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"Getting To The Bottom Of It All"

Tyler Durden's picture





 

From Bill Buckler, author of The Privateer

"Getting To The Bottom Of It All"

To put the magnitude of the current global fiscal and financial profligacy in perspective, The Privateer has in the past made use of a simple illustration. As the “fiscal cliff” looms and as the Treasury’s debt “subject to limit” grows to about $US 60 Billion below that “limit”, we make the point again.

How is it possible for a nation of almost 100 million people to survive - and indeed prosper exceedingly - when the government of that nation has a TOTAL debt of about $US 2 Billion? That question is asked in the context of today. Today, that same nation has a population of a bit more than 300 million people and is “run” by a government whose funded debts approach $US 16,400 Billion and whose TOTAL debts (funded and unfunded) are in excess of $US 200,000 Billion? That is the record of the US over the past century. Its population has tripled. Its government debt has grown by a factor of 100,000.

Which - IN REALITY - is the prosperous nation? Is it the US of 1912 or the US of 2012? Which - IN REALITY - is the nation whose citizens can look confidently towards a future in which their progeny will enjoy the fruits of their parents’ labour WITHOUT being indentured to their parents’ profligacy? Which is the nation that has not yet embarked on currency debasement and which is the nation that is nearing the inevitable end of that same road? Everybody knows the answers to these questions too.

 


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Sun, 12/16/2012 - 12:46 | Link to Comment CPL
CPL's picture

I'm ready.

 

I've stockpiled friends, family and materials to get me by.  You jackasses included, couldn't imagine sinking on a ship with a better bunch of goons.

Sun, 12/16/2012 - 19:00 | Link to Comment Mentaliusanything
Mentaliusanything's picture

I'm confused ???? Billion or Trillion??? bloody decimal points and the inability to grasp the size of the amount is fucking with my mind.

Sun, 12/16/2012 - 12:49 | Link to Comment Pool Shark
Pool Shark's picture

The author fails to mention that the USA of 1912 became a world power WITHOUT any form of income tax. How was that possible?

 I guess our politicians are slow learners; it took them from 1787 to 1912 to finally figure out that they could vote themselves money...

Sun, 12/16/2012 - 13:25 | Link to Comment indygo55
indygo55's picture

They aren't slow learners. They are in on it.

 "The few who understand the system, will either be so interested from it's profits or so dependant on it's favors, that there will be no opposition from that class." — Rothschild Brothers of London, 1863

Sun, 12/16/2012 - 14:43 | Link to Comment earleflorida
earleflorida's picture

Bon`appetit... fodder

"In the early years of the 19th century, the organized capital markets in the U.S. was largely confined to govt. bonds (then called "stocks") along with canal co.'s and banks themselves. Whatever investment banking existed was concentrated on govt. debt. From the Civil War until the 1890's,  there were virtually no manufacturing corporations;  manufacturing and other business were partnerships and had not reached the size where they needed to adopt the corporate form. The only exceptions was railroads, the biggest industry in the U.S.. The first investment banks, were concentrated in railroads securities and government bonds. The first major investment-banking house in the United States was a creature of govt. privilege.  Jay Cooke!"

Ps. Corporate lawyers as Lincoln was himself, were the progenitors of modern-day lobbyist!

Quote: rothbard 1984 

Sun, 12/16/2012 - 12:53 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Hhmmm.  Endless prosperity and infinite growth in a finite planet?  Moreover, a planet that has been taken over by corporate fascists and has not experienced real consequences  for bad behavior at any level of society (fascists get bailouts and peasant get bread and circuses).  Good luck with that.

Sun, 12/16/2012 - 13:00 | Link to Comment Spastica Rex
Spastica Rex's picture

Panem et circenses is soon to be just circenses - the Twinkies people went bankrupt.

Sun, 12/16/2012 - 12:59 | Link to Comment otto skorzeny
otto skorzeny's picture

more good news for the peasants-Feinstein just announced on Meet The MSM that she is going to introduce another assault gun weapons ban on the floor when Congress resumes

Sun, 12/16/2012 - 13:03 | Link to Comment suteibu
suteibu's picture

Ah, yes...America, once the land of the free and the home of the brave.  A whole bunch of well-armed sheep are about to be sheared.

