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Here's Some Frightening Honesty (Courtesy Of The US Congress)
Submitted by Simon Black via Sovereign Man blog,
A member of my staff caught an obscure resolution that was introduced in the US House of Representatives last week—Resolution no. 41.
The fact that there was essentially no coverage of this Resolution really shows how the mainstream media is completely turning a blind eye to the true fiscal situation of the United States of America.
The entire point of the resolution is to say that the federal government is broke.
It can’t pay its own bills, and therefore is shouldn’t be responsible to pay anyone else’s either.
It doesn’t’ take a rocket scientists to figure out what a bankrupt government will do—just like any thief, they’ll go after easy targets first.
The easiest target of all is future generations.
They’re going to run up the debt as high as they can, which essentially means pulling future tax revenues into today. It’s the easiest tax of all, because unborn children do not vote.
The estate tax is another one to watch out for—because, like unborn children, dead people don’t vote either.
We had a great podcast yesterday about retirement savings, where there’s an easy $5 trillion treasure chest for them to raid.
And, of course, there’s the greatest tax of all, the inflation tax, which decreases the standard of living for most of the population as the cost of living rises much faster than incomes.
This Resolution is a pretty scary dose of honesty. But again, what’s even more concerning is that it was just ignored and has objectively a zero percent chance of passing.
I do encourage you to check it out though—even the government is admitting it’s finished.
I’ll quote from the Resolution now without comment and wish you a very pleasant weekend:
Whereas the Federal Government is operating at an annual deficit and is increasing its outstanding debt every year;
Whereas the Federal Government, as of January 2015, is carrying more than $18.0 trillion in debt, of which $13.0 trillion is owed to the public and $5.08 trillion is owed to Social Security and other trust funds;
Whereas foreign governments, individuals, and corporations as of October 2014 own 47 percent of Federal debt held by the public;
Whereas Social Security’s unfunded liabilities in 2014 are $10.6 trillion over 75 years and $24.9 trillion over the infinite horizon;
Whereas the Federal debt held by the public is expected to increase by more than $7 trillion from 2014 to 2024 according to the Congressional Budget Office;
Whereas more than 16 percent of the entire Federal budget goes directly to States and local governments;
Whereas more than 22 percent of total State and local government general revenue comes from the Federal Government according to Census Bureau’s latest Annual Survey of State and Local Government Finance;
Whereas several State and local pension plans are expected to fully exhaust their funds within ten years.
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Fracking earthquake in Alberta... Check it out!!!
...Would be better if Congress were fracked to kingdom come.
Congress? Yeah, frack those motherfrackers.
Frightening Honesty?
Shit, sounds more to me like Sanity and Common Sense Prevailing
Fear Porn
10 trillion dollars over the next 75 years?????? ARE YOU FUCKING KIDDING ME???? thats chump change compared the real number. If only we were that lucky. So, who actually proposed this bill?
Tyler, that should be Obama or pretty much any POTUS since Wilson under water, but certainly not Washington.
"...Whereas several State and local pension plans are expected to fully exhaust their funds within ten years..."
Try five or six. That means baby-boomers currently in State jobs (~7% of all workers on average) will not only loose thier state pension a few years after retiring, but Social Security will be broke by then as well.
Somewhat less - around 5% of all workers on average - work in Local government jobs. They're pensions are probably going to be gone, too. Think: Detroit.
The there is also the 5% or so that work Federal jobs. Their pensions are probably OK, unless you consider the 25% of all federal workers that work for the post office. USPS pensions are long gone - it's only a matter of time before .gov pulls the plug.
So that cushy goverment job with the fat pension? Yeah, you're all set for a couple of years.
You didn't get screwed out of the American Dream. You HAD it - past tense. Red pill or not, it will then be time to awaken.
Your post-dream future at 70 will consist of opening up a can of dog food for dinner, donning your blue vest and hobbling over to your part-time greeter job at Wal*Mart.
Hey Simon, Do you see any connection between this bankrupt govt and the proxy war in Ukraine yet?
simon the sociopath visits twice this week......god help us.....does this jackass really have three click-bait ad links in his article. well nothing says self promotion better. another useless unpassed unread resolution from the pathological thieves and self promoters in congress and simon says......good grief.
i know a lot of military people. some of the LEAST likely to save anything. No one seems to be paying attention. Everyone who thinks thir govt needs to make cuts also assumes that these cuts won't affect them. It will, probably when they are in their 60's or 70's and its too late to do anything about it. as you said, dog food
Was listening to a local cop - about to retire after 20 years (from a nice safe suburban dept) - rant on about what HE would do if they dared touch HIS pension. The guy has had a second job but saved little. Has bought lots of toys - boat and such.
