelli's "Meet The Press" Appearance, A $113 Trillion Future Rounding Error, And The Metamorphosis Of The American Dream To A Nightmare
Today, appearing on Meet The Press, in addition to Susan Rice, Dick Durbin, Lindsey Graham, Jennifer Granholm, Harold Ford, and Ed Gillespie was CNBC's uber contrarian voice, Rick Santelli. The topic: reigning in government spending, a topic which will be with America until its last bond issuance, sometime in the next 5 years. And while Rick was quite subdued this time around (it seems the CBOT voice only sees red when confronted with the likes of Steve Liesman), he did compare the crisis facing America now to the events from 9/11... "I think this is an issue that needs to be put out into the air and
see--many, many other states, ultimately, might have--not have the same
balance sheet as Wisconsin, but I think, ultimately, collective
bargaining, even from a federal level, these are big issues, and these
costs need to be put under control. If the country is ever attacked
like it was in 9/11, we all respond with a sense of urgency. What's
going on on balance sheets throughout the country is the same type of
attack." He also noted the critical Illinois muni situation whose alternative is a forced austerity plan (and considering that various Wisconsin politicans received death threats over what is finally being perceived a loss in some entitlement benefits, the outcome of inevitable austerity in America will not be pretty): "Senator Durbin is from my state: $3.7 billion muni issuance that they need to bring to the market. They
haven't paid vendors. You know, it has come to the crossroads where if
we don't start to make the changes that the governor and the congressman
know are going to take time, we will have austerity forced on us, and
that type of austerity is going to be much messier. There really isn't
much opportunity for debate here. We do need action." But most importantly is the realization that nobody has any idea what to do, and as an article just penned by the Global and Mail screams, "Wake up, Americans. Your economic dream is a nightmare." Luckily, with everyone's head in the sand, nobody really minds.
Clip from Meet the Press (and full transript here):
Visit msnbc.com for breaking news, world news, and news about the economy
And now for some facts: On February 28, 2001 George Bush said this about his 2002 Budget: “It will retire nearly $1 trillion in debt over the next four years.” Instead, US debt, which at that point was $5.7 trillion, rose to $7.7 trillion. $3 trillion rounding error? Also in the same budget, Bush predicted a $5.6 trillion surplus over the next ten years, which would wipe out all of America's debt by 2011. The latest debt figure was $14.1 trillion. A $14.1 trillion rounding error, or a nearly five fold increase in "rounding errors" in a decade. At this point, the 2021 total debt (including insolvent Social Security) is expected to be $24 trillion. Applying the same rounding error variance to government "projections" means... $113 trillion in debt?
Most jarring, total US Debt to GDP will be over 100% in under 6 months. Paging Reinhart and Rogoff...
A little more on future rounding errors as per Bill Buckler's latest Privateer:
As did Mr Bush’s fiscal 2002 budget, Mr Obama’s fiscal 2012 budget delivered on February 14 includes projections ten years into the future. Unlike Mr Bush’s projections, Mr Obama’s projections for the period between now and 2021 do not contain a single budget surplus. Instead they add up to a cumulative deficit over the next ten years of $US 7.2 TRILLION. The biggest projected annual deficit - $US 1.65 TRILLION - is for the fiscal year ending on September 30, 2011. The smallest - $US 619 Billion - is for fiscal 2018. By 2021, the total annual outlay of the US government is predicted to be $US 5.697 TRILLION. That is an increase of 49 percent over the projected outlay for the current (2011) fiscal year. By 2021, the total annual revenue of the US government is predicted to be $US 4.923 TRILLION. That is an increase of 126.5 percent over the projected revenue for the current (2011) fiscal year. By 2021, government revenues are predicted to have risen 2.5 times as fast as government spending.
How is this to be done? GDP is “projected” to rise from $US 15.1TRILLION to $US 24.6 TRILLION.
The surreal nature of watching as this country dissolves into insolvency prompted the Globe and Mail to write the following must read article, "Wake up, Americans. Your economic dream is a nightmare":
Our southern friends are living the American dream these days, a dream that’s removing them from reality. Their federal legislators, including the President, are imagining a brilliant future that cannot be. None of them, it would appear, wants to awaken Americans from this dream.