Sun, 12/16/2012 - 13:05 | Link to Comment otto skorzeny
otto skorzeny's picture

the Zionist NWO UN group(Rahm,Bloomberg,Hillary,Feinstein et al) is about to unleash a shitstorm. everything is dovetailing nicely for the takeover.

Sun, 12/16/2012 - 14:52 | Link to Comment earleflorida
earleflorida's picture

Hillary's fundraiser and confidant is no other than 'lady lynn forester de`rothschild'... wifey of l.m. rothschild's, evelyn! 

Ps. spent one of their honeymoon nights in the 'wh' lincoln bedroom as guest, while dining with slick willi and lard-ass rodman,... de`hillary

Sun, 12/16/2012 - 14:21 | Link to Comment knotjammin2
knotjammin2's picture

Only those that roll over.

Sun, 12/16/2012 - 13:06 | Link to Comment Oldwood
Oldwood's picture

I'm shocked!

The beauty of investing in lead and brass as at least they can be used in their own defense. I don't want to be cought throwing gold coins at those coming to take them away from me.

Sun, 12/16/2012 - 13:10 | Link to Comment otto skorzeny
otto skorzeny's picture

in a SHTF situation i have always questioned the value of PMs- maybe after the fact-then I would see their value. would a gold coin buy you a loaf of bread, or a chicken?

Sun, 12/16/2012 - 13:12 | Link to Comment suteibu
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Well, if they take away your guns, you can just steal the chicken and keep your gold.  Just make sure you steal it from a law-abiding citizen.

Sun, 12/16/2012 - 13:15 | Link to Comment Towhog
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Towed a fatal crash Friday caused by a DUI. Two dead. Will call for ban on automobiles owned by sober drivers.

Sun, 12/16/2012 - 13:30 | Link to Comment Pool Shark
Pool Shark's picture

 

 

Recently, I heard that on any given Saturday night, after midnight, nearly 1/3 of all fatal collisions are caused by drunk drivers. That means 2/3 of the fatal collisions are being caused by sober drivers.

GET THE SOBER DRIVERS OFF THE ROAD!!!

[won't somebody think of the children...]

Sun, 12/16/2012 - 13:53 | Link to Comment Towhog
Towhog's picture

Genius

Sun, 12/16/2012 - 12:54 | Link to Comment Towhog
Towhog's picture

When did we all forget that we want a country that has unlimited opportunity to leave a country to our children that has even more opportunity for them to realize their dreams?

Sun, 12/16/2012 - 13:01 | Link to Comment Spastica Rex
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If the hypothetical country has "unlimited opportunity," how could it ever be left in a state of "even more opportunity?"

Sun, 12/16/2012 - 13:09 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Yes, many suffer from this cognative dissonance.  We all know the sandbox has real limits.  What I think he meant to say was "unlimited opportunity for me and my children".  Yours are fucked.

Sun, 12/16/2012 - 13:11 | Link to Comment Towhog
Towhog's picture

Thank You!

Sun, 12/16/2012 - 13:44 | Link to Comment WillyGroper
WillyGroper's picture

The sandbox is full of cat turds.

Sun, 12/16/2012 - 14:23 | Link to Comment oddjob
oddjob's picture

mmm...Almond Roca

Sun, 12/16/2012 - 13:08 | Link to Comment Towhog
Towhog's picture

As an English major you obviously missed the point. But i get your point and it is well taken.

Sun, 12/16/2012 - 14:55 | Link to Comment earleflorida
earleflorida's picture

british english or americanized english?

Sun, 12/16/2012 - 16:48 | Link to Comment oddball
oddball's picture

English wheel?

Sun, 12/16/2012 - 13:01 | Link to Comment Oldwood
Oldwood's picture

You mean its not all about ME? When birth rates go negative, ME is all that counts. PROGRESS!

Sun, 12/16/2012 - 13:36 | Link to Comment Pool Shark
Pool Shark's picture

"When did we all forget that we want a country that has unlimited opportunity to leave a country to our children that has even more opportunity for them to realize their dreams?"

As soon as we realized we could vote for politicians who would promise us "something for nothing."

 

Sun, 12/16/2012 - 13:05 | Link to Comment Segestan
Segestan's picture

But now we have peace on earth, war has been abolished poverty ended, justice everywhere for everyone.Oh, and we already know who Jesus really is.... the Bernanke, he saved the world. Thanks Liberals.

Sun, 12/16/2012 - 13:06 | Link to Comment Racer
Racer's picture

And in real terms how much has inflation accounted for?