Yeah... the rest of the world maybe has a 401K - and NOBODY makes up any losses if the market tanks (unlike public pensions where your taxes go up to cover fund shortfalls).....
Somehow he thinks HIS pension will be the first priority when the shit hits the fan?!?!? oh yeah.... of course we'll make sure you're taken care of.... after putting in 20 years even though the rest of us are working 45+ and past 65 when it turns out we can't afford to retire.....
We took one really nice vacation years back - a cruise in Alaska. Most of the people on it were early retirees from state and federal jobs... lots of tier 1 teachers too..... This was their 'norm when it came to vacations. WTF?
For the playbook, all you have to do is look at what's happening in Detroit;
http://www.freep.com/story/money/personal-finance/susan-tompor/2015/01/1...
Good article about the pension clawbacks in Detroit! Wow, they all thought It was hunky dory and boom, they get a notice in the mail, telling them, they've been overpaid for years and now they want the money back. Ouch!
They will use their guns on us. They will use their legally protected right to use violence against us to make sure we pay.
That is, until enough of us either stop interacting with them, or we say NO MORE.
Until then, bend over and don't expect a reach around.
Would that be the 40% of the population that either works for the government or survives off of some form of government aid, or the 20% under/unemployed that can't afford ammo?
https://imgflip.com/gif/gv1ky
dude i live near a major cruise ship port, you don't have to tell me about who usually takes those cruises. Ive seen two teachers married, or two people who work for some useless agency, etc who are pulling in well voer 100k in retirement benefits. Thats why none of them save any money, and so many of them own toys like you describe. we used to have a neighbor that was a retired teacher, took 3 cruises a year. And, like your cop, when the next big crash happens and their retirement fund is in jeopardy, they will expect taxes to be raised on the rest of us to pay for it, even though most of the people expected to pay for it will have just had their 401k/etc wiped out. sorry serf, but i protected and served the living shit outta you, pay up...
The banksters needed a bailout to keep their casino humming.
Therefore, the government "of the banks, by the banks, for the banks" gave and give them their gravy.
Never mind the promises made to cops, teachers, firefighters, military members - save the banks!
Then - foment discord amongst the different underlings of the populace - blame anyone but the higher ups in .gov and the banking/corporate/insurer parasites.
That works until it doesn't. Then the ropes and pitchforks come out.. Every day a bit closer....
Edit: I just read this and realized it is complete fantasy. I don't even own a pitchfork (I do have lots of rope, though). It is folly to assume that the average phone-addled idiot in this alleged republic will have any idea the source of his misery when the ATMs quit working, let alone any clue who really caused it.
I picked one up at a yard sale for this very reason! It may come in handy some day.
didn't we just borrow 10 trillion over the last 8 yrs? what's the big deal?
Yes, and whoever wrote this and allowed it to get to this point will likely pay dearly.
Still plenty of money to send Nail Gun Squad-type killers to bump off anyone who poses the least bit threat to the neo-Nazis who have taken over the Federal government. Plenty of money to bail out Wall Street banksters and the likes of Bain Capital (which used the threat of bankruptcy to walk away from tens of millions in money it owed the Feds). Stealing middle class taxpayers' pensions earned after a lifetime of work is par for the looters Obama employs, union busters like Treasury Secretary Jack Lew (who got a multi-million dollar golden parachute from NYU after he quit his job there, where he worked for six years). Those patrolling cops in black armor carrying machine guns in financial districts are there to intimidate the real threat Obama and his accomplices perceive, citizens upset over the death spiral of their U.S. middle class status. Welcome to the New World Order, work until you either die or are found wanting (death panels), similar to the way Nazi concentration camps dealt with untermenschen.
NA(tion of)ZI(onists)
If that is not a mandate for the non payment of taxes, I don't know what could be.
Honesty Sucks! just listen to the PTB and BUY FUCKING STOCK!!!!! (Bitches)
61 Percent in Maryland!
Whereas more than 22 percent of total State and local gov-ernment general revenue comes from the Federal Govern-ment according to Census Bureau’s latest Annual Survey
JLee2027
Maryland and Virginia are the pirates cove for federal goverment workers.Their economy is dependent on the thieving powers the federal government holds over the other 55 states.
lol @ the 55 other states reference.
Simon, where does the Pension Benefits Guaranty Corp (PBGC) fall in this? Does it go away, get unfunded, grandfathered?
"Whereas Social Security’s unfunded liabilities in 2014 are $10.6 trillion over 75 years and $24.9 trillion over the infinite horizon;"
Even Bernank knows this is bullshit. The sum of money over an infinite time period is INFINITY. JESUS.
Yes and that is very sad for those that are planning to retire on those benefits.
Yes and that is very sad for those that are planning to retire on those benefits.