The dream? Economic recovery followed by the return of prosperity, built on borrowed money. And not just some borrowed money, but trillions and trillions of borrowed money.
In this scenario, the rest of the world will keep lending to the United States, borrowing costs won’t rise, inflation will be banished, and the punishment that would befall almost any other country that ran such a lopsided budget will not strike the U.S.
Like all dreams, this one has lost touch with reality. In Washington, legislators seem to accept that amassing trillions of dollars of additional debt is a bad idea. Then they argue furiously about a mere 12 per cent of the budget that, even if half of it were to be eliminated, would still leave the government in a deficit position this year.
The discretionary part of the budget contains programs people count on, everything from education to the environment, food inspections to basic research, farm aid and student assistance. The other parts of the budget are debt, the military and the so-called entitlement social programs of health care for the poor and seniors and social security.
Two bipartisan non-governmental commissions have instructed the country in simple arithmetic: namely, that the budget can’t be restored to sanity without cuts to discretionary spending and entitlement programs, and tax increases. In the dreamland of U.S. discourse, however, no one wants to talk about cuts to entitlement programs or tax increases. Worse, just before Christmas, Congress and the President forged a deal that continued the fiscally ruinous tax cuts of George W. Bush, the ones so tilted toward the already wealthy, and pumped even more discretionary spending into the U.S. economy.
American friends who despair of dreamland discourse acknowledge that it will take a “crisis” to awaken enough people so serious action can occur, instead of the shadowboxing that passes for action.
What would constitute a “crisis”? The stock market is roaring; happy days have returned to Wall Street financiers. Interest rates are low. True, the unemployment rate is above 9 per cent, but that means 91 per cent of Americans are working.
Would a huge run on the dollar be a “crisis”? Would a serious surge in inflation? Or a nose-diving stock market? Or another housing plunge? Or all of the above? No one wants any of the above, but what will it take to awaken Americans from their dream?
It might have been thought that their President would try to alert them to the damage being done daily to their future, and to the serious shift in world power and influence away from a country so hobbling itself with debt.
Barack Obama has obviously calculated that the political risks are too great for candour, so he, too, operates within the dream by proposing some restraint on discretionary spending without touching the entitlement programs, the military or taxes. In this, he is complicit with Republicans in deforming the nature of the debate and ill-informing Americans.
He has obviously reckoned that, with the Republicans believing the problem can be solved by discretionary spending cuts alone, he isn’t going to do anything credible before the next election.
So health care for seniors and the poor continues to rise by 8 per cent annually. The bloated Pentagon budget will be a staggering $670-billion. Still, the Secretary of Defence says any cut of more than $9-billion would cripple the nation’s capacity to defend itself.
With a 5-per-cent national sales tax, of the kind every other industrial country has implemented, the U.S. would be halfway home to budgetary solvency. In dreamland, however, such a dose of reality is unthinkable.
Unfortunately, dreamland will soon be nightmareland. And nobody will have seen it coming. Nobody.
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I don't think Obama will live to see the elections in 2012. He came out of nowhere with one year experience as a junior senator and rep of the very corrupt group ACORN. He was selected and groomed, then given exposure. The media gave him coverage, etc... Basically, he is a throw away shill for TPTB. When he has outlived his usefulness to them, he will be "Kennedy-ized."
The nationwide black riots following will lead to more militarization of law enforcement. Combined with the contrived ongoing economic debacle, TPTB will win in taking over the country.
That is one of the most "interesting" conspiracy theories I have read on the internet.
There is an old saying "Clogs to clogs in three generations" and it often proves to be true. In essence, the grandfather or possibly great grandfather is a hard man who works his balls of to build his company from nothing. He started with nothing, he expects nothing from anybody, and creates prosperity by dint of sheer hard graft. His son, the second generation, consolidates and builds on his father's efforts. The grandchildren, raised in comfort as a result of the toil of the previous generations, spend their time arguing about who should have what, and ultimately squandering their inheritance.
As with families so with countries. The United States was built on the effort of millions of individuals who worked tirelessly to build that great nation. They expected nothing from the state, rather they were able to create wealth free of the state's interference, and the state benefited massively from their exertions. They were the grandfathers. Up until roughly the 1960's the second generation were in charge, consolidating on the work of their forefathers. But now nearly every politician is interested only in how the pie can be shared out rather than increasing the size of the pie. They have promised their populations the earth, and when they cannot deliver on those promises out of income, they mortgage the future to provide the largesse which their populations happily lap up.