After all, that is their goal and that is what they continue to strive for...

so in another 100 years a billion pound note is what you will use to buy one onion

Sun, 12/16/2012 - 13:06 | Link to Comment booboo
booboo's picture

"The mania for giving the Government power to meddle with the private affairs of cities or citizens is likely to cause endless trouble, through the rivaly of schools and creeds that are anxious to obtain official recognition, and there is great danger that our people will lose our independence of thought and action which is the cause of much of our greatness, and sink into the helplessness of the Frenchman or German who expects his government to feed him when hungry, clothe him when naked, to prescribe when his child may be born and when he may die, and, in fine, to regulate every act of humanity from the cradle to the tomb, including the manner in which he may seek future admission to paradise."

Mark Twain

Sun, 12/16/2012 - 13:07 | Link to Comment otto skorzeny
otto skorzeny's picture

I always thought Twain would have made a great Founding Father- what would guys like him and HL Mencken think of the group running the world today?

Sun, 12/16/2012 - 13:06 | Link to Comment zerozulu
zerozulu's picture

That's nice. If a country can run with a population of 100mil and a debt of US$2 billion for 100years, Certainly that country can run another 100 years with a population of a billion people and with a debt of 160 trillions.

Sun, 12/16/2012 - 13:16 | Link to Comment Oldwood
Oldwood's picture

The problem with numbers is that they can burst the bubble of delusion. We should have laws that protect delusion and make the careless use of facts and numbers as unacceptable as citizens owning weapons that could be used in acts of violence.

Sun, 12/16/2012 - 13:37 | Link to Comment SKY85hawk
SKY85hawk's picture

You identified the the real problem! 

A few more details, just to push people to ask thier REPRESENTATIVES WTF?

The corporation, UNITED STATES OF AMERICA, has exempted itself from all GAAP rules of fiscal management.  Proper accruals and timely reporting of the true condition of our country's finances would have woken people up many years ago.

America's politicians are just like Europe's

"We all know what to do, we just don't know how to get re-elected after we have done it."
                   -Jean-Claude Junker

 Finally, I wish to remind all readers that Obama signed the 2011 Budget Deal that is the cause of the Financial Cliff.. 

If Barry was true to his campaign promises, he would have vetoed the expiration of Bush tax cuts for the NON-wealthy then!


 

Sun, 12/16/2012 - 13:17 | Link to Comment I am Jobe
I am Jobe's picture

Folks with kids are royally fucked and families are fucked as well. Enjoy the fucking sheeples. Party has ended

Sun, 12/16/2012 - 13:53 | Link to Comment otto skorzeny
otto skorzeny's picture

T Jefferson and his wife kept having children the whole time that he was Public Enemy No 1 on King George's shit list so is there ever really a "good" time to have children? Or should i just stop having kids because of a fear of the future or use the old "the world is too f'ed up to have kids" excuse?

Sun, 12/16/2012 - 15:47 | Link to Comment TPTB_r_TBTF
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I would wait til after Friday (21.12.12) at the earliest...

Sun, 12/16/2012 - 13:19 | Link to Comment A Lunatic
A Lunatic's picture

Nut up, bitchez..............

Sun, 12/16/2012 - 13:23 | Link to Comment Monedas
Monedas's picture

The socialists cashed out our economic miracle faster than we could make it .... bad mouthing Capitalism all the way to the bank !

Sun, 12/16/2012 - 13:23 | Link to Comment stant
stant's picture

goodbye america you had a good run there for awhile. now your in debt. soon to be hungry in the dark and defenceless

Sun, 12/16/2012 - 13:26 | Link to Comment Monedas
Monedas's picture

Our national "pay day loan" account is way over due .... and we've just been laid off !

Sun, 12/16/2012 - 13:29 | Link to Comment BurningFuld
BurningFuld's picture

This is excellent news as Gold is now worth $25 x 100,000.  Sweet!

Sun, 12/16/2012 - 13:30 | Link to Comment toady
toady's picture

Deficits don't matter

Sun, 12/16/2012 - 13:46 | Link to Comment Monedas
Monedas's picture

Monedas Doctrine .... Separation of School and State .... if Disneyland had 20 dead kids and 6 dead parents .... they'd be bankrupted .... why do tender death trap socialist schools no gun safe zones get a pass ?  We got it right on Church and State then we turn around and give the monsters our kids ?  State schools .... an important area where we copied the communist ??????? What ever happened to The American Way ???????????? How about small, private schools with armed Minute Men Sentrys at the doors and gates ?  Public schools are big bird shooting galleries .... where is OSHA ???

