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Federal Gov't Going Bankrupt

Discussion in 'Political Discussion' started by PatriotsReign, Jul 12, 2008.

  1. PatriotsReign

    PatriotsReign Rookie

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    Saw this in the Boston Globe. It is inevitable if we don't get our national debt in order. This group suggests Social Security only for the poor...I can't accept that. I'm not even close to poor, but I'll need that money. Especially since I contribute the max every year.

    See what you all think;

    http://www.boston.com/news/nation/washington/articles/2008/07/10/movement_warns_of_us_bankruptcy/


    Movement warns of US bankruptcy
    Seeks support for overhaul of federal budget
    By Bryan Bender
    Globe Staff / July 10, 2008

    "WASHINGTON - A new nationwide campaign is warning Americans that unless the federal government puts its financial house in order, the country could be bankrupt in a generation.

    The project, organized by Peter G. Peterson, an investment banker who served as commerce secretary in the Nixon administration, and David M. Walker, the former comptroller general of the United States, aims to build grass-roots support for wholesale changes to the federal budget - though the overhaul would require middle- and upper-income Americans to give up some cherished government benefits...."
  2. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Means testing for SS is coming and will be a necessity IMO. My parents don't need it but they get it. It's crazy IMO. Instead of SS being, basically, old age insurance, it should be considered welfare for those that need it.
  3. MrBigglesWorth

    MrBigglesWorth Rookie

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    It's only logical. It would be like us using one credit card to pay off another and the interest just continues to pile up.

    Not one president since the 50's has done anything with the debt except accumulate more. It's pretty much common sense that you should give billions of dollars for an economic stimulus package that you don't have or continue to spend money on a war like there's no bottom to the well.

    Unfortunately I just don't see any type of reform coming. the presidency and congress is like a shopaholic out of control with a credit card with no limit on it.
  4. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    This is pretty much common sense, it is insane that we keep accumulating national debt... with no real effort to make it different.. our great grandchildren will pay for it, when they all are working in service jobs...
  5. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    There are, and will continue to be, plenty of good, technical jobs. However the days of not getting an education and getting top dollar are gone - or it's much less likely. It's up to your grandchildren what they make of themselves - the opportunities will be there.
  6. Real World

    Real World Rookie

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    Great post Biggles. I agree whole heartedly. The war, SS, Medicare, welfare, foreign aide, illegals, buying foreign energy, etc. Add it all up and you get a net negative.

    Bankrupcy is inevitable people, and always was. All you need to do is look at the proformers for future obligations from any point in the last 3-5 decades, and you'd see that we could never possibly pay out what's been promised. Difficult decisions have to be made in life, and people simply don't make them. Bankrupcy might be the best thing moving forward, since it will force us to correct our mistakes.
  7. MrBigglesWorth

    MrBigglesWorth Rookie

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    the thing i'd hate to think is what would bankruptcy mean for us as a nation? would it be a total financial collapse? worst than the great depression?

    the politicians might have in their mind they never intend on paying off this debt at all?

    What I don't like seeing is all these bailouts and the "state" taking over these corporations. it would just make a corporate state.
  8. PatriotsReign

    PatriotsReign Rookie

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    So what would the test be? How much assets you have at the time of retirement? I know I'll need it. I guess the question is, what is need? If it is the difference between living on a tight budget on your own savings or living fairly combortably with SS, then I think you deserve the SS.

    Otherwise, cut the tax in half.
  9. BelichickFan

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    #24 Jersey

    I know, the devil is in the details. Which is why I'd change the system completely towards eventual privatization (over several generation). But as that won't happen, some form of means testing is necessary; it just is. And I say that expecting to be means tested out (assuming the stock market recovers over the next 15 years ;)).
  10. PatriotsReign

    PatriotsReign Rookie

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    I hate reading all this stuff BF. I have never read so much dramatically negative news in my life. At 49 yo, this is getting a little scary.
  11. BelichickFan

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    #24 Jersey

    You'll be OK - they'll have to keep SS going because so many people need it and have(n't) saved expecting it. At 49, though, and the stock market in the pits, this is a great time to get whatever money you can in. We likely aren't at the bottom but we're close enough that there's little risk at this point (in my non professional opinion). I know I'm getting money in my mutual funds whenever I can.
  12. cupofjoe1962

    cupofjoe1962 Rookie

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    We need .....

    #1 Pass a constitutional amendment to give the President line item veto power to in order to control "pork barrel spending" that favors a particular region rather than the nation as a whole.
    #2 A balanced budget.
    #3 To REDUCE foreign aid until the deficit is eliminated.
    Obama.... say no to the UN and the Global Poverty act.
    #4 Have no limit on PAYING into social security.
    I currently max out in September.... Let Hollywood pay 6+ percent to SS on
    every cent they make. I have no problem paying 6+ percent on every cent
    I make if it will save SS.
    #5 Do not allow illeagal aliens to collect benefits. Do not reward bad behavior.
  13. BelichickFan

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    #24 Jersey

    That will probably end up happening but it changes the concept of SS where the more you put in the more you get out. If the limit of around $90K is removed and those people then pay more in, according to the current formula they would then be eligible to get more out. Having them pay more but not get more out would make it more like welfare for retirees.
  14. PatriotsReign

    PatriotsReign Rookie

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    I agree with all your points except maybe #1. The only reason #1 concerns me is we've seen too much power excercised by the POTUS recently.
    Last edited: Jul 13, 2008
  15. DarrylS

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    Is it ok to pass the debt on to them??? Particularly because of our culture of greed???
  16. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Not bad ideas, but when you articulate #4 and identify a specific group of people then the whole argument becomes less salient..

    Suggest a #6:

    The armed forces will combine their R & D into one unit to avoid duplication of effort and wasteful spending. Every effort will be made to unify the purchasing needs of the three major branches to make things more efficient and less costly.
  17. BelichickFan

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    #24 Jersey

    Obviously I would prefer not - I have kids and, presumably, will have grandkids so I can relate. But we pass the country on as a package and I claim we'll pass on the best country that anyone in the world will be passing on - debt and all.
  18. Real World

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    Maybe the fed will declare chapter 11, and pay foreignors 10 cents on the dollar. What are they going to do, invade us? Not sell us their goods? My only fear in bankrupcy is that essential government services would cease to perform. Police, fire, etc. I doubt that would happen since most people in those professions would stay on the job in dire times. Although in New Orleans alot didn't. Who knows. It might be the correction that government needs.
  19. shmessy

    shmessy Maude Staff Member PatsFans.com Supporter

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    #75 Jersey

    You got that straight from the Bush Administration!
  20. Real World

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    They just emailed it to me now. I think Georgie pooh is going to file for C11 the day after the election this November. Make sure you bury all your cash in your back yard somewhere.

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