Meanwhile, out in the big wide world new hard men emerge, whose populations have no expectations of state largesse, and the force and vigour that they possess eclipses the navel gazing family busy arguing about who should have what. China represents the new hard man.
This is the cycle of empires. Just look round you, Egyptians,Chinese,Greek, Roman, Byzantine (Iraq), Spanish, Hapsburg the list just goes on an on. Why should the US be any different? And the common themes of each and every one's demise? The prohibitive military cost of protecting the imperial boundaries, the unsupportable cost of providing for the expectations of their populations (bread and circuses), the corruption of their elites into self serving plutocrats. and finally, the debasement of their currency as they attempt to pay for the unaffordable. The collapse may well be a long time in coming, but it appears to be the inescapable historical cycle.
My Mother used to say that there would only be Rich people and Poor people. That at some time in the future there would be no Middle Class. I believed her.
I worked really hard, saved every dime, lived well below my means. Instead of contributing to an IRA I used the monthly contribution of $300. to pay the negative cash flow on a piece of Real Estate when I could afford to buy a property. I wanted my Children and their Children to be at least on the side of the Rich people. I will not say that I am Rich but I think that I will not be poor.
Thank GOD I did not put my money in a 401K in the Stock Market for Bankers to help themselves to my balance as they please from crashes. Like 2000 tech crash, 9-11, 2008 financial crash etc.
I learned that there are three ways to make money. One is to earn the money (the hard way), two is to have money make money for you (an easier way), and three is to have people make money for you (own a business and hire people to expand your business) a better way. If you do all three correctly you will prosper.
The caveat is if you go into your own business is not to have your expenses too high or they will put you out of business. If you buy a property make sure you can cover the negative cash flow, vacancy's and fix up costs when vacant, do not streach yourself too thin.
Always, always live below your means.
So let me get this straight: they want to make me work another five years (if I live that long) to collect SS that I've already paid into for 30+ years? They want to raise my taxes, reduce my services, increase my insurance premiums, AND devalue the currency? What, will the Banksters need another $10 Trillion in five years?
Cry me a river.
Let the whole damn country burn down before they bleed me anymore - fucking assholes.
Feelin' it, bro
+Exactly.
+1 for my mom & +1 for my dad. Fuck those thieves who stole their lives and everything they earned with their years worth of blood, sweat, and tears.
The solution: Sen Shelby proposes to repeal Dodd-Frank. As predicted.
If we don't get the government out of the way of the producers, they won't be able to generate the capital to put people to work.
If only I could speak Chinese.
If you're not being sarcastic I would love to form an organization to help you learn Chinese as long as you promise to go live in the lovely country of China.
Have a sense of humor!
They should have had Rick Santelli at the Exchange instead of the Studio. He loves to yell at the exchange and give his candid opinion. But, when you put him in a Studio he sounds like a little mouse instead of the Loin he really is.
Agree. He's a Loin; alright. A pork loin. I wish someone would stick a fork in him; I think he's done.
LOL. but, hey, he's the only one out there yellin' about it. I'm guessing his "job security" gets shakier; won't be surprised if he caves, too
At least he makes Steve LIESman piddle in his pants every so often --- that alone is reason enough for CNBC to keep him on.
I dunno Rick, my propaganda sheet says everything is perfect.
one day in the future, Ben Bernankes name will be as hated as Hitler.....now that is ironic
Wait a minute, hold everything there. I already hate him as much as Hitler !
Good one seasmoke! Never thought of it like that before but too true! Lol
"In progressive societies the concentration may reach a point where the strength of number in the many poor rivals the strength of ability in the few rich; then the unstable equilibrium generates a critical situation, which history has diversely met by legislation redistributing wealth or by revolution distributing poverty."
The Lessons of History - William Durant
The US is at this point.....
...or by declaring war on someone large enough to take the entire country's focus.
Where do all these Huff Po idiots come from?
What I have a problem with concerning all these people is how they stick to the approved talking points and never put forward any news that might be useful to the viewers. For example surely Mr. Santelli could have brought up the bond flipping and the billions in unearned commissions going to the bankers while congress cuts 197 million for supplemental food for children less than 5 years of age. It's just outrageous. I dislike all of them.