California government pension recipients be damned you say? I wish because that is justice, but I doubt it.
soon they will be telling us it was all just
bullshit, didn't you know? couldn't you tell
by all the horseshit spewing from the media
and the representatives and their press morons?
.
sheesh
Hey this is like the Universe. The bigger it gets the faster it gets bigger.
The elephant in the room is Medicare which this article ignores. Total US liabilities were $222 trillion in 2013 and rising at $11 trillion a year - so about $240 trillion today:
Meanwhile, the fiscal gap separating the present value of all future projected federal expenditures—Social Security, Medicare, Medicaid, ObamaCare, defense, gassing up Air Force One, servicing existing debt, you name it—and all future federal taxes and other receipts is, based on the CBO's projections, a staggering $222 trillion.
http://www.wsj.com/articles/SB10001424127887323393804578555461959256572
http://www.bloomberg.com/news/articles/2012-08-08/blink-u-s-debt-just-gr...
Simple solution: austairity.
Austairity and ebola, actually.
Well, mostly ebola. But the survivors should consider fiscal austairity.
You don't have a full understading of how Medicare and Medicaid will operate in the future. They are the real solution to all of the pension problems. Almost all retirees, except for the very very wealthy are almost forced into that medical coverage system.
The Death Panels will just have Denial of Coverage provisions based upon age. One of the Obamacare architects let the story slip out. Zeke Emmanuel wrote the article describing how anyone over 75 should just not get simple things such as immunizations. If the beginning point that they believe is palpable enough for release is to restrict immunizations for some cheap flu shots, what is next to make certain that people have earlier death?
Long Euthanasia Clinics...
The sheople wiill think it means "youth and asia" clinic. Come on in. We'll give you your youth and hot asian babes.
They just purchased a new Air Force One. Obama probably was winging it through Seattle on another campaign fundraiser and decided to stop by Boeing and kick the tires on a 747 Dash 8. He liked it, because they promised him a custom golf bag compartment that would get him on the links sooner.
Hari Seldon predicts a longterm downtrend in western societies.
Well fuck me with a spoon, Jeaves
jeaves took one look and quit......
Even Seldon missed the rise of the Mule.
Well stated Lee, quite true. Glad you got my reference.
absolutely love the foundation series
Sounds like a regular fucking Nostradamus.
"This Resolution is a pretty scary dose of honesty. But again, what’s even more concerning is that it was just ignored and has objectively a zero percent chance of passing."
By "passing" you mean what?
Its a resolution not a bill.
Who the fuck cares, anyhow. Moar Fear Porn. Quick, move to Bolivia, get a Order of Saint John passport and keep your gold safe with ISIS, Allahu Akbar
In the Land of Barney, God is Grape
In the land of the one eyed snake, Reggie Love is king!
Mr. CHAFFETZ, the sponsor of the bill, wants to replace state DB plans with DC plans. Mandatory. By law. Why doesn't he just use the power given to him by the Constitution and say that no Federal monies will flow to the states to support DB plans? The states will get the message and seek a more prudent plan on their own. Don't legislate for the states.
Why even have fifty STATES at this point, when we are rapidly drifting toward one legislative, judicial, and executive body?
Last I checked the federal government stole 30-something % of my paycheck (for fucking what?), while my state extracted barely 1/6th of that.
Now we have one giant failed state (the federation) on the fritz and getting fritzier every day, instead of a couple bonehead outliers like CA and IL. It was always intended that state governments would learn from the examples of the others, whether the policies of their neighbors were to be emulated or to be avoided.
6% of your paycheck went to protect you from fake ISIS and/or protect the government from U.S. citizens
7.5% of your paycheck went to to Social Security (which you'll never see)
10% went to Medicare and welfare
2.5% went to federal, USPS and military pensions
1.5% of your paycheck went to banks and China for interest on the national debt
The other 3% or so of your paycheck went to Israel or to pay for other really important federal shit little people don't need to know about.
Perhaps you should consider headquartering in a tax-free domicile. I can send you an informative, fact-filled brochure and a handy desktop solar-powered calculator - yours to keep for free...
But you are missing the State and local level thievery,
What percent of your paycheck went toward inculcating ignorance?
Toward ensuring that an interior desifner is properly licensed to guard against the horror of somewhat getting peach drapes when they should have ben lilac...........
Too bad Illinois.
Illinois needs to be broken-up into at least 2-3 separate entities, ones that can start fresh and go their own ways.
Illinois easily serves as a poster-child for corruption, dysfunction and mismanagement: left alone, it won't change, and it should be ended for the greater benefit of it's citizens and legitimate business concerns.
Public employees in Illinois need to realize that it's better to take a haircut now than to get scalped later.
And that day of reckoning is coming. Fast.
They bailed out the banksters, the moral hazard is theirs and theirs alone.
And just last month, legislated a derivative bailout provision for banksters.