Sun, 12/16/2012 - 14:12 | Link to Comment Pool Shark
Pool Shark's picture

 

 

Where are all the "pro-choice" liberals on the subject of education?

I'm pro-choice... on education: give me a voucher...

 

Sun, 12/16/2012 - 13:46 | Link to Comment oddjob
oddjob's picture

The sense of entitlement of government workers is ridiculous. The sponge in my kitchen sink is far more useful and productive.

Sun, 12/16/2012 - 14:02 | Link to Comment otto skorzeny
otto skorzeny's picture

as long as the Praetorian Guard cops keep getting their 4% cost of living raises every year to write speeding tickets and bust kids for pot it's all good. I watched "Alaska State Troopers" on NatGeo last night and they were at something called Arctic Man Festival and these cops literally spent 100s of man hours trying to catch this 1 guy they thought was selling a little pot. you would have thought it was a "French Connection" sized drug ring.

Sun, 12/16/2012 - 14:28 | Link to Comment oddjob
oddjob's picture

Chasing somebody with an automatic weapon for pot , what heroes!

Sun, 12/16/2012 - 13:48 | Link to Comment No Euros please...
No Euros please we're British's picture

You could always apply to join the EU and ask the "troika" for a bailout. I'm sure GS Mario could fix it.

Sun, 12/16/2012 - 13:48 | Link to Comment q99x2
q99x2's picture

I don't know how that is possible but I read the article and have to go now. In my dream last night sasquatch told me that he cloned jimi hendrix and the young hendrix had already started playing guitar. I'm going to youtube to play machine gun.

Sun, 12/16/2012 - 13:48 | Link to Comment GreatUncle
GreatUncle's picture

The article is kind of meaningless debt or no debt andd a little truth.

The real question is how much total lending has occured since 1912 - 2012 in 100 years. This is where the money creation was done and now it is at the point the money does not leave any bank it is an  electronic transfer.

That is what has been driving inflation where a packet of chips / crisps to me were 2p and are now 50p 40 years later on (2 cents now 50 cents). The money was lent controlled of course by government under the guise of stimulating growth and was only to deceive the ever increasing value. (The 16 trillion / 25 in 1970 should be around 0.6 trillion based on the packet of crisps ratio so what was it?)

This leaves the ever growing liabilities, creating more money by lending but not giving the fair % to those with any or some money to correct their value. (This is how it was done).

The bankers won as guaranteed under the above mechanism the thing is now they have won what comes next? Was only possible through being able to lend money when you did not have that full amount = leverage.

Humanity and ordinary people were fleeced.

To be honest laughing my socks off, everybody has been bitching about QE when this has been happening over the last century through leveraged lending. Just now you can avoid seeing the physical injection of currency fast to keep it all going.

Good oh! See it for what has happened.

Sun, 12/16/2012 - 13:53 | Link to Comment AU5K
AU5K's picture

OT.  Please stop the popups.  The JCrew girls are pretty hot though.

Sun, 12/16/2012 - 15:43 | Link to Comment jerry_theking_lawler
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i was going to link to snorg tees.....for some easy viewing (when needed)....

Sun, 12/16/2012 - 14:42 | Link to Comment jonjon831983
jonjon831983's picture

Lose the World reserve currency status and the argument makes even more sense.

Sun, 12/16/2012 - 16:12 | Link to Comment falak pema
falak pema's picture

to bottom of it all, in the mindset of US oligarchy : reserve currency and massive military supremacy. Period. 

Sun, 12/16/2012 - 17:19 | Link to Comment hedge your future
hedge your future's picture

"A society grows great when old men plant trees whose shade they know they shall never sit in".

Sun, 12/16/2012 - 17:22 | Link to Comment dolph9
dolph9's picture

Understand how hierarchical systems in Amerika work.  Remember this is true at all times and places, in business, government, academia, wherever.

The people at the top take on huge amounts of debt to produce bullshit.  The more bullshit they produce, the more they are paid. If their organizations fail, they are paid bonuses before they migrate to the top of other organizations, or retire.