If the Huge Federal Debt was caused by the alleged Fraudulent, Criminal and willfull acts of the Banks, the Hedge Funds, Wall Street, why are they not required to pay back the Debt that was created to bail them out so the system would not collapse?
Claw back all Bank Executive salarys, bonuses leading up to the collapse to pay down the Debt they created to try and stabalize the system from their actions.
Those in control, including CEO's, COF's, Management, Attorneys, Accountants should surrender their income, profits from the Destruction of the Banking system. Not only disgorge them of their income and profits, put them in Jail. Do not pass go and collect $200., just go to jail. No get out of jail card.
Finally someone says it.
yeah - what happened to all that talk about "claw-backs" when was it 18 months ago? PS: calling it a "claw-back" HA! if that ain't a spin-meister's grand creation what is? How about calling it retribution or re-payment or fair reverse compensation for un-earned and un-justifiable income or whatever?
.
It would be Un-American. You've seen that flag covering the front of the NYSE, right?
damn! you're right, again........... I forgot
"Truth is the enemy of the State. Therefore, the truth must be suppressed"; Goebbels, Nazi Germany.
Just think about all of the bad Debt and Mortgages they sold all over the World and profited from. The most disgusting thing is that they took out insurnace against what they sold. The Companies that sold them the insurance either went into bankruptcy or were taken over by the Government to enrich the Banks that had made deals with them. What about all of the shareholders in those Comanies that lost all of their investment at the expense of the Banks?
Although this may never see the light of day many, many lost everything thru their alleged Fraud, Deception, Lies, Misrepresentations and Theft.
Then they get rewarded with Government and FED support and Money printing to replenish their balance sheets. Who replenished American investors balance sheet in the Companies that they took down to accomplish their goals? How are they making the money back from the Companies they destroyed and benifited from?
Actually, things work in reverse. They trash a world class economy, get a gozillion dollar bailout to make them whole. Then Mr. Bernanke comes up with an unproven experiment that creates more money out of nowhere and gets blown into the stock market making stocks go up every day. Normal volume is seriously declining and insider selling is off the charts. The money boys who hammered us are making it hand over fist. If it goes south who pays? I can narrow it down. They don't. No one has nor will they pay for the first tragedy. Why expect them to act any differently. Honestly, I don't know why we have elected representatives if we have the internet. Put the bills/programs on line and let us see what the hell those public servants are doing. We're the smartest ones why don't we tell them what we want like this.....
Re-set everyones credit score to 750 and give em 5 years to keep it clean and all their bad stuff gets wiped off the record. You want economic activity? Flush us up and we'll get things going again. Bankers who trash an multi-gozillion dollar economy must have a score like around 1800 cause they get money for losing ours and also get their report wiped clean and we get to watch the newspeople tell us about those "freeloaders" in Wisconsin who make 50-60 grand a year. Those bastards. Bankers are #1 and we are #2. Can't you hear Austin Powers shouting? "Who does #2 work for"
by the way, this meet the press program is entirely
banker generated mind pollution meant to disgust and
confuse, obfuscate and distort information and options
available to the mindplasticized public in amerika.
pure shit. worse than shit. "if its sunday, its meet the
press" now go back to sleep you moron viewer, someone
more important than you, your betters, will become rich
making you a perpetual debt slave, thereby solving their
problem for you. have a nice day.
you see, the puke that passes for thought in america
is not naturally appealing or digestable. you need to have
ubiquitous programming like this to get millions of otherwise
potentially intelligent people to behave and think like
head trauma victims.
Deek Jackson: Happy Revolution Baby! – FKN Newz 02/18/2011
http://maxkeiser.com/2011/02/20/deek-jackson-happy-revolution-baby-fkn-newz-02182011/
.
santelli must be a fuking idiot period.
is god the most senior bondholder? or the devil? why not repudiate the debt and start fresh?
or is there some rich muddafudda and his kiss ass santelli wants his blood money and dey wants it now?
Mother fuckers don't want to experience any of the creative destruction of capitalism . . . destruction is for us, not them.