As much as I bleed purple for public pensioners, welcome to the rest of us.
This simply cannot end soon enough, thank you Greece for lighting the match.
It will be interesting to see what future legislation brings, especially in view of the "Pro-Banking" leanings of the new AJ.
Whether there's "money" available or not, I'd safely bet that should there be another "Banking Crisis" (engineered or not), we know that the TBTF sector is, well, TBTF, so "must" be "protected" irrespective of the "cost" to all other sectors (except the MIC, but that is a given, isn't it!).
On paper, at least, this proposal clearly sets the above message - the Banks "had" to bailed out at public expense; the same consideration does not apply to the "savings" upon which said "Public" may have hoped to draw during their twilight years . . . . .
The "banksters" paid it back with a profit. You probably forgot that.
That is not likely to happen with funds delivered to a State pension fund that are sent to the widow to buy depends.
Augustus-- technically you're correct: the banks did pay back TARP loans... ...with funds from the government's Small Business Lending Fund!!!
In other words, the banks and .gov played a shell-game that allowed the ponzi-schemes and ass-banditry to continue.
Oh, aside from SBLF, more that a half-dozen other lending streams as well as "tax-incentives" were directed towards the bank bailouts, while the US public was given the Mushroom Treatment (kept in the dark and fed bullshit).
http://money.cnn.com/2013/04/09/smallbusiness/bank-bailout/
"The bankers need to repay us"
This ass-banditry and clown-fuckery must cease!
You are only referring to TARP funds, and even these were paid back by slight of hand accounting. But TARP was only a drop in the bucket as far a the total amount of taxpayer funded bailouts are concerned. The gentleman who was responsible for monitoring TARP monies, (SIG-TARP Neil Barofsky) testified before the United States congress that $23 trillion of taxpayer money was used to bailout corporate and financial services industry entities. He estimated that $10 to $12 trillion of that was pure liquidity and the rest was their debt being secured by we the taxpayers.
But I digress. Please continue with the "firemen are responsible for our economic collapse" bullshit narrative.
There's plenty of taxpayer money avaiable when it comes to bank bailouts. The cromnibus at the end of last year re-instated bailouts for swaps and paid these bank gambling losses by weakening the pension guarantees. Congress can't expect to be taken seriously about how dire a fiscal situation we're in so we have to cut stuff for the 99% when they're prefectly willing to spend trillions for the 0.01%.
When all of the pension agreements (401K/403B) are reneged upon or just outright seized, then we'll all experience the next Amerikan Revolution.
Once the enablers and enforcers are targeted directly, the mutiny within the ranks will exponentially grow to catastrophic levels.
fuck the overpaid firefighters, teachers and police people. fuck ALL the public workers. Teller at my Post Office makes 75k and has a cushy pension. She takes packages and sorts them!!!
lordbyroniv- your moniker is telling. You name yourself this as a way to compensate for your lack of social status?
Here's a hint-not all firefighters, teachers, and police are overpaid and not all U.S.P.S. workers make $75k a year. The lack of status you feel you are denied will not be granted by fucking all public workers. These people do not cause your problems. If you had the opportunity you too would take one of these jobs. The problem is the financial system. They create the conditions that allow government's to go into debt which have allowed these public workers salaries to keep up with inflation while the private sector has not been accorded such conditions. The problem is the financial system.
All we've done the last six years is bail out government salaries and pensions while making the rich alot richer.
Oh, that's what the $23 trillion since 2008 was used for. Government salaries and pensions. Financial literacy at its finest. And up arrows too!
Good god we are doomed!
I agree Accounting101. I have taken to monitoring comments on sites I frequent and Zero Hedge has changed. Maybe the trolls have found it or the regulars are busy but the level of sincere discourse has disappeared.
I wonder if Simon just sits at a computer all day, looking at a government website, hitting F5 repeatedly.
You mean just like a gov't worker watching porn all day. F5 F5 F5 F5
they lie to the fishes
Whereas all your tax monies are belong to us, whereas we must continue to bomb brown people abroad, whereas we must continue the war on terror, the war on drugs, the war on poverty, the war on ignorance, etc, etc, etc, whereas we must continue to bail out TBTF, whereas we must, we must, we must, we ever mother fucking must........
Creativity in the form of taxes knows no boundries. Never forget that.
And people always forget the most important piece written in the law books of every country!
A country doesn’t need to serve it’s people,
IT’S PEOPLE NEED TO SERVE THE COUNTRY!
And if people knew more about feodal history in Europe, they would know how stuff could get really weird and than they would realize that the movie 1984 was just a copy of how the world looked 200 years ago.
