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  1. #1
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    U.S. Faces Fiscal "Tsunami

    Here is an EXCELLENT article that sums up the monetary problems that are being overlooked. Many of these stats come from the GAO, a non-partisan agency.

    U.S. Faces Fiscal ‘Tsunami’ | Newsweek Business | Newsweek.com

    Some scary numbers:

    Sum up for me the fiscal situation with Medicare and Medicaid. How long will those programs be sustainable?
    Well, they're not sustainable right now. Let me just give you some statistics to put it in perspective. Social Security is underfunded [meaning there's a gap between dedicated funding and benefits] by $6 trillion in current-dollar terms. Medicare is underfunded by over $32 trillion in current-dollar terms, of which the Medicare prescription-drug benefit is underfunded by $8 trillion.
    What about the notion that we can grow our way out of this, that if you lower taxes and get more growth and more taxable revenue, that somehow we will find a way out?
    There is no way we can grow our way out of these problems. We would have to grow at double-digit, real GDP growth for decades in order to close the gap that we currently face, absent reforms. We haven't grown at that rate in modern times, and we are not going to grow at that rate.
    As I understand it, you regard the prescription-drug benefit as grossly irresponsible.
    The most fiscally irresponsible act in decades.
    Just for perspective, can you compare the size of this fiscal "tsunami" [to the size of particular spending programs]?
    Well, you could decide not to renew the Bush tax cuts, you could eliminate all foreign aid, eliminate all earmarks, eliminate NASA, eliminate the National Endowment for Humanities and eliminate the entire Defense Department tomorrow, and you still wouldn't solve the problem.
    Re-read that last quote. This is a MUCH bigger problem than most people think. We have been fiscally irresponsible for years and years and years.



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    Re: U.S. Faces Fiscal "Tsunami

    Quote Originally Posted by cycloneworld View Post
    Here is an EXCELLENT article that sums up the monetary problems that are being overlooked. Many of these stats come from the GAO, a non-partisan agency.

    U.S. Faces Fiscal ‘Tsunami’ | Newsweek Business | Newsweek.com

    Some scary numbers:









    Re-read that last quote. This is a MUCH bigger problem than most people think. We have been fiscally irresponsible for years and years and years.
    I completely agree. We need to end some of these programs now. We need to cut spending now. Our elected officials are going to have to stop sending $5 million back home to build a art center in their own name, and idiots have to quit asking for them to do so. Eventually we are going to hit the wall, the dollar is going to go the way of the German Mark in the '20's, and we're going to have to start over.



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    Re: U.S. Faces Fiscal "Tsunami



    They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. - Benjamin Franklin 1775

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    Re: U.S. Faces Fiscal "Tsunami

    That last statement is scary. But I hear socialized medicine will solve all that.


    They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. - Benjamin Franklin 1775

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    Re: U.S. Faces Fiscal "Tsunami

    What's maddening is that neither side of the aisle will do anything about it.


    Science investigates; religion interprets. Science gives man knowledge, which is power; religion gives man wisdom, which is control. Science deals mainly with facts; religion deals mainly with values. The two are not rivals. They are complementary.

    Martin Luther King Jr.

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    Re: U.S. Faces Fiscal "Tsunami

    Quote Originally Posted by Incyte View Post
    What's maddening is that neither side of the aisle will do anything about it.
    Agreed, however, the vote of the people goes to whoever seems to offer the most benefit to themselves, and not to the country as a whole. We dictate what kind of things get people elected. Raising taxes and ending give aways won't do it. If we are not willing to do what is in our national interests to do, then we are sunk.



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