The people in the middle must find creative ways to package and sell the bullshit.  If they don't, they lose their jobs.  They are kept in line by promises of "benefits" like healthcare and pensions.  It doesn't matter if the promises are kept; the promises alone make them feel good and special, and make them feel that they are doing something more than just packaging and selling bullshit.  If their organizations fail, they are blamed.

The people at the bottom must absorb the bullshit.  They must have an infinite capacity to absorb bullshit.  If they don't, they lose their jobs.  They are kept in line by the threat of the ghetto or pound-me-in-the-ass prison.  But no human can possibly absorb bullshit, so they have outlets like booze, drugs, gambling, and porn to deal with it.  If their organizations fail, they are blamed.

This is how Amerika works.  Without debt, there's no bullshit, and without bullshit, the system collapses.

Sun, 12/16/2012 - 19:35 | Link to Comment tip e. canoe
tip e. canoe's picture

a friend sung this for me last night:

bullshit swimmin in oceans of bullshit, tired of lookin for the shore

my feelings xactly

Sun, 12/16/2012 - 19:15 | Link to Comment kevinearick
kevinearick's picture

Keynes Core Empire Assumption
 
The irrational market, direct divide and conquer, will outlast the rational individual, including those employing alternating current, those that swim upstream, against the majority’s currency, to have their children. I am old and feeble now, relative to my youth, but I can still kick the empire’s a- on my worst day, and I am not alone. But you go ahead and prove us all wrong.
 
We have had our children, we have trained many of your children, and we can have more children, 30 years from now. At worst, we will clean the empire slate for the next generation of Newtons, and capital sees its end coming, which is why it is allowing Bernanke to experiment with time. The only exit from implosion is effective labor transformation of capital, at a market clearing price, who will remain when the music stops.
 
Labor is effective parents, not unions. The unions increase their own pay at the opportunity expense of everyone else. The data clearly shows that they could not exist without slave labor from China and elsewhere, which must be employed to monetize their artificial tax base supply, to do really stupid sh-, like fracking, stadium construction, and slow motion “bullet” train development, to feed the likes of Dimon, Buffet, and Gates.
 
The empire majority, including every single person in it, assumes it can apply sufficient pressure to take from me and others in the minority that which we are not willing to give it freely, on the false argument of equal rights to our production. All three of my wives fell for that malarkey, at the cost of homes, cars, careers, etc., all of which are now nonperforming assets in line for recycling. I am mobile, they are not, and I can always advance technology by whatever increment I choose, to adjust empire gravity.

Wealth is not an empire trinket, or a digital bank account. Wealth is in your head. Sentient human beings are not an accident. They are required to balance the system. No balance, no platform. Encinitas was an effective community, until the hedge fund managers and the cops following them showed up. Now look at it. The Port of San Diego was an effective municipality, until the rocket scientists shipped industry to China, to feed the public unions and associated pensions, to be leveraged by Wall Street.

What they thought, what they thought, was that they were going to run the global economy remotely, through dc architecture, and like the idiots that dismantled domestic plants to erect them again in China, only to lose their livelihoods thereafter, the participating upper middle class engineers would be disposed of as well. That all worked out just as planned, but the problem for the empire is that not everyone was so stupid. While the Dimons, Buffets, and Gates were busy conquering the known empire, turning humans into dc robots, all in love with their remote controls, the rest of us were busy building the foundation for the next stage of technology, making all their work, FIRE, obsolete. Have a nice fing day.

So, here I sit, in line, waiting to sit in another line, so I can wait in another line, theoretically pursuing the “American” dream/nightmare, with those around me assuming that I cannot jump out and into another line at will. I am the enemy of all, the old nasty white man, yet cars come up, people pop out, and I get coffee, food, clothes, whatever I need. Those new to the line are pissed off, but those who have stood in line with me are happy, because they know from experience that I will give much more away than I keep. That’s economics, and why I choose to have nothing, rather than a flock of seagulls surrounding me, passive aggressives constantly planning to take my output.

I didn’t walk out of Fort Bragg three times by accident, and the middle class economy is not collapsing by accident. I have more parents and more children than anyone else, because I have been doing the homeless thing since I was 9, and I have always given away more than I kept. The 7 union cards and four college degrees were just pieces of paper along the way. Keynes assumption is only true for those who assume it to be true, which is always the majority, paid by capital to do so, all of whom return their DNA to the churn pool, in return for tokens, quickly and irretrievably spent.

