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US Welfare State To Run Out Of Cash Sooner Than Hoped For

Tyler Durden's picture




 

Medicare trustees just released their annual report on the program's finances and it does not make for healthy reading. In fact the main headline takeaway is that the social security fund itself will now run dry three years sooner than was projected in 2011. While 2035, the new deadline, seems a long way off, the 5% rise in medicare costs in 2011 should be enough to worry most and perhaps more disturbing is the separate disability program is set to run dry in 2016 (two years earlier than expected) and Medicare is to be depleted by 2014. Headlines via Bloomberg:

  • *MEDICARE COSTS RISE 5 PERCENT TO $549 BILLION IN 2011   :UNH US
  • *LONG-TERM PROJECTIONS FOR MEDICARE WORSEN, TRUSTEES SAY :UNH US
  • *HOSPITALS TO FACE MEDICARE PAYMENT CUTS IN 2024, U.S. SAYS
  • *TRUSTEES SAY FUND TO RUN OUT THREE YEARS EARLIER THAN PREDICTED

Added Tim Geithner's ever-positive spin-fest...

 

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Mon, 04/23/2012 - 14:02 | 2367684 Winterland
Winterland's picture

Shocking

Mon, 04/23/2012 - 14:18 | 2367756 UP Forester
UP Forester's picture

No one could have seen this coming.

I wonder if Medicare finances are like the Social Security Trust Fund that W examined, a three-ring binder filled with IOUs in a filing cabinet....

Mon, 04/23/2012 - 14:34 | 2367815 EscapeKey
EscapeKey's picture

Do you really need to ask this question?

Mon, 04/23/2012 - 14:35 | 2367818 nope-1004
nope-1004's picture

Geithner is my favorite comic book hero.  Superman and Batman have nothing on this guy.

 

 

Mon, 04/23/2012 - 15:17 | 2367957 TruthInSunshine
TruthInSunshine's picture

Cancel the panic, everyone.

Joe Wiesenthal, a blogger (who would gladly kiss Obama's anus on command) of impeccable credentials on an intensely academic and highly respected site, whom even the Nobel Laureate Dean of Bastardized-Keynesianism, Dr. Paul Krugman, looks up to and even cites/relies upon now when fending off well-composed rebuttals of his insane rantings, has said this is all a nothingburger:

 

ATTENTION EVERYONE: Social Security Will Never Run Out For As Long As You're Alive

 

Whew! That was a scare for a minute or so!

Mon, 04/23/2012 - 15:28 | 2367984 Dr. Engali
Dr. Engali's picture

That was about the worst written non supported piece os crap I've read in a long lime.

Mon, 04/23/2012 - 15:31 | 2367993 TruthInSunshine
TruthInSunshine's picture

Wiesenretard forgot the caveat that in order to continue to keep Social Security/Medicare 'solvent,' gasoline will go to $15/gallon while average real wages will hover around $5/hour.

Mon, 04/23/2012 - 16:12 | 2368215 HoofHearted
HoofHearted's picture

Geithner is the original muppet. Who do you think has his or her hand up Geithner's ass, making him say the stupidity he just released?

Mon, 04/23/2012 - 19:16 | 2368689 r00t61
r00t61's picture

Even Wiesenthal can't be this stupid.

I think he just decided to go "full MillionDollarBonus."

Mon, 04/23/2012 - 16:46 | 2368351 mick_richfield
mick_richfield's picture

Well yeah, but what he means is:

"You're All Going to Die a Lot Sooner Than You Expect".

Mon, 04/23/2012 - 18:36 | 2368607 GeezerGeek
GeezerGeek's picture

If Medicare goes broke in two more years then lots of seniors will get sick and die. And Obama won't even need a Death Panel to pull it off.

So Social Security is solvent because few live long enough to collect as much as they put in, just as it was originally designed. Is this some new form of rehypothecation?

Mon, 04/23/2012 - 18:38 | 2368613 Pygar
Pygar's picture

ATTENTION EVERYONE: Social Security Will Never Run Out For As Long As You're Alive

 

...because before we admit that the system is fucked, we'll euthanize every last one of you poor bastards and grind you into Soylent Pink.

Mon, 04/23/2012 - 18:02 | 2368550 hoos bin pharteen
hoos bin pharteen's picture

The solution to Medicare/SS liabilities is simple, actually.  In Logan's Run they just kill everyone when they reach 30.   

Think of it as really, really late-term abortion. 

</sarc off>

Mon, 04/23/2012 - 18:36 | 2368605 Acorn10012
Acorn10012's picture

Unviable tissue mass. If you can't feed yourself, you're screwed.

Mon, 04/23/2012 - 18:39 | 2368616 GeezerGeek
GeezerGeek's picture

Can we first do a practice run with all elected officials? We'll then wait ten years to see how it worked out. In the meantime, lacking elected 'leaders', the economy should recover nicely.

Mon, 04/23/2012 - 14:18 | 2367760 Stoploss
Stoploss's picture

Assuming we survive the 4 China syndromes in Japan.

Mon, 04/23/2012 - 15:14 | 2367956 Osmium
Osmium's picture

Something happened in Japan?  Oooh wait, the voice is on TV.

Mon, 04/23/2012 - 16:01 | 2368162 DosZap
DosZap's picture

Shocking?.

