Results 1 to 3 of 3

Thread: quote of the week - actually spoken in all seriousness

  1. #1
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default quote of the week - actually spoken in all seriousness

    from


    (snip)"For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits -- billions more each year.

    Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes -- nearly $29 billion more.

    ...

    Social Security will also collect about $120 billion in interest on the [ special US Treasury Bond based - sic ] trust funds, according to the CBO projections, meaning its overall balance sheet will continue to grow. The interest, however, is paid by the government, adding even more to the budget deficit.

    ...

    The national debt — the amount of money the government owes its creditors — is about $12.5 trillion, or nearly $42,000 for every man, woman and child in the country. About $8 trillion has been borrowed in public debt markets, much of it from foreign creditors. The rest came from various government trust funds, including retirement funds for civil servants and the military. About $2.5 trillion is owed to Social Security.

    Good luck to the politician who reneges on that debt, said Barbara Kennelly, a former Democratic congresswoman from Connecticut who is now president of the National Committee to Preserve Social Security and Medicare.

    "Those [ Special US Treasury - sic ] bonds are protected by the full faith and credit of the United States of America," Kennelly said. "They're as solid as what we owe China and Japan.""(snip)

  2. #2
    Senior Member Paul in Saudi's Avatar
    Joined
    Mar 2008
    Location
    Doha, Qatar
    Posts
    135
    Thanks
    1
    Thanked 10 Times in 7 Posts

    Default Re: quote of the week - actually spoken in all seriousness

    You ever wonder who is going to buy all the equity baby boomers like myself have been buying? It will not be younger Americans, there are too few of them. In the next few years when folks like me retire we will be eager to sell our shares in American companies.

    The only ones who can buy are the ones with the money. The Chinese.
    If I give all I have to the poor and surrender my body to the flames, but have not love; I gain nothing. Paul’s 1st Letter, 13th Chapter

  3. #3
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: quote of the week - actually spoken in all seriousness

    ^^^ yes I have certainly thought of the logical 'fallout' of millions of retiring baby boomers selling off their retirement plan equity assets in order to raise cash to pay for retirement expenses. Lots of sellers and few buyers equals falling prices !!! This is also the reason that a decent sized chunk of my own equity assets are NOT denominated in US dollars.

Similar Threads

  1. Replies: 0
    Last Post: 05-12-2011, 02:03 AM
  2. Quote of the Week - 'The Guillotine is Coming'
    By Melonie in forum Dollar Den
    Replies: 0
    Last Post: 03-25-2011, 02:43 AM
  3. Replies: 0
    Last Post: 04-18-2010, 02:35 PM
  4. Replies: 5
    Last Post: 08-26-2008, 11:15 AM
  5. Quote of the Week
    By Lilith in forum General Board
    Replies: 1
    Last Post: 01-24-2005, 11:13 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •