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The end is near!

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(@bluedog39)
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http://www.parapundit.com/

Retirement Of Baby Boomers To Bring Enormous Fiscal Crisis

USA Today has an excellent article on the approaching fiscal crisis when the baby boomers start to retire.

A USA TODAY analysis found that the nation's hidden debt — Americans' obligation today as taxpayers — is more than five times the $9.5 trillion they owe on mortgages, car loans, credit cards and other personal debt.

This hidden debt equals $473,456 per household, dwarfing the $84,454 each household owes in personal debt.

The $53 trillion is what federal, state and local governments need immediately — stashed away, earning interest, beyond the $3 trillion in taxes collected last year — to repay debts and honor future benefits promised under Medicare, Social Security and government pensions. And like an unpaid credit card balance accumulating interest, the problem grows by more than $1 trillion every year that action to pay down the debt is delayed.

“As a nation, we may have already made promises to coming generations of retirees that we will be unable to fulfill,” Federal Reserve Chairman Alan Greenspan told the House Budget Committee last month.

The oldest baby boomers start qualifying for Social Security in 2008 and Medicare in 2011. The need to increase taxes and cut spending will grow very rapidly after that.

Comptroller General David Walker, the government's chief accountant, travels the nation warning of the impending crisis. “I am desperately trying to get people to understand the significance of this for our country, our children, our grandchildren,” Walker says. “How this is resolved could affect not only our economic security but our national security. We're heading to a future where we'll have to double federal taxes or cut federal spending by 50%.”

The sooner people are told they are going to have to delay their retirements the sooner they will be able to start trying to earn more and save more to prepare for delayed old age benefits. But today the emphasis of public discourse is still upon how benefits ought to be extended even further. The irresponsibility and audacity of both politicians and the old people asking for the benefits increases is thoroughly disgusting. Our supposedly Republican President supported the big Medicare drug benefit that now makes the unfunded liability about 15% larger than it otherwise would be.

The article uses the term "Greatest Generaion" in an extemely irritating way:

The heart of the problem is that the Greatest Generation and baby boomers have promised themselves retirement benefits so generous — and have contributed so little to financing them — that even the most prosperous economy in history cannot pay the bill.

Well, since they have been fiscally irresponsible on such a massive scale how can they possibly be considered "Greatest"? Even most of those who served in WWII never came under enemy fire. The size ot the support units was far larger than the size of the front line units.

The old age retirement funding debacle underscores the problem with low skill and low wage immigrants (illegal or otherwise). Anyone who is not earning a very high salary is not paying enough into Social Security and Medicare to pay for their retirement. Many illegal immigrants even cost than they pay in taxes while they are still working. So they don't even help to delay the old age funding crisis.

Politicians in Washington DC are going to continue to ignore the unfunded liabilities until an acute funding crisis is upon us. The Democrats will call the Republicans cold hearted meanies if the Republicans try to cut benefits and delay retirement. Old folks will ignore the crisis too and continue to demand more benefits.

So what to do about it? The most cost-effective policy I can see is to start working seriously on treatments to reverse aging. If people could stay younger and work decades longer then there'd be no financial crisis. See my FuturePundit Aging Reversal archive for more on the possibility that focused intense scientific research could save us from fiscal disaster while also making our lives richer, healthier, and longer.

Update: One other point: What is US foreign policy going to be like 5 and 10 years from now? Cheaper. We aren't going to have the money to fund invasions or occupations of countries. Expect to see an end to US support for Israel, Egypt, Jordan, and still other countries. The pressure to cut spending to pay for old folks benefits will be immense. Right now we are witnessing the high point of post-Cold War US power. A second Bush Administration might be able to pull off one more regime change. But I'm betting against it.
By Randall Parker 2004 October 05 03:41 AM Economics Demographic


 
Posted : 05/10/2004 9:43 am
Antiochus Epiphanes
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the "Greatest Generation" ought to be called "the worst" because they presided over the civil rights and immigration reform era, which marked the fulfillment of the jew takeover ofthe 1930s. Consequently their spawn the "baby boomers" and our own "generation X" might also be known as the Last White Majorities.

I think it fitting that the "greatest generation" and "baby boomers" get their social security snipped off at halfways, which is sure to happen in a big government default that the colored masses will not hardly give a damn about. Collectively, they dont deserve any pensions whatsoever.

If you are older and dont want the day of reckoning to approach, better make plans to hop on the White bandwagon because good relationships with your own kind is the only thing that will keep you secure. The Nanny State is definitely going broke.

Younger people better work for White revolution, unless you want to possibly be saddled with and increasing tax load to pay for this and the next generation of colored retirees as well.


 
Posted : 05/10/2004 10:01 am
(@sean-martin)
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Does anyone else notice that these financial crises always come around election time and then they are never mentioned again for 4 years?

Follow the deficit through the Clinton Bush campaign.

One minute it is through the roof the next minute we have excess and then the next minute we are unable to pay it again.

It is nothing more than a numbers game to scare people. Remember that Jewish banks own the money in your pockets so it doesn’t really matter one-way or the other.


http://www.vnnforum.com/showpost.php?p=893964&postcount=9
Doppelhaken, Draco, Richard H, ToddinFl, Augustus Sutter, Chain, Subrosa, Jarl, White Will, whose next?