Yet we have to keep genuflecting to a "Capitalism" that makes the "rights" of "investors" supreme.
movie :"inside Job" get you ready for revolution,the end of movie little bite smashed as author affraid to be killed after showing clear who had been in the head of such fraud we all world around pay for,not just in stinky Amerika,but in all world,friend of my friend in Moscow lossed 5million $ from 10,he was rich businessmen,he fight bank whoch went belly up,he found another bank wich took over and he got half,bit what about all us,i forseed same situation at least in several countries:Russia,Israel,Europe,Amerika,Canada is just waitng to exploud as one of our friend fresh immigrant took loan on arrival into Toronto as much as 400k$ without any $ under his ass,same story same time in rich country-Dow 5000,World Revolution before they clame world War!Be united,there are wispers since 2007 about making channeled internet by America,Russia and Britain(which allready charged being internet user as obliged paasword and username,fool control of your web visited pages from provider you have to be registred with).They want to be build internet and switch into it all world like its the same what we used,but it will be artificial and they slowly will show only their news cutting us out from real news as they will not let any news up,like they filtered all free music from the internet and obliged us to be responsible for the unlegal download in case!!!Revolution!
awful how 3 billion for one state is made out to be the problem.
When the motherfuckers at goldman sachs and jpm gave themselves over
150 billion in bonuses for tha Holidaze. That's fucked up.
there was solution,but powerfull Congress and Goldman Sachiessts made public affraid of what supposed to be natural "read off " from Congress and thoose guys,but they so much scared that went on us even with more crazy plan.Think guys,what do you say to Police if they catch you stilling in the night restaurant silver???"I taking this to home to wash it out as restaurant closed and i did not finished my work"-answer you........And:they buy it.Same thing is here or about same,we were necessary to give them going cash off,system would be not crash,they would crash,they simply was not ready that Zunami they created will also cover them with their CD's unsold yet,what we-You americans pissed off is that you were so shocked and crazy to believe that criminals who had done it in front of you,that you as police in the night also was catched by such brave respond and quick problem solution,because you were stupid and uneducated and brainwashed,now watch this excellent movie which is only partly shows how most of you was and is stupid,specially now as thoose in power charge even try to put measures and restrictions on you because they are frauded all possible from you!
TB, the "structural grammar" of your post "makes for" an interesting read.
My grand daughter has played with the online language translator, using the phrase "Liar Liar pants on fire", final translation back into English was "Fowl teller of untruths your trousers shall soon combusted." Not quite the same meaning.....
Slution to problem:take your cash out from banks,try minimum participate in any programs of so called savings,close any of your morgages even at loss(you will loose even more and loose all your investment because its builded so),take any of your 401-k plan whatever it invested or not in stocks,if invested sell now(artificial stock market pump up wil crash earlier or later on your expense),do not buy chinees goods,cut on any possible spending,prepare yourself for long possible strikes or riots on street,make slowly some food supply-but do not rush as crazy out(i mean smart long time before equipped themself with ballanced diet plan for hard years),demand from banks to be bnkrupted-you will see-prices will go down on all items,because now government put you into new so called "food shortage" buble just bfore it will explode,russians have good hystory on it in now modern days when government announced shortage of salt and all granmothers had run and buy all shelfs,just later thinking what to do with thoose 4times high priced salt bought in 20-30kg supply-year 2006-2007.All government the same,but the they affraid to default because then they powerless as their credit is default too and they can not show finger to any one,now,your time to show finger and to ask responsibilities from Bush and Abama,who are last two liars made havoc in this wonderfull stupid uneducated country!
Thanks God for this site creaters where you can post your free opinion without to be filtered for words/contain and political reasons!Thank you guys
deleted, due to paranoia re NSA
And which of the following definitions of the word did you mean? You used it with a "positive qualifier", right???
"Cunt" can also be used informally as a derogatory epithet in referring to a person of either sex, but this usage is relatively recent, dating back only as far as the late nineteenth century.[3] Reflecting different national usages, the Compact Oxford English Dictionary defines "cunt" as "an unpleasant or stupid person", whereas Merriam-Webster defines the term as "a disparaging term for a woman" and "a woman regarded as a sexual object"; the Macquarie Dictionary of Australian English defines it as "a despicable man", however when used with a positive qualifier (good, funny, clever, etc.) in countries such as Britain, New Zealand and Australia, it conveys a positive sense of the object or person referred to.[4]
Hilarious. You're right, clearly. DHS is the definitively bitch organization . . . and once you recognize that, NSA is definitely the cunt. Okay, the CIA is a cunt too. They're one big cunt.