Not so shocking as this.....................read it and weep.

http://www.nypost.com/p/news/opinion/opedcolumnists/an_billion_trick_ImTBFfz7MeuZLJY7JzXEIJ

Thu, 07/12/2012 - 13:04 | 2610323 Nagelstudio
Mon, 04/23/2012 - 14:03 | 2367689 Nolsgrad
Nolsgrad's picture

the sooner this bitch burns down the better.

Mon, 04/23/2012 - 14:12 | 2367724 odatruf
odatruf's picture

I am generally one who prefers to keep heading into the breaches, but in this case I don't see the immediate and substantial changes needed for these programs being made in an orderly and timely manner.  I only see deck chairs being rearranged and corrupt practices being the norm until, as Nolsgrad so eloquently puts it, this bitch burns down.

As I result, I embrace the conflagration so as to get to the other side sooner.  Burn motherfucker, burn.

Mon, 04/23/2012 - 14:04 | 2367691 Cursive
Cursive's picture

Do they do it for the lulz?  If 2035 is the over/under from social security, I'll take the under.  Also, I;ll take the under on 2016 for disability and 2014 for Medicare.  Always take the under on lying liars and the people who follow them.

Mon, 04/23/2012 - 14:36 | 2367822 machineh
machineh's picture

'The Affordable Care Act ... included measures to strengthen Medicare by rein in health care costs.' -- Timmah Geithner

Complete and utter horseshit. In fact, Obamacare entrenched the cost-plus health care cartel, sending expenditures soaring -- AS HIS OWN NUMBERS DOCUMENT.

Geithner is like the loser rapist who tells his victim, 'That's only my finger in your belly button!'

Mon, 04/23/2012 - 15:30 | 2367989 LFMayor
LFMayor's picture

Isn't that what Michael J told McCauley?

Mon, 04/23/2012 - 14:05 | 2367696 Cognitive Dissonance
Cognitive Dissonance's picture

You know......when it rains, it pours.

Mon, 04/23/2012 - 14:27 | 2367791 Agent P
Agent P's picture

I'd keep playing.  I don't think the heavy stuff's gonna come down for quite a while.

Mon, 04/23/2012 - 14:41 | 2367844 kridkrid
kridkrid's picture

big hitter, the lama.

Mon, 04/23/2012 - 15:08 | 2367938 WonderDawg
WonderDawg's picture

Are you my pal, Mr. Scholarship winner?

Mon, 04/23/2012 - 15:30 | 2367983 Buckaroo Banzai
Buckaroo Banzai's picture

Oh Billy, Billy, Billy, Billy, Billy... this is a biggie. Don't let me down, Billy!

Mon, 04/23/2012 - 20:11 | 2368778 WonderDawg
WonderDawg's picture

It's easy to grin, when your ship comes in...

Mon, 04/23/2012 - 14:59 | 2367913 francis_sawyer
francis_sawyer's picture

rat farts!

Mon, 04/23/2012 - 15:22 | 2367969 ZippyBananaPants
ZippyBananaPants's picture

"I'll have a hamburger, no a cheeseburger, I'll have french fries, I'll have have a milkshake"...."You'll get nothing, and like it"

Mon, 04/23/2012 - 15:25 | 2367976 Dr. Engali
Dr. Engali's picture

I thought that was called trickle down.

Mon, 04/23/2012 - 14:23 | 2367700 TruthInSunshine
TruthInSunshine's picture

. "And a round for the house on me," declared the bankrupt man, merrily.

Let us toast Fractional Reserve Banking/Modern Money Mechanics.

Here's a cocktail to imbibe in while watching the latest global economic seizures, which will 86 another swath of nations, induced by the conjurers of limitless debt/paper fiat (but we drink in the hopes that they'll free themselves of the tentacles of The Money Masters, in that process, finding freedom from debt enslavement).

Adios Motherf**ker
  • 1/2 oz vodka
  • 1/2 oz rum
  • 1/2 oz tequila
  • 1/2 oz gin
  • 1/2 oz Blue Curacao liqueur
  • 2 oz sweet and sour mix
  • 2 oz 7-Up® soda

Pour all ingredients except the 7-Up into a chilled glass filled with ice cubes.

Top with 7-Up and stir gently.

Mon, 04/23/2012 - 14:25 | 2367780 Jonas Parker
Jonas Parker's picture

"And a round for the house on me," declared Ben, merrily.

 

There, I fixed it for you...

Mon, 04/23/2012 - 14:44 | 2367853 Nobody For President
Nobody For President's picture

Pour all ingredients except the 7-Up into a chilled glass filled with ice cubes.

Pour 7-Up down drain, consume the rest.

 

There, fixed it for yah.

Mon, 04/23/2012 - 14:07 | 2367701 LongSoupLine
LongSoupLine's picture

Flock-o-Swans

(not to be confused with that funky haired 80's group)

Mon, 04/23/2012 - 14:07 | 2367704 MiguelitoRaton
MiguelitoRaton's picture

Ahead of expectations...bullish

Mon, 04/23/2012 - 14:38 | 2367829 machineh
machineh's picture

No worries ... "there's a LTRO for that."

Mon, 04/23/2012 - 14:09 | 2367706 lolmao500
lolmao500's picture

And next year, they gonna say that it runs dry in summer 2013...