 
Posted : 05/10/2004 10:19 am
(@anonymous)
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I think it fitting that the "greatest generation" and "baby boomers" get their social security snipped off at halfways...

This remark is both malicious and ignorant. One might very well lay blame on the "greatest generation", but the "baby boomers" were already born into this mess, and therefore had neither political or social say in what subsequently followed. True, baby boomers NOW have political and social say, but they're only following the brainwashed masses in a society that was already pre-ordained. The baby boomers didn't create the society we have, they inherited the ugly mess. They're victims, more than anything.


 
Posted : 05/10/2004 10:48 am
Antiochus Epiphanes
(@antiochus-epiphanes)
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Not malicious or ignorant. Fact, perhaps offensive to you, and so you consider it malicious.

To what generation did the "freedom riders" belong? Were they WW2 veterans or long haired hippies and jews born after the war? Which would be called: _______________.


 
Posted : 05/10/2004 11:15 am
Antiochus Epiphanes
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Generation X was "born into it." In case you forgot here are a few mileposts: 1965 Civil Rights Act, 1965 Immigration Reform Act. More of the same on through 68. Generation X was "born into it." Baby Boomers from 1946 through 50 supplied the youth power in the streets to make the massive public disorder that helped scare Congress into these ill considered schemes. So maybe your later group of the baby boomers was born into it, but not the front end.


 
Posted : 05/10/2004 11:20 am
Mike Mazzone of Palatine
(@mike-mazzone-of-palatine)
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http://goldismoney.info/forums/showthread.php?t=13864

I don't have a crystal ball to see the future, but there's been a lot of talk lately at the goldismoney forum that July 1, 2005 is the date when our debt system collapses.

The end could very well be near!

Also, silver is above $7 again, so I wonder if Todd in FL still thinks the price will drop to the $5.50-$6 range again by November. The price in dollars would become irrelevent in the event of a debt collapse, however.


Mike Mazzone 2016

 
Posted : 05/10/2004 4:23 pm
JohnAFlynn
(@johnaflynn)
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This remark is both malicious and ignorant. One might very well lay blame on the "greatest generation", but the "baby boomers" were already born into this mess, and therefore had neither political or social say in what subsequently followed. True, baby boomers NOW have political and social say, but they're only following the brainwashed masses in a society that was already pre-ordained. The baby boomers didn't create the society we have, they inherited the ugly mess. They're victims, more than anything.

Turner Diaries, Chapter XXVII:

"After all, is not man essentially responsible for his condition- at least, in a collective sense? If the White nations of the world had not allowed themselves to become subject to the Jew, to Jewish ideas, to the Jewish spirit, this war would not be necessary. We can hardly consider ourselves blameless. We can hardly say we had no choice, no chance to avoid the Jew's snare. We can hardly say we were not warned. . . . The fact is that we are all responsible, as individuals, for the morals and the behavior of our race as a whole. There is no evading that responsibility, in the long run, any more for the members of our own race than for those of other races, and each of us individually must be prepared to be called to account for that responsibility at any time."

Johnny McRacist is an SPLC Jew troll: http://www.vnnforum.com/showthread.php?t=9458&page=32&pp=10&highlight=Johnny+McRacist

John


Jews Did 9/11

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9/11 Blogger

The Line In The Sand @ Google Video

 
Posted : 05/10/2004 7:13 pm
8Man
 8Man
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So what to do about it? The most cost-effective policy I can see is to start working seriously on treatments to reverse aging.

Haha.. what planet is this writer living on? Does he really imagine that ZOG wants us to live longer? I see no evidence for this delusion.

I think the writer is deliberately overlooking the most likely "solution" for this problem. That being - euthanasia. Euthanasia is intellectually compatible with abortion. If it's OK to kill the inconvenient young, it no great leap to killing the inconvenient old. The arguments and rationale for euthanasia will no doubt be phrased somewhat differently. Instead of a "woman's right to choose", it will be "quality of life", etc...

I seem to recall Netherlands terminates about 15,000 "useless eaters" per year under the guise of euthanasia. The financial incentive for HMO's, hospital's, etc.. to cut costs will further accelerate the push for active euthanasia programs in the future.

Euthanasia is also compatible with "Club of Rome" goals:

During the Carter Administration, a task force was appointed to expand upon this report, and on July 24, 1980, a two-volume document called "Global 2000 Report," which had been written by former Secretary of State Cyrus R. Vance, was presented to President Carter, and then Secretary of State Edward S. Muskie. It attempted to project global economic trends for the next twenty years, and indicated that the resources of the planet were not sufficient enough to support the expected dramatic increase in the world population. The report called for the population of the U.S. to be reduced by 100 million people by the year 2050.

Howard T. Odum, a marine biologist at the University of Florida, who is a member of the Club of Rome, was quoted in the August, 1980 edition of Fusion magazine, as saying: "It is necessary that the United States cut its population by two-thirds within the next 50 years." He didn't say how this would be accomplished.


"Israel's values are Canada's values" Canadian PM Paul Martin, Nov. 13 2005
"An attack on Israel is an attack on Canada" Canadian PM Stephen Harper, Feb. 16 2010

 
Posted : 05/10/2004 10:42 pm
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