"Ask not what your country can do for you; ask what you can do for your country"
-John Fitzgerald Kennedy, NWO representative
'Forgive your enemies, but remember their names." --John Fitzgerald Kennedy
"'Forgive your banksters, but remember their names after their heads are on stakes." --John Q Public
I really cant say enough good things regarding the history lesson i got reading David Stockman's The Great Deformation. So, so many chances to right the ship over the years with only weak men elected as leaders who only made what we're living through today that much worse. The few statesmen along the way who tried did their best in the face of rabidly self-seeking corrupt sociopaths in the hunt for power.
Remind me again why our defense budget now is orders of magnitude greater than what was deemed the Eisenhower Minimum when the nation was facing a possible nuclear holocaust but had a sensible enough man in office to understand that conventional armadas and land operations were null and void in the nuclear age.
I have to agree. Stockman takes you from the 1920's through the 2008 crisis. He creates a choerent history that makes the current situation seem like the logical, if tragic, outcome of decades of folly. He takes a philosphical point of view, but his reaserch and analysis are sound which makes it a rational sober version of events.
@ J Pancreas
Only a Judas would have the temerity ( bare-faced shame ) to down vote your comment.
For 30 pieces of .Gov silver a cunt like this would sell his own mother.
i wouldn't sell my mother, but I would gladly downvote any of yalls posts for 30 pieces of silver(ASEs, please, since we are talking about govt silver). thats my price, anyone listening?
What? The feds are going to start requiring the states to be responsible for their own financial houses, as they always should have been? Great!
Now let's hope they go further and remove the enormous regulatory burden on the states, too. Hey, one day they might even begin to remember the 14th amendment and the rest of the Constitution.
But, the utter hypocrisy of this, given the drunken spending by the US Congress, makes it really pretty laughable.
meh, us country boys will survive
https://www.youtube.com/watch?v=3cQNkIrg-Tk
The preacher man says it's the end of time
And the Mississippi River, she's a going dry
The interest is up and the stock markets down
And you only get mugged if you go downtown
I live back in the woods, you see
My woman and the kids and the dogs and me
I got a shotgun and a rifle and a four wheel drive
And a countryboy can survive, country folks can survive
I can plow a field all day long, I can catch catfish from dusk 'til dawn
Make our own whiskey and our own smoke too
Ain't too many things these boys can't do
We grow good old tomatoes and homemade wine
And countryboy can survive, country folk can survive
Because you can't starve us out and you can't make us run
'Cause we're them ol' boys raised on shotguns
We say grace and we say ma'am
And if you ain't into that, we don't give a damn
We came from the West Virginia coal mines
And the Rocky Mountains and the Western skies
And we can skin a buck, we can run a trout line
And a countryboy can survive, country folks can survive
I had a good friend in New York City
He never called me by my name just hillbilly
My Grandpa taught me how to live off the land
And his taught him to be a business man
He used to send me pictures of the Broadway Nights
And I would send him some homemade wine
But he was killed by a man with a switchblade knife
For forty three dollars, my friend lost his life
I'd love to spit some beechnut in that dudes eyes
And shoot him with my ol' forty-five
'Cause a countryboy can survive
Country folks can survive
'Cause you can't starve us out and you can't make us run
And we're them ol' boys raised on shotgun
We say grace, we say ma'am
If you ain't into that, we don't give a damn
We're from North California and South Alabama
Read more: Hank Williams Jr. - A Countryboy Can Survive Lyrics | MetroLyricsAnd little towns all around this land
We can skin a buck and run a trot line
And a countryboy can survive, country folks can survive
Countryboy can survive, country folks can survive
this is a no-brainer. ain't about US insolvency, it's about the sweetheart deal unions and liberal progressives have worked out for themselves over the years. Unionized government workers endorse and help elect liberals/progressives to office and then the liberal/progressive lets the union raise it's salaries and benefits rubbing each others backs while kicking the taxpaying public in the crotch. When the government takes bankruptcy due in large part to continuing retirement benefits paid to these unionized workers (read up on all the California City Bankruptcies) they want to kick their sweetheart deals onto the Federal government shoulders and kick the whole nation of taxpaying citizens in the crotch. This prevents that from happening so that the sweetheart deals end where they start.
6% of working population is unionized. Completely ineffectal and have no bearing on economic outcomes.
If these unionized government workers take their government salaries and buy whatever shit product you offer, does that make you a taker?
When $23 trillion private sector debt was dumped on the taxpayer, why did you just stand there with dick in hand? Where was your righteous indignation? Oh, I know. You were to fucking worried about how much your police man neighbor might be making.
I love government accountants, could you provide me the source of the salaries paid to government workers? If you could break it down by beat cop vs police chief & his administration and assault vehicles vs patrol cars that would be helpful as well.
TIA ;-)
In California, you can get that information. They publish a county by county guide of what all the Guv workers make. It makes for 'interesting' reading. A couple of years ago, as an example, an Asian woman retired as an Administrator the County of Alameda, with a $423,000 a year retirement for life! She's also getting an $8,000 a year car allowance as well. Unbelievable.