But eh, don't worry, Obama will save the day... till the election!

http://www.nypost.com/p/news/opinion/opedcolumnists/an_billion_trick_ImT...

An $8 billion trick?

Toying with Medicare to fix elex

Call it President Obama’s Committee for the Re-Election of the President — a political slush fund at the Health and Human Services Department.

Only this isn’t some little fund from shadowy private sources; this is taxpayer money, redirected to help Obama win another term. A massive amount of it, too — $8.3 billion. Yes, that’s billion, with a B.

Mon, 04/23/2012 - 19:02 | 2368664 GeezerGeek
GeezerGeek's picture

Everyone who is on Medicare or who has a relative on Medicare should write to their House and Senatorial representatives. I wonder what would happen if every one of them who voted for Obamacare got loads of complaints from constituents. I'm going to be asking Senator Nelson (D), here in Florida, just what he intends to do about it. He is up for reelection. If I were in Debbie Wasserman Schultz's district I'd ask her some questions, too. My representative, Allen West, had his district yanked out from under him by idiot REPUBLICANS in Tallahassee via redistricting.

As a conservative already on Medicare, I'm very torn by this issue. But what the heck, I WANT MINE! (I'll leave it to the readers to decide if I'm being a bit cynical or not.)

Mon, 04/23/2012 - 14:08 | 2367709 alexwest
alexwest's picture

#ain headline takeaway is that the social security fund itself will now run dry three years sooner than was projected in 2011. While 2035, the new deadline
#

BS as usual..

this report assumes THERE ARE 'REAL MONEY' IN SS FUNDS.. but there aint..
only worthless paper called special type USA bond paying interest printed on same worthless paper..

STOP BULLSHITTING PEOPLE

ALX

Mon, 04/23/2012 - 14:08 | 2367711 alphabrew
alphabrew's picture

I think you mean that the IOUs run out.  Cash is already long gone thanks to politicans who have raided the trust fund.  Didn't the teleprompter in chief need to raise the debt ceiling last summer in part to fund social security payments, which *should* be in the trust accounts as cash?

Mon, 04/23/2012 - 16:04 | 2368181 DosZap
DosZap's picture

 Didn't the teleprompter in chief need to raise the debt ceiling last summer in part to fund social security payments, which *should* be in the trust accounts as cash?

 

Yep, but there was NO NEED as income INTO, exceeded OUTFLOW by nearly 2x's.

But, we wont quible over the small stuff.

Mon, 04/23/2012 - 17:30 | 2368486 Don Levit
Don Levit's picture

The income exceeded the outgo, when you include interest income.

Interest income is funded by general revenues from the Treasury, which increases the intragovernmental debt.

On a cash basis, interest income is excluded.  That is why the trust fund can be growing, but at the same time, in a negative cash position.

Don Levit

Mon, 04/23/2012 - 14:09 | 2367712 SheepDog-One
SheepDog-One's picture

Vintage 70's Zappa, the torture never stops. 

Frank Zappa - The torture never stops (subtítulos en español) - YouTube

 

Mon, 04/23/2012 - 14:09 | 2367716 Jason T
Jason T's picture

like this guys says.. we need real change.  http://www.youtube.com/watch?feature=player_embedded&v=0OVgYCMjr8c

seriously mint little speech here

Mon, 04/23/2012 - 15:23 | 2367972 The Heart
The Heart's picture

It's coming...change...promise!!!!!!

http://www.youtube.com/watch?v=IWDJEc92d38

Mon, 04/23/2012 - 14:10 | 2367718 TideFighter
TideFighter's picture

Less people equals less problems. It's gonna happen. Soulatative Easing. 

Mon, 04/23/2012 - 15:37 | 2368021 LFMayor
LFMayor's picture

Malthusian Twin powers... ACTIVATE

shape of:  Genetically modified smallpox bacillus
form of:  G type nerve agent.

Mon, 04/23/2012 - 16:14 | 2368219 Mikehy
Mikehy's picture

targeted at immune systems of those 65 and over of course.

Mon, 04/23/2012 - 14:15 | 2367720 hedgeless_horseman
hedgeless_horseman's picture

 

 

Medicare is to be depleted by 2014.

I will take the under.

 

This is very bearish for The Scooter Store.

Mon, 04/23/2012 - 14:41 | 2367840 machineh
machineh's picture

Shit, it makes me want to drive my scooter off a bridge.

Mon, 04/23/2012 - 14:12 | 2367725 Arvo Particleboard
Arvo Particleboard's picture

In the interests of disclosure, I was hoping it would run out sooner than sooner-than-expected.

Mon, 04/23/2012 - 14:12 | 2367727 SheepDog-One
SheepDog-One's picture

It will.

Mon, 04/23/2012 - 14:16 | 2367748 Dr. Richard Head
Dr. Richard Head's picture

It already did....as a matter of fact.  LOCK BOX BROKEN BITCHEZ!!!!!!

Mon, 04/23/2012 - 14:27 | 2367790 yabyum
yabyum's picture

DR Head, Lock box stolen bitchez!!!....fixed it.