Fuck, if they don't like it perhaps they should change.
Appreciatively resurrected for inspiration:
". . . cunts at the NSA . . ."
They are cunts. Don't be afraid to say it.
We may get em back on Tuesday finally. Euro just got whacked as Merkels party candidate only won 20% of the vote. Dollar strong across the board along with a pop in gold. It's one of the most subtle titles I've seen on ZH....Massive collapse for Angela Merkel bla bla
Eruption bitchez!
http://inquirergroup.posterous.com/rfleung-inquirer-bulusan-volcano-cant...
Re the "5-per-cent national sales tax" - I used to live in a country with a 7% national sales tax that was meant to be net revenue neutral. It did nothing but raise total sales taxes by more than 7% (because the federal tax was applied to the locally-taxed total) and didn't stop over-spending by the prevailing profligate government.
Any national sales tax applied here will likely be spent before a penny enters the coffers, it's merely a license to further overspend and dig deeper into private pocketbooks. It's not a panacea but just another tax under another name.
This is the week that the muni bond crisis will come into focus . Convert paper wealth to physical Silver .
Santelli does the cause good. If you scream ALL the time, no-one ever listens. A random outburst is then listened to!!!!
(ie-Kramer)<<<thank god he's not female....whata screamer
If silver kept rocketing this way, we would probably see $100 by the end of this year. How much does silver have to increase to make JP Morgan JP Morgue? Does anybody have an idea?
It shouldnt matter. They are probably hedged and would get bailed out anyway if they fucked up.
Geez, more Santelli?!? Did anyone catch Soros on CNN's GPS today:
http://www.cnn.com/CNN/Programs/fareed.zakaria.gps/
that was worth listening to, not the garbage on Meet the Press.
Thanks much, Leo.
My, but this one was fun:
So a debt based currency system runs into the wall, and there is surprise. Debt has been pushed to it's limits this time and reset is necessary. Only the last debt holders will be left swinging in the wind as the power shifts to other growth areas of the world. Reset, and change, and turmoil as adjustment must come at cost. A debt based currency where a transaction is never complete. You are handed a piece of paper that is an obligation to someone, and you lost a tangible item or service in the process. As long as this is acceptable it is deemed currency. Nixon found out that most would prefer a tangible "real" item in hand as France drained the Gold vaults as the US pushed dollar creation. (not to blame talking head Nixon directly) Gold window closed, shortly after interest rates driven extremely high by Volcker to supress the inflation. A long term chart of interest rates shows a gradual declining trend to zero, and the predicament we find ourselves today. Greenie, I will blame, as he squeezed the most out of the system through a continually conducive environment for credit expansion. Bow, and exit, and good riddance. We will deal with you later. So when rates hit zero the ability to stimulate with more debt is quite impossible. Though Bernanke has the Press to finalize the job. He knows what he is doing. So to be clear, our fiat is debt. Gold and Silver are real money and will "complete" a transaction as they are no ones obligation. The creators know this, hence the suppression of metals to maintain the illusion of the Dollar as money. With the discovery of gold as money, the ponzi would end quickly. That is why they know to own the vast majority of gold. That is why at all costs they must control it's price until a new system is in place(regardless of the cost to the world) and the reset button can be hit. The game will be started again, and new growth engines will be placed. (Think environment and green) In my opinion the goal now is to destabilize the world enough to enable the takeover of the entire system on a shared wealth plan. The rest of the world outside of US/UK is moving to form their own system and excluding the present banking system. Which system we end with is unknown at this point. (who will end up in control) Unlimited money creation at a profit. Global control of all markets and minds. Slave labor. Stopping it? Only one way. It must happen soon. And quickly. The central banks own most all the Gold in the world. They own very little Silver. Get enough people to buy physical Silver and watch as Silver takes Gold's hand and they both go parabolic. The ponzi would end. The curtain pulled back would expose the "truth" for all to see. Silver is the camel killing straw.