What does the sex and nationality of this retiree have to do with this example? Would it be less egregious if it were a white man? I will check with Alameda County on this absurd compensation- I don't believe you.
Exactly! Even if that particular individual does receive such a pension, it is an outlier. Most pensioners are getting a third or less of their working salaries. Also, many of these government pensioners are not collecting Social Security in relation to their government employment.
Amen Accounting 101. My dentist used to work on my teeth all the while bashing the government while my husband, a city employee, was paying the bill. I got sick of it and told him that if he hated government so much to go through his patient roster and refuse to treat anyone who received government money. What a joke- his practice would be cut in half if he did so.
Economic scapegoating is what people resort to when they can't see the problems cannot be reduced to an easy solution. There is plenty of rot to go around but it's not the people who are your customers or clients.
I wonder how much of the Florida pension fund was invested in shale oil and tar sands?
My friend cashed out his defined benefit plan when he retired. His reasoning was there was no chance they can make 8% a year forever to meet future obligations and they were 30% underfunded when he fled like a rat off a sinking ship. Will see if he comes out ahead.
Frightening honesty (courtesy of the US congress)
I couldn't read any further.
unfunded pensions............ REALITY SUCKS .......... cha-se the carrot .... you will be rewarded in the hereafter.....
hahahahahahaha
what will gov moonbeam look like when he is set afire hanging from a lamp post....... jesuit bald headed bitch... his nuts ripped off and stuffed in his mouth.... smile for the camera ......
and hanging right next to him in the same condition will be Bush, Cheney, and Wolfowitz
" Teller at my Post Office makes 75k and has a cushy pension. She takes packages and sorts them!!!" If she does more than one package a day, she's working too hard by current government standards and more people need to be hired!.....
Bullshit! Have you ever worked in a post office? Of course not, yet you make some dumbass comment about someone else's line of work. My guess is that you would piss yourself after an hour of doing this work.
Teachers, firemen, police officers, postal workers, etc., are your god damn neighbors. If they are so fucking rich with their huge salary structures and cushy pensions, why in the hell are they living next door to your worthless ass?
Since 2008, $23 trillion in private sector debt has been dumped on public balance sheets, and now we are told that public sector contracts can not be honored. The money is just not there we are told. Pensions are deferred salary that are pooled and invested. Depending on the the state, some of those pension systems have assets in excess of $45 billion. There is no pension crisis, unless the public sector has to bail out those private capitalists entities yet again.
You're a fool if you think there's no pension crisis. And there's no point in trying to talk sense into a fool. The solvency of all of those pensions assumes returns of 7%+ forever with no downturns. The pensioners contributing know (or should know) it's a lie, as do the politicians and actuaries.
Certainly not evey pension is in crisis. Why do you think everything is an all or nothing proposition. We find ourselves in this economic quagmire due to a myriad of problems. I am tired of people ranting it's all the fault of "this group" or "that group." The people with no pension feel it's the people with a pension's fault. The people who have family that have lived here longer than one generation feel it's the immigrants fault. The people who work in the private sector point to the public sector. The Germans blame the Greeks and vice versa. Keynsian economists blame Austrian/Monetarists (?) and vice versa. Left versus right and on and on. We blame and point and feel there has to be some simple solution.
Economic scapegoating is not the solution. Blaming others who are in essesnce your customers, your clients and putting their money back into the system helping to support businesses and building communities is not going to find a solution. The problem is not one group or one line of thought. It is a host of issues but it is not each other. It's systemic- the rot is at the core. Money buys our government, money makes the rules, money makes the laws, money is the problem. The financial sector is out of control and we are out of control. We allow our government to bomb others to keep us safe, we allow small businesses to fail while we support big box stores. We will not find solutions by blaming others and we will not find solutions with the current financial system running the government.
The problem is the rampant corruption in every aspect of the US political system, and that includes the public pensioners colluding with the politicians against the taxpayers.
Thisson- "public pensioners colluding with politicians against the taxpayers" is your retort. Seriously- how does this happen?
You think there is a pension crisis because your radio told you so, or you read an article whose author is paid to write such tripe. The dumbass blanket statement that all pension systems are in crisis is pure manufactured bullshit. And yes, actuaries know some things about math and pension system investments and none of them expect there to be no economic downturns. Again, pure bullshit.
You are on intellectual thin ice. Get off now!
Nice statement of the obvious. unfortunately, but not unexpectedly, no bill accompanies said resolution.
I feel the earth move under my feet
I feel the sky tumblin' down a tumblin' down . .