Mon, 04/23/2012 - 14:54 | 2367894 Pairadimes
Pairadimes's picture

The lock box has not been broken. It has been dynamited, pried open by jackals with crowbars, completely looted, filled up with IOU's written in crayon on toilet paper, and then smeared with feces. There, fixed it for you.

Mon, 04/23/2012 - 15:01 | 2367919 francis_sawyer
francis_sawyer's picture

Death panels bitchez!

Mon, 04/23/2012 - 14:12 | 2367729 Misean
Misean's picture

It's kinda like saying you'll be broke when you run out of checks because the check you wrote to pay for your current batch of checks bounced....

Mon, 04/23/2012 - 14:13 | 2367731 narnia
narnia's picture

The only asset in these "trust funds" is a promise of future taxation, otherwise known as government debt.  This whole analysis isn't a serious exercise.

Mon, 04/23/2012 - 14:13 | 2367736 ZackAttack
ZackAttack's picture

Well, another way to solve the whole 'medical costs' issue is for healthcare wages to deflate just like every other profession in America.

These guys aren't thinking like corporate America. Bump the H1B quota, smackdown the AMA's domestic residency requirement, and load up a quarter million Indians and Eastern Europeans who'd be pleased to wreck the wage structure.

Mon, 04/23/2012 - 14:22 | 2367765 hedgeless_horseman
hedgeless_horseman's picture

 

 

Most of the fat is in the healthcare insureres and hospitals, not the healthcare providers.  We would be better off going with a direct-pay system and let the providers and consumers sort it out in a real market.  It is a dream, but we will probably all wake up one day and be there anyway, eventually.

Mon, 04/23/2012 - 14:23 | 2367776 pods
pods's picture

There are actually doctors who are starting to do this.  Cash on the barrel and costs are like 1/2.  
Doctors are just as sick of this system as the rest of us.

pods 

Mon, 04/23/2012 - 14:32 | 2367792 hedgeless_horseman
hedgeless_horseman's picture

 

 

Way more than a few.  You can offer most doctors a cash payment equivalent to 90% of Medicare's fee schedule, which is usually less than half of most provider's usual and customary fees (generally 200% of Medicare), and pretty much all of the time the provider will gladly accept it.

 

Mon, 04/23/2012 - 15:05 | 2367926 pods
pods's picture

Thanks for the info! I have (thankfully) not needed a doctor in a long time since I fixed my back.  

Will have to check into one around here for one.

pdos

Mon, 04/23/2012 - 15:27 | 2367979 The Heart
The Heart's picture

We trade home grown organic vegetables for our yearly health care, no matter what the ailment might be.

Mon, 04/23/2012 - 14:43 | 2367850 Dr. Engali
Dr. Engali's picture

It's always been my belief that lawyers,bankers, and insurance companies are the worst thing to ever happen to this country.

Mon, 04/23/2012 - 14:47 | 2367872 hedgeless_horseman
hedgeless_horseman's picture

 

 

Yes...along with television.

Mon, 04/23/2012 - 15:35 | 2368012 The Heart
The Heart's picture

Aw come on...everyone loves a lot of Mind-Control!

Ever catch your self staring mindlessly at these new digital TV's? Why do you think they went from analog to digital? Easier carrier waves to send subliminal messaging to control something like say, the outcome of presidential elections. It is church for most of the nation that gawks at the entrancing controlling Fox and CNN news PROGRAMING every night.

Break away from the imperial conditioning and get your news from places like ZeroHedge, The Daily Paul, and What Really Happened.

http://www.dailypaul.com/

http://whatreallyhappened.com/

Mon, 04/23/2012 - 14:51 | 2367887 Nobody For President
Nobody For President's picture

You could have probably stopped at 'lawyers', but OK...

Mon, 04/23/2012 - 15:07 | 2367933 riphowardkatz
riphowardkatz's picture

or just let people be free to choose what insurance coverage they want, who is in their pool. which state they buy from. Insurance is vitaly important. The problem isnt with insurers it is with societies belief that they get to control the actions of other people and use governments guns to do the controlling. 

Mon, 04/23/2012 - 14:21 | 2367768 pods
pods's picture

Now how the hell did you get Plan B?

That was super duper top secret.

pods

Mon, 04/23/2012 - 14:27 | 2367787 Joe Davola
Joe Davola's picture

Not to mention the benefits of culling the herd of medicare recipients through incompetent care!

Mon, 04/23/2012 - 14:50 | 2367883 narnia
narnia's picture

A lot of doctors are struggling economically.  I'm not sure a lot of these immigrants will come over & be doctors, if it isn't viable to operate in that space..

There are about 1,000 reasons health care costs are consuming more resources than ever and about 900 of them directly relate to government intervention in the nutrition-healthy living-health treatment & who pays for it economic decision making process.

Mon, 04/23/2012 - 18:46 | 2368622 Acorn10012
Acorn10012's picture

One of the unpleasant surprises for an immigrant doctor is the hours they have to put in. Not as hard work in a developing country. The money is better in the US though.

Mon, 04/23/2012 - 14:14 | 2367742 junkyardjack
junkyardjack's picture

Run out of cash? Can't the Bernak just hit print, problem solved

Mon, 04/23/2012 - 14:17 | 2367750 buzzsaw99
buzzsaw99's picture

True dat. The billionaire welfare fund will never run out.

