Sometimes you hate being right……..
This bust is not the big one. We will be lucky to see the economy at half the steam it had a couple of years ago. Then 70 million of us broke dicks retire.
It’s starting now.
The only question will be how the gang in Washington pays for it. Who gets robbed or bombed? And don’t forget the state pension problems. Pissed off bureaucrats can get ugly. How about veterans? Going to take their checks? Ask for givebacks? Cuts?
Nah. Will have to unleash our printing presses.
And all those oil producing countries shouldn’t stop worrying. They know what the Iran “sanctions” are all about? The Mullahs declared war on America in ’79 and threaten the only source of real wealth on the planet. It will always boil down to protecting our major source of oil until it’s all under our control and by using our dollar we make sure it stays that way.
The big question is whether China and Russia join in or interfere.
Being an empire has it’s problems. Historically the elites end up squabbling over the national treasury and desert any responsibility for the inevitable collapse. Every man for himself has proven a loser so every gang for himself is being tried. Dems and Repubs argue how much inflation is needed to support all their handouts to keep in power.
We geezers are the big kahuna. Think votes. Or guns.
WASHINGTON — Social Security’s annual surplus nearly evaporated in 2009 for the first time in 25 years as the recession led hundreds of thousands of workers to retire or claim disability.
The impact of the recession is likely to hit the giant retirement system even harder this year and next. The Congressional Budget Office had projected it would operate in the red in 2010 and 2011, but a deeper economic slump could make those losses larger than anticipated.
“Things are a little bit worse than had been expected,” says Stephen Goss, chief actuary for the Social Security Administration. “Clearly, we’re going to be negative for a year or two.”
Since 1984, Social Security has raked in more in payroll taxes than it has paid in benefits, accumulating a $2.5 trillion trust fund. But because the government uses the trust fund to pay for other programs, tax increases, spending cuts or new borrowing will be required to make up the difference between taxes collected and benefits owed.
Experts say the trend points to a more basic problem for Social Security: looming retirements by Baby Boomers will create annual losses beginning in 2016 or 2017.