' Our only hope is more human sacrifice to appease the Gods '
Lloyd Bankfiend
Lloyd BlankCheque
Hey, Simon, learn yourself somethin'
https://www.youtube.com/watch?x-yt-cl=85114404&v=B9fi1H13120&x-yt-ts=142...
Yet we have $10 billion annually for Israel.
"Your tax dollars at work"-sign in Israel Airport right beneath, in larger letters,-"Welcome to Israel" on an episode of THE SIMPSONS
I remember that episode. Here is something else your tax dollars at work are doing.
"While America shuts down fire houses, cuts infant nutrition, US subsidizes Israel army sushi courses"http://electronicintifada.net/blogs/ali-abunimah/while-america-shuts-dow...
That you know of, sweetheart. There is also the triple X temple donations. Every year. Tax deductible. Watch again the movie "The Devil's Own". For 600 years the ashkanazi claim, foment and exaggerate the Irish genocide and the Irish troubles as their own, to extort bucks from jews. From family. You see a movie about the Irish made by Jews... just figure it out.
That movie describes jewish temple military contributions to Israel at the time that movie was made. It's a brag piece, and a shame to the celebs in it. Its very insightful.
I have't caused enough justice. Yet. I am working on it. One purpose: Truth. Always.
Jews aren't bad people. Individually, they are weak. Chomsky is a real jew. Fucking moron. Reads papers, thinks he's as smart as his propaganda beyond his specialty, spins what he reads, imagines his spin true. Collectively, they are termites and will murder you for their hive. This isn't even remotely jewish doctrine, this is the value system of the tribe that ate the jews, the Dershowitz breed.
President #2 said, “Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other.”. I stand in awe of the noble 18th century men, who fought pirates while delivering republican values, against the oligarchs and the church slavery cult. I am amazed at their success.
I AM SPARTACUS.
You're a fucking ignorant bigot, Otto, that's all you are. What a bunch of fucking bullshit. You're gonna base some anti-zionist diatribe on a 2-star movie production? That makes a lot of sense. /sarc
I am a man of the sword. I didn't want it. I wanted to be a scholar. Instead you got me. Nature is my God. Need shaped me. I did it and won a long life. But we all must die. You are a skin cell on God. That is all we are.
Look at the container.
These days we respect earned wealth, inheritance is unearned wealth.
In the UK the richest person is the Duke of Westminster that didn't earn anything and inherited the lot.
In Europe we are used to an idle rich, old money set, eg the Aristocracy, trust fund kids and socialites.
As half the world's wealth has accumulated to the 1% an inheritance cap allowing 99% to pass on their wealth captures half the wealth.
It stops the formation of an old money idle rich that Europe knows only too well.
This can cut the taxes of those that earn their wealth and the 1% are a democratic non-entity.
<<< Hyperinflation
<<< Black hole deflationary collapse (DC - how fitting !)
One of the two (or both monetary HI, eonomic DC ) is (are) guaranteed
Bu ... but ... that can't be right! They've the deficit under control now! The emergency spending is over!
Actually $7 trill is too optimistic, it will be more like $12 to maybe $14 trill. And look at that document, the quoted figures are in Trill amounts with one decimal place! That's quite a fudge factor, eh? So they can't narrow it down to even the nearest million? I'm damn sure if it was my money I could narrow it down to the nearest thousand.
What a fucked-out country.
And here comes the Gas/Mileage tax...
http://bangordailynews.com/2015/01/30/opinion/editorials/roads-in-maine-...
The federal fund that pays for critical improvements to the nation’s highways wasdestined for insolvency by the end of August last year.
In typical fashion, Congress stepped in just weeks before an Aug. 1 deadline andfixed the problem — with an $11 billion transfer to the Highway Trust Fund from the federal government’s general fund.
But Congress’ fix didn’t last long. The Highway Trust Fund is again destined for insolvency since the $11 billion patch was only intended to sustain the fund through the end of May. That’s four months away. Between now and then, Congress can either agree to another last-minute, temporary fix or, better, a more enduring solution for the nation’s highway funding dilemma.
The odds would favor another temporary fix. Since 2008, the federal government has transferred nearly $65 billion to the highway fund to keep it afloat. That’s because there’s a fundamental problem with how the nation funds the construction and upkeep of its roadways that Congress has neglected to solve.
The federal gas tax, the Highway Trust Fund’s primary funding source, has remained at 18.4 cents per gallon of gasoline (and 24.4 cents per gallon of diesel) since 1993. But in those 22 years, the cost for the construction the gas tax pays for has risen with inflation. If the gas tax had kept pace, it would be 30 cents per gallon today...