Mon, 04/23/2012 - 14:30 | 2367779 mayhem_korner
mayhem_korner's picture

Run out of cash? Can't the Bernak just hit print, problem solved

 

I think more precisely, problem transferred, as the flush medicare system would give way to $8/loaf bread.  Pick your poison, I guess...

Mon, 04/23/2012 - 14:39 | 2367831 riphowardkatz
riphowardkatz's picture

Betting people choose option 2. 

Mon, 04/23/2012 - 14:17 | 2367753 Blkhat117
Blkhat117's picture

Tick....Tick....Tick.... Its just a matter of time now.

Oh and social security is already out funds its been insolvent since 2002.

Mon, 04/23/2012 - 14:19 | 2367755 sessinpo
sessinpo's picture

Does not one realize that the insolvency of medicare is itself the death panel? Thus It's insolvency will help SS as less people will live longer to collect benefits. It's a total disgrace. All government social programs are a farce designed to steal the citizens money because they are pyramid schemes.

Mon, 04/23/2012 - 19:13 | 2368682 GeezerGeek
GeezerGeek's picture

If we had a Constitution we could pass an amendment forcing all current and former government workers, including elected officials, into SS for retirement and Medicare for healthcare. But no, the legislators voted themselves nice, cushy health and retirement plans. It seems those pigs consider themselves a bit more equal than the sheep.

Mon, 04/23/2012 - 14:18 | 2367757 RopeADope
RopeADope's picture

I had a conversation over the past weekend with a retired person who was sincere in wanting to fix the social support programs in the United States but failed to comprehend that these programs have been temporarily funded by a one-time profit from the exploitation of the planet. I also explained that for the type of social programs that he envisioned to work, the global population would have to be held at a sustainable level of under 2 billion people.

 

Not unexpectedly, rabid ranting began after he realized he was being told that 70% of the world's population would have to be left behind to maintain the benefits he wanted. Sincerity quickly disappears when faced with the selfish truth so I do not expect a political fix to be forthcoming in any future.

Mon, 04/23/2012 - 14:37 | 2367824 riphowardkatz
riphowardkatz's picture

Exploit the planet or die. Those are the only two options.  

 

Mon, 04/23/2012 - 14:47 | 2367873 machineh
machineh's picture

Third option: extort your neighbors -- run for public office!

Mon, 04/23/2012 - 14:53 | 2367893 riphowardkatz
riphowardkatz's picture

very true. will add that to my list.

Mon, 04/23/2012 - 16:49 | 2368365 jumbo maverick
jumbo maverick's picture

i had a conversation over the past weekend with a retarded person...

fixed it

Mon, 04/23/2012 - 14:18 | 2367759 Thomas Jefferson
Thomas Jefferson's picture

Medicare is a joke anyhow.  Those boomers are spoiled by extravagant end of life medical care while the youth of the country goto war.

Mon, 04/23/2012 - 14:42 | 2367847 djsmps
djsmps's picture

The youth go to war by choice.

Mon, 04/23/2012 - 15:09 | 2367943 Iwanttoknow
Iwanttoknow's picture

Not alway.There are little employment prospects.

Mon, 04/23/2012 - 15:51 | 2368118 LFMayor
LFMayor's picture

hunger being one of the faster catalysts for the decision making process.

Mon, 04/23/2012 - 15:04 | 2367924 WillyGroper
WillyGroper's picture

Funny, I was unaware of any conscription enforcement. So are you a casual patriotic observer, or did you sign up because you can't cut it in the real world?

Mon, 04/23/2012 - 19:20 | 2368697 GeezerGeek
GeezerGeek's picture

You seem oblivious to the fact that lots of boomers - myself included - served in the military during the fiasco in Viet Nam. Most didn't volunteer willingly, since the draft was in force back then. If you read your history, you will see that Medicare began in 1965, about the time boomers started getting drafted. For being so clueless you deserve twenty lashes across the eyeballs with a wet noodle.

Mon, 04/23/2012 - 14:19 | 2367763 TideFighter
TideFighter's picture

Social security and lottery cards should be the same; my chances are.

Mon, 04/23/2012 - 14:22 | 2367769 mayhem_korner
mayhem_korner's picture

 

 

Even the revisions are optimistic.  (The truth seeds aren't strong enough, Gilligan)

Mon, 04/23/2012 - 14:26 | 2367773 JustObserving
JustObserving's picture

Medicare and Social Security liabilities rise at $18.17 billion a day ($6.63 trillion a year).  About 85% of that is Medicare.  So why is anyone surprised that Medicare will run out of money soon? 

Yes, keep buying that strong dollar and shorting those precious metals. The Fed will solve everything.

We are so much better off than Europe. Our Medicare liabilities grow at only 50% of total GDP per year.

Mon, 04/23/2012 - 14:26 | 2367781 mayhem_korner
mayhem_korner's picture

 

 

This reminds me to change the FDR picture affixed to my dartboard.  It's littered with .22 holes fer some reason...

Mon, 04/23/2012 - 14:39 | 2367823 El Viejo
El Viejo's picture

In 1934 FDR promised the American People that the Social Security Number would never be used for Identification. I am so Old that my original card still has on it in little red letters {Not to be used for identification}  or something similar.

You see politicians know that Americans have short memories. They repealed the campaign finance reform bill just instituted in the last few years.