While the standard of living in Chile, Argentina and most of China has soared higher, the American Debt Bubble has popped...the party is over but no one wants ot leave since the punch bowl is still out on the table.
The above Globe and Mail article is naïve, factually deficient and to the left of most lefties.
If you pay into a government program because you are required to pay into it, then you are entitled to receive what was promised; that’s an entitlement.
If you are receiving government help for which you contributed nothing, that is not an entitlement.
If the government is going to make these contracts with the American people, forcing them to contribute to their retirement or medical programs, those contracts need to be honored; everything else should be cut before these entitlements are considered.
Nor does the government have a right to add non-payers, as it is doing, to these entitlement programs, i.e., the millions of new entries into the country that are bankrupting these programs. They are not “entitled.”
Speaking of budgets, more than 50 million Mexicans have been added to America’s population, mostly within the past 15 years; the remaining population of Mexico is 112 million. The projected 2050 U.S. Mexican population is 132 million. This is one of the largest budget items when one talks about entitlement programs. This population transfer does not in many cases qualify and is a primary reason for many aspects of Federal budget growth beyond the capacity of taxes to cover it. Especially difficult for the budget are the massive additions to Medicaid.
Why is this subject ignored when Congress is faced with severe budget deficits and the taxers and cutters can only target the taxpayers and Social Security and Medicare?
Speaking of the public schools and unions, in California, according to Ed-Data, using National Center for Education Statistics 2005-06 data, whites now comprise only 31% of California’s students. Hispanics make up nearly 50% of California’s 6,259,972 student population. About half of California students (49%) are eligible for free or reduced-priced meals, compared to about 43% nationally
In California, by law, roughly 50% of the budget goes to educaton. In my California county, schools take 61 cents of every property tax dollar; the county receives 15 cents, the cities 6 cents.
The California Teachers Union supports all open border issues to grow its classrooms.
As for the Globe’s statement: the unemployment rate is above 9 per cent, but that means 91 per cent of Americans are working, this is not true.
The number of workers no longer employed jumped from 83 million in 2009 to 85 million in 2010, according to Robert Benson in The Collapse of America’s Labor Force, 02.16.11.
So what is the real unemployment rate? Says Benson:
“We adjusted the labor force back up from the 153 million reported for January 2011 by adding back in workers who are either marginally attached and/or collecting SSI or early Social Security (because they can’t find work). This brings the total to 163 million. When you divide the total of labor force collapse of 38.3 million by 163 million, we get a real measure of unemployment and under employment of 23 percent!”
(see link for chart)
http://www.sfgroup.org/The%20Collapse%20of%20America's%20Labor%20Force.htm
Hey ZH 'ers, I need some help, I am writing a piece for my blog on Gold and Silver, and I am looking for two really sexy graphics, oil-gold graph, 100 years, and dow-gold, 100 years, found some, but I want to something that really simply shows it... the poing the piece is that the Dow is actually at fair value, in Gold. Also, I find only one other period with a comparable run up to March 09 - March 11, and that is 1928..just want to confirm that there arent other periods where in 24 months a similiar return was possible. Thanks for your help
Hilarity, Osama got a couple of buildings...but that's all...and we tore ourselves up with greed in the meantime....he must be laughing...and he's got money with Carlyle group...laughing all the way to the bank.
Most posts are advocating and/or predicting civil war in America. War is unavoidable.
I'm not a fan of The W, but in all fairness, when the Democrats took over the House in 2006, the budget deficit was below 8t, and now it's almost doubled.
If we can't distinguish between objective facts and political propoganda, we are really lost :(
quite ironic for a eurofag commie rag like globe and mail to accuse the US of dreaming.
It was written by an American citizen.
quite ironic for a eurofag commie rag like globe and mail to accuse the US of dreaming.
some bad teachers may be contributing to the mess however, if many of the small school districts were to combine and eliminate the administrative financial waste then you get a real financial savings to pay off the school bonds and reduce the local realestate taxes.
I'm guessing that when Mr. Santelli worked in the Bond markets (not very long ago, about the same time as a wink of his lying eyes) he didn't find his employers' packaging garbage mortgages to be so bothersome at the time. But then what can one expect from Mr. Santelli(??)---- other than his usual one parts truth and 9 parts Stank Sell-side Santelli Sly Shit???
Spooked ES futures today.