...Fortunately, some in Congress are trying to solve the underlying problem. Sens. Bob Corker, R-Tennessee, and Chris Murphy, D-Connecticut, have reintroduced a bill to raise the gas tax to 30.4 cents a gallon over two years and peg it to inflation after that; the legislation would lower other taxes. Sen. Rand Paul of Kentucky is proposing a tax holiday for corporations during which they could repatriate cash they hold overseas; the revenue from the temporarily reduced rate would replenish the Highway Trust Fund.
Maine Sen. Susan Collins, now chair of the Senate Appropriations Committee’s transportation subcommittee, said earlier this month she was looking into options for raising the gas tax — potentially indexing it to inflation while providing a rebate for low-income people. She also said she was “intrigued” by Paul’s plan, according to the Portland Press Herald.
------------------
Methinks that all that money spent on boogeymen, bankester bailouts, snooping on all of us for no god damn good reason, showering billions on cronies for useless renewable projects etc., the roads would be just fine. The impending derivatives bailout will finish em off.
This resolution is nothing but lip service to the middle class while we have our rights and benefits taken away from us. Do we forget the law just passed in 12/2014 (passed, not just a meaningless resolution)
Buried in the $1.1 trillion “Cromnibus” legislation signed this week by President Barack Obama was a provision that aims to head off a looming implosion of multiemployer pension plans—traditional defined benefit plans jointly funded by groups of employers. The pension reforms affect only retirees in struggling multiemployer pension plans, but any retiree living on a defined benefit pension could rightly wonder: Am I next?
Well government worker, answer this honestly: You are my employee (US Taxpayer) and you have much better pay and benefits than me—Is this fair?
For years, in the private sector, defined benefit plans have been getting eliminated and post retirement health plans have become extinct. So, why do you, as my employee continue to receive such a costly benefit? Why should I have to work to 65 or 70 to pay for your benefit package so you can retire at 55 with a generous pension and post retirement healthcare plan?
Every politician and government worker should receive NO BETTER health care plan than is what is offered by Obamacare (High premiums, deductibles, and out of pockets). Government workers and politician pensions should be converted to 401k plans just like the private sector.
I am sick of politicians and the news media trying to highlight the “1% inequality” in an attempt to hide the inequality between the high percent of Americans and their own employees (Politician and government workers)
My husband was forced to retire from his city job at 54 with no health benefits. The public sector is beginning to fall apart. Look at cities like Detroit and Stockton. I give the Middle class another 20 years tops. You can complain about government employees but they spend their money into the system. As cities fall apart so go counties and then states. We have a choice to make. Do we want to continue to support a federal government that has spent us into the poor house not with social security and medicare but by dropping bombs on everybody and their brother in the name of "fighting terrorism" or do we support local first.
Dismantle the security-industrial-military complex first and see where we are. No one hates us for our freedoms- they hate us for our policies.
It doesn't make any difference. People will continue their puny lives the way it is as long as they have shelter, food and trash entertainment.
Obama will find some way to VETO that bill.
Maybe Simon can give up a couple of skiing vacations to help the people out.
Warning Will Robinson! Dogs have gut flora that enables them to eat bad meat. They make dog food accordingly....SO
STOCK CAT FOOD!!
"More Human than Human"
Tyrell Corporation
When you attack the mainstream media, and then put out more bunk, it simply shows that Zerohedge is an alternative media outlet for the banking cartel with the aim to deceive us. This article is anything but honest. The first thing that is wrong is that you are ignoring the Comprehensive Annual Financial Reports, which paint a totally different picture. https://www.youtube.com/watch?v=x2Fus2XffyY
You are promulgating a doom and gloom scenario, without mentioning that there is a huge pile of gold waiting to underpin constitutional United States currency as soon as the culprits that own Zerohedge are put under the respective bankruptcy regimes of the jurisdictions in which their assets are located. Zerohedge, I suggest that you start looking for honest employment instead of hawking fear porn. Here is where we stand in the transition away from Federal Reserve Notes: https://s3.amazonaws.com/khudes/Twitter2.1.15.pdf
Don't forget Sovereign Man, the Author, fancyfree...
His submittals have been kicked around by us a few times recently. Voting low grades helps as well.
When you attack the mainstream media, and then put out more bunk, it simply shows that Zerohedge is an alternative media outlet for the banking cartel with the aim to deceive us. This article is anything but honest. The first thing that is wrong is that you are ignoring the Comprehensive Annual Financial Reports, which paint a totally different picture. https://www.youtube.com/watch?v=x2Fus2XffyY
You are promulgating a doom and gloom scenario, without mentioning that there is a huge pile of gold waiting to underpin constitutional United States currency as soon as the culprits that own Zerohedge are put under the respective bankruptcy regimes of the jurisdictions in which their assets are located. Zerohedge, I suggest that you start looking for honest employment instead of hawking fear porn. Here is where we stand in the transition away from Federal Reserve Notes: https://s3.amazonaws.com/khudes/Twitter2.1.15.pdf