Mon, 04/23/2012 - 14:26 | 2367783 trillion_dollar...
trillion_dollar_deficit's picture

Just imagine what the Medicare numbers would look like if the analysis didnt laughably factor in the Doc Fix sunsetting at the end of this FY.

Mon, 04/23/2012 - 14:27 | 2367789 Thomas Jefferson
Thomas Jefferson's picture

Medicare patients will ultimately suffer due to lack of access to care.  They are going to be the red headed step children of any medical practice.  You get what you pay for.

Mon, 04/23/2012 - 14:27 | 2367785 SDRII
SDRII's picture

Calling all MMTers

Mon, 04/23/2012 - 14:55 | 2367900 machineh
machineh's picture

Yeah, free money will fix this fast!

Why deny ourselves a life of ease and luxury, when the government could buy us everything our heart desires?

Oh Ben ... won't you buy me ... a Mercedes Benz ...

Mon, 04/23/2012 - 14:28 | 2367793 Soda Popinski
Soda Popinski's picture

yeah.... cause were not out of money already.  might want to bump that up 20 years, to 2015.

Mon, 04/23/2012 - 14:29 | 2367797 kill switch
kill switch's picture

2035??? Horseshit

Mon, 04/23/2012 - 14:31 | 2367802 FubarNation
FubarNation's picture

Spoiled Baby Boomers.  Why are they so fucking special?

 

Just call Carbon Al and find out where he put the 'lock box'.

F' them. 

Mon, 04/23/2012 - 14:47 | 2367874 riphowardkatz
riphowardkatz's picture

Who voted for the guys (president and senate and house) and the guys after that and after that? Oh that is right, the boomers

Mon, 04/23/2012 - 15:24 | 2367931 El Viejo
El Viejo's picture

Everything is politics with you right??? You, so obviously, didn't read the article. The article says that We Boomers paid more than our fair share of taxes to make up for the Boomer Effect.

Then Later the worthless politicians raided the cookie jar and use the money for something else.

 In the business world that's called Fraud. We Boomers are the ones that should be angry. We made an extra sacrifice for our country and years later we were defrauded by sleaze-bags.

Mon, 04/23/2012 - 16:52 | 2368375 riphowardkatz
riphowardkatz's picture

You made a bad investment. You traded your liberty and the liberty of younger generations for what you perceived to be security. You were wrong both from a practical and moral stand point. You chose to trust politicians and now the roosters are coming home to roost. 

BTW there is no such thing as paying a fair share in the world of values. Values are something you have to work to gain and keep. In life there it is not possible to put something in and expect that you will have it later without working to keep it. 

 

Mon, 04/23/2012 - 15:09 | 2367945 pods
pods's picture

I junked you.

I junk anyone that argues that such an important concept as YOY compound growth and finnancialization of something can be boiled down into the age old class/age/race warfare racket.

Stop thinking like they want you to!

pods

Mon, 04/23/2012 - 15:23 | 2367961 Dr. Engali
Dr. Engali's picture

 

"Stop thinking like they want you to!"

 

Amen Pods I have to admit it's a daily fight.

Mon, 04/23/2012 - 16:35 | 2368299 riphowardkatz
riphowardkatz's picture

My angst doesn't come specifically from their age it comes from their philosophy. A philosophy that had roots in earlier generations but saw its true expression with them. They had a chance to say government directed wealth redistribution in all its forms is wrong. Instead in mass they have said the opposite.  Generations prior to the boomers were living without much philosophical direction. They can be forgiven. The lessons of early America were understood by the time the boomers were  moving into adulthood. (Mises,, Rand, Hayek, USSR collapse, East/West Germany)
The boomers were the first generation to have the chance to apply those lessons to electing polticians who could restore liberty. They chose the opposite, they chose to twist the lessons and history to fit a narative that encouraged more theft and more government force.

The reality of our current situation is that younger generations have to stand up to what will be the demands of boomers.  Boomers really do think they are owed social security at anyone elses expense, they really do think they are entitled to health benefits at anyones expense. How does it end if younger generations do not stand up and say NO to this voting block. Enough is enough.

 

Mon, 04/23/2012 - 17:57 | 2368536 WillyGroper
WillyGroper's picture

>>>>>>>The boomers were the first generation to have the chance to apply those lessons to electing polticians who could restore liberty. They chose the opposite, they chose to twist the lessons and history to fit a narative that encouraged more theft and more government force.

 

ur assumption that the 2 party system was any different then than now is skewed a bit. It didn't matter then any more than now. Go back to 1913. Boomers weren't born yet. 

"They Chose"----you act like you know the entire demographic.

Mon, 04/23/2012 - 20:01 | 2368758 riphowardkatz
riphowardkatz's picture

two party system elected Thomas Jefferson, George Washington, John Adams and tons of other good people.  People with those same qualities existed within the boomer's generation but never ran because they knew it would be a waste of time and energy. Politicians cannot change a philosophy. Agsin back in 1913 there was at least an excuse for philosophical confusion. Many aspects of philosophy had not been summarized and outlined. 1913 resulted from a movement of progressives who had clearly defined their philosophy. The movement of liberty and freedom and its role in a growing society had not been defined. There was a lag before the defenders of liberty could catch up and or realize what was happening to them.

