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We’re broke. The “Boomers” have hit bottom. No one is going to buy houses and cars for awhile with out government handouts. We have to work our way off the deck and recover from our losses giving our  retirement accounts which have been devastated  time to come back.

Expect more handouts and gimmicks as  the banks unload a couple million more foreclosures. Then the Dem’s will have to scramble to save their asses. Not that the Republicans are any better. Instead of getting out of the way they’ll all be running around like chickens with their heads cut off screaming that the government has to do something.

Like not drilling for oil.

I’m in a get debt free and improve access to credit mode as I just paid off the mobile home. Being prepared for $6 gas and food price explosions is another  great idea. I expect Oba mama to be reelected because no Republican seems to be in position to remove him. Next year the economy will be receiving “Obama money” as I predicted a year ago. Most of the bailout funding kicks in 2011 in order for him to get reelected.This means  the economy has got to show a big improvement for the average guy not just the rich.

It wouldn’t hurt if the Dem’s put some people on Wall Street in jail but don’t count on it as too many politicians, wives and other relatives are on Wall Street’s payroll . Removing this money from going to  our public officials would solve some of the corruption.

Good luck on that.

Oftwominds: Why the “Nascent Recovery” Won’t Last

The aging of the 78 million-strong Baby Boom means that the number of citizens sucking up Medicare expenses (roughly $400-$500,000 each under many projections based on current costs) will rise by 50% to 67 million in a few years.

Social Security rolls will rise by the same number as Boomers rush to cash in their dwindling retirement chips. The Social Security surplus has already rolled over into deficit as unemployed and downsized Boomers are taking their Social Security at 62 rather than waiting to get their full draw at 67.

So if half the budget is being captured by Medicare/Medicaid alone, where will the money come from for running the Empire, Social Security, interest on the national debt, etc.?

We’d rather not discuss that because it isn’t “confidence building.”

These gargantuan deficits aren’t 20 years away–they’re just a few years away. yet all the rosy projections never mention them, as they are inconvenient flyspecks of reality on the rosy forecast of “nascent recovery.”

Here is a chart of the unfunded liabilities of the Savior State’s entitlements:

Even if you expropriate the entire wealth of the nation–$54 trillion–you come up $50 trillion short.

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Written by mrcauser

May 1, 2010 at 6:37 pm

Posted in Uncategorized

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