Home > Politics > WOW, Now this is scary

WOW, Now this is scary

Would you like to be scared? Really? You would? Then read this…

http://www.cnn.com/2008/US/03/26/beck.deficit/index.html?eref=rss_topstories

Dollar SignSome excerpts:

  • $200 billion is the approximate total amount of write-downs announced so far as a result of the current credit crisis.
  • $14.1 trillion is the size of the entire U.S. economy
  • And $53 trillion is (drum roll please) the approximate size of this country’s bill for the Social Security and Medicare promises we’ve made.
  • According to the latest Social Security and Medicare Trustees report (and I use that term loosely since it has the word “trust” in it) released earlier this week, the economic asteroid will first make impact in the year 2019 when the Medicaid trust fund becomes insolvent. Only an immediate 122 percent increase in Medicaid taxes and a 26 percent increase in Social Security