I would like to hear one boomer say it "I am not entitled to socisl security. I am not entitled to health care. I will not advocate the use of force to obtain that which I have not earned"

I have yet to hear one say anything even remotely close. I may not know the entire demographic I know enough about the majority of it and at this time in this world that is what counts.

 

Mon, 04/23/2012 - 15:07 | 2367935 WillyGroper
WillyGroper's picture

ur slant is so misdirected. f/u

Mon, 04/23/2012 - 16:14 | 2368218 RopeADope
RopeADope's picture

Isn't that like blaming the victim for the crime?

If you were a boomer who worked from 1972 to 2011 and your MEDFICA taxes bought gold every year you worked, you would have had 36.75 pounds ($940k+++) to live off of in your retirement years and nearly 10 pounds for your medical expenses.

 

Instead, you get ~$521,500 over the next 15 years and one of the worst health care systems in the developed world.

 

 

Mon, 04/23/2012 - 14:35 | 2367819 riphowardkatz
riphowardkatz's picture

They will never run dry as long as the people will vote more for themselves. 

Plus a bunch of boomers have already made it perfectly clear that they have funded Social security and medicare with their paychecks. Remember non-boomer "it is their turn" 

Mon, 04/23/2012 - 14:39 | 2367834 q99x2
q99x2's picture

If preppers have to wait until 2033 they will be dead from boredom.

Maybe they can find a few more banks to prop up with all that money.

Actually most of SS will have to be stolen to pay for the war to kill the Arabs in the Middle East now that chaos is returning.

Mon, 04/23/2012 - 14:40 | 2367837 Dr. Engali
Dr. Engali's picture

Bah..as long as there is a printing press there is cash.

Mon, 04/23/2012 - 14:41 | 2367841 metaforge
metaforge's picture

I'll help lessen the burden, Timmay.... let me opt out, keep your paws off my checks now, and I'll never come calling for a check down the road, promise.

Mon, 04/23/2012 - 14:45 | 2367857 riphowardkatz
riphowardkatz's picture

*MEDICARE COSTS RISE 5 PERCENT TO $549 BILLION IN 2011   :UNH US

Transitory 

Mon, 04/23/2012 - 14:46 | 2367863 Pairadimes
Pairadimes's picture

Timmay's press release should have simply stated "AAAAAAAAAAAAAAAAAHHH".  It would have been more accurate.

Mon, 04/23/2012 - 14:50 | 2367882 Everybodys All ...
Everybodys All American's picture

2pm ... appears that the PPT buy programs came in. Will it be enough to change the market direction and sentiment today?

Mon, 04/23/2012 - 14:55 | 2367896 TruthInSunshine
TruthInSunshine's picture

3:30 is the new 2:00. Something about "getting more bang for the buck by slowing the flow, than readjusting the angle of the dangle."

Mon, 04/23/2012 - 15:10 | 2367947 Nobody For President
Nobody For President's picture

If it doesn't work, it won't be for lack of trying. There is no good news that I can see to justify the 1/2 hour of pushing the averages up a little - but here comes 'the golden hour' of 1500.

Strap in, hang on, drink up!

I'm bettin' the momo fades...

Mon, 04/23/2012 - 15:03 | 2367922 ZeroPoint
ZeroPoint's picture

Dear Baby Boomers: Please do not reneg on your obligation to die.

 

 

Mon, 04/23/2012 - 15:20 | 2367946 LouisDega
LouisDega's picture

Delete

Mon, 04/23/2012 - 15:11 | 2367950 WillyGroper
WillyGroper's picture

ur moniker says it all. You never know who will go first. :oD

How about reinstate the draft for you little snot nose fuckers that can't make it?

Mon, 04/23/2012 - 15:39 | 2368026 ZeroPoint
ZeroPoint's picture

I guess I hit a nerve. Sorry about that.

But let me relate a story. My mother passed away almost a year ago now. During the last two years of her life I needed to pay more and more her monthly living expenses because she couldn't make ends meet. But the one thing I never paid was medical bills.Bankrupting yourself to save a family member who is sick and has limited time left is a foolish thing to do. You need to survive even if your family member doesn't.

Mon, 04/23/2012 - 18:39 | 2368525 WillyGroper
WillyGroper's picture

>>>>>>Dear Baby Boomers: Please do not reneg on your obligation to die.

 

Sorry for your loss.

Blaming a generation that has had to play by the same rigged laws & does not make it right to wish anyone dead, much less blame a generation for what TPTB have engineered with absolute precision. I also understand being sandwiched is a very tough place to be. Been there. My pay has been hijacked for 41 yrs. for this ponzi. That is why I so appreciate postings as the person that linked medicare B with negotiating your fee on medical expenses for 90% of M-B reimbursement rate. Every little bit helps as we are ALL being ripped off & fed to the lions.

Why do you think euthanasia is against the law here? It's about the money, not the suffering or end of life. You can take or leave a little tip that this boomer will give you. Should you become incapacitated & do not have a durable power of atty for your medical decisions, you will be enmeshed in this quagmire of a medical system until you have lost everything you've worked for. You'll have a tube shoved up every orifice to keep you alive & medical info will not be shared with anyone but a spouse, so God forbid your being single, having a child of legal majority or not having those documents in place preferably thru a revocable living trust. Thank HIPPA.