Labor can and does choose both its parents and its children, for the long haul. When the hill becomes vertical, it simply cuts the wagon loose, at the astonishment of those who have come to assume a free Keynesian ride, assuming tomorrow will look like today, until it doesn’t. Physical houses, those without love, are designed specifically to retard you. The greater the house, the greater the economic retardation. That’s what I learned, at 7, simple algebraic reduction. Dividing by zero to provide the bridges was instinct. Ruling out is the easy part. Let the seagulls rule themselves out of your life, and be about God’s business, exploring the unknown, rather than dissecting the known, “to infinity and beyond.”

The memory I never lose is 1-yr-old Kristie walking off down the beach, like her parents are immaterial, much to the chagrin of her mother, stopping in temporarily to play with each group of kids, and running out into the ocean as if there is no risk, only to turn around at the last possible moment and run back. Buffet, Gates and Dimon can play with all the monopoly money they want, along with all the slaves that go with it. A labor of love requires neither. An empire cannot put people to work; the best it can do is provide make-work jobs for robots, to buy time.

It’s the memories you choose to keep that serve as your foundation. Sinning is choosing to do the same stupid sh- repeatedly, harboring ill-will because of the sin of another, robots pinging each other to convergence, best business practice. I run into a veteran amputee, wheel-chairing it from Portland to San Francisco, in and out of the black hole he goes, while the yuppie joggers go round and round, thinking, hoping, that they are human, proud of their black hole, and everything it contains; “I will fly away…to the rugged cross.”

I never fail to drop the load on the those least capable of shouldering it, and I am not knocking on doors in the financial district of San Francisco by accident, but only you can redirect the energy of the falling load to the favor of your children. You are the church, not the building, not the government, not the corporation. Seek the unknown and serve, as an example of encouragement. That’s about as plain as I can make it.

“Write the vision and make it plain on tablets, that he may run who reads it. Having then gifts differing according to the grace that is given to us, let us use them:” by all means possible, deny me employment across the board, especially with the drivers license one, because that one ignites FIRE most efficiently. I have no interest in becoming part of the middle class; my faith simply required me to offer it a hand up, and San Francisco is the end of the line.

 

 

Sun, 12/16/2012 - 19:51 | Link to Comment tip e. canoe
tip e. canoe's picture

great piece kev.   thanks for sharing it.

Sun, 12/16/2012 - 19:59 | Link to Comment kevinearick
kevinearick's picture

 

Thank you Ben Bernanke, and you wonder why the upper echelon of the middle class is complacent:

Overbid Like It's 1999, by Larry Rosen, San Francisco periodical, Dec 2012

http://www.modernluxury.com/san-francisco/story/overbid-its-1999

Let's have some fun, shall we?

This edition is classic. Everyone should go out and get a copy of San Francisco, and watch the next episode of the sh-show.

Sun, 12/16/2012 - 20:41 | Link to Comment tip e. canoe
tip e. canoe's picture

don't get me started on realtors.   more i look into the webs they weave, the more disgusted i get.   guess the old bittys and beta-alpha boys can't be left out in forming their own mob family.   equal opportunity for all.

Sun, 12/16/2012 - 18:21 | Link to Comment ramacers
ramacers's picture

regretably, understated.

Mon, 12/17/2012 - 10:05 | Link to Comment AndrewJackson
AndrewJackson's picture

Anyone else feel the black hole sucking away any last holdouts of wags and income in this country? I am 22 and feel terrible for everyone in my current generation. 1/3 of them will get college degrees and only half of them will be able to get jobs. This leads 5/6 to compete for the low paying jobs still left (mainly starbucks and fast food). I truly wonder what some of these kids will end up doing or how they will support a family. Add on student loans/credit card debt/no benefits and the situation quickly turns to disaster.

Mon, 12/17/2012 - 10:06 | Link to Comment AndrewJackson
AndrewJackson's picture

Anyone else feel the black hole sucking away any last holdouts of wags and income in this country? I am 22 and feel terrible for everyone in my current generation. 1/3 of them will get college degrees and only half of them will be able to get jobs. This leads 5/6 to compete for the low paying jobs still left (mainly starbucks and fast food). I truly wonder what some of these kids will end up doing or how they will support a family. Add on student loans/credit card debt/no benefits and the situation quickly turns to disaster.

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