Mon, 04/23/2012 - 22:13 | 2368940 headless blogger
headless blogger's picture

This is an example of how degraded Americans have become.

Mon, 04/23/2012 - 15:07 | 2367932 The Heart
The Heart's picture

Hey, not to worry, Romney is going to be elected, if we actually have an election, and everything is going to be great again. Promise!

http://www.youtube.com/watch?v=IWDJEc92d38

Mon, 04/23/2012 - 15:11 | 2367951 Stuart
Stuart's picture

horsecrap!  It's already empty, just a bunch of IOUs from the Treasury dept...

Mon, 04/23/2012 - 15:36 | 2368014 Vince Clortho
Vince Clortho's picture

Hey Timmy,

How about some more rhetoric to turn the muppets against each other?

It's all part of the playbook.  

 

Mon, 04/23/2012 - 15:55 | 2368137 BlackholeDivestment
BlackholeDivestment's picture

...mark of the mmm muppet beast. Bitchez! http://www.youtube.com/watch?v=QtJqxWOL5Jc&feature=fvwrel

Mon, 04/23/2012 - 15:58 | 2368154 The Greater Ponzi
The Greater Ponzi's picture

In other news, Facebook posts a 12% drop in earnings for Q1. Can the we never catch a break in the US?

Mon, 04/23/2012 - 16:10 | 2368207 rwe2late
rwe2late's picture

 Obviously

as if past and current raiding the SS retirement program to pay for wars and other boondoggles wasn't enough,

now it is expected to pay for the profiteering of the US health care racket.

And of course, many allegedly intelligent citizens are gobbling up the corporate propaganda that the budget problem is SocSec giving away too many "benefits" to the aged and infirm.

Mon, 04/23/2012 - 16:12 | 2368213 Catullus
Catullus's picture

Those are the dates when the left hand runs out of having to pay the right hand money. Left hand is already borrowing $1.6trillion a year.

Mon, 04/23/2012 - 16:52 | 2368380 indio007
indio007's picture

Every single good or service the gov't decides to subsidize ends up costing more and more and more. The stupidity of gov't officials is boundless.

Mon, 04/23/2012 - 16:52 | 2368381 pashley1411
pashley1411's picture

Dudes, they've been fudging with the accounting on these programs forever, and will continue to fudge the accounting until bondholders kick the door down and see that there was never as much inside as was thought.

They'll be solvent until the last stupid bondholder and taxpayer gives up.

Mon, 04/23/2012 - 17:18 | 2368457 max2205
max2205's picture

Soc Sec kill Teams coming to your Town soon.

80 plus? Hide

Mon, 04/23/2012 - 20:07 | 2368770 smiler03
smiler03's picture

 "HOSPITALS TO FACE MEDICARE PAYMENT CUTS IN 2024, U.S. SAYS"


They don't know what's going to happen next year let alone 10 years from now. For example I have been informed that as a fact the Drachma will be outperforming the Deutsche Mark in 2023.

Mon, 04/23/2012 - 21:08 | 2368853 dolph9
dolph9's picture

Speaking of bankruptcy, hypothetical question to all of you healthy kids and adults out there:

Are you going to keep on bankrupting yourself flying and driving over the country every time one of your grandparents or uncles is in the hospital?  Are you going to keep shuttling your diseased loved ones back and forth to the nursing homes and doctors offices, thinking that "recovery" to glorious youth is just around the corner?  That the arthritis will lift, and the dementia will be cured?  The arteries cleared and the vision restored?  That all it takes is one more med, one more procedure, to get to this promised land? 

At what point do you give up and say "no, I need to feed myself"?  Will you be able to do so with a clear conscience?

Just some food for thought.  Prepare now or face the consequences.

Tue, 04/24/2012 - 02:48 | 2368923 headless blogger
headless blogger's picture

A barometer of the health of a society, in all aspects, is the way the nation treats its elderly and children. Daycares, 13 years of education that doesn't educate, highest rates of youth suicide, depression and loss of meaning in Life, or even what Life really is, awaits our Young. For the elderly, the masses are ready to sacrifice them as scapegoats to the alter of materialism, to ensure that extra car, summer cabin, vacation.

David Brooks was encouraging elderly and sick people to commit suicide in one of his NYTimes articles last year. This is what it comes to from a nation that does not honor life, but cheers on suffering and mass murder around the planet....So, talking people into suicide is no big deal to Americans. Sad thing about Americans: almost all of them don't mind the  humiliation from destroying their own nation, which at a few points had great promise. Most seem totally oblivious to what they have done to their families and future.

 

 

Mon, 04/23/2012 - 22:05 | 2368929 headless blogger
headless blogger's picture

I guess the way they are going to Deplete and empty the Social Security is by saying "it will now run dry three years sooner than was projected in 20XX".

So by that calculation it will run out by 2017, unless it's depletion speed increases, in which case it will be even sooner.

It's amazing how a Bank can take your deposit and miraculously create mounds of cash, through interest and loans. Yet, Social Security money just seems to disappear down a rabit hole.

Mon, 04/23/2012 - 22:55 | 2368995 Lord Koos
Lord Koos's picture

These stats are one of the best arguments for health care reform.  If we had single payer it would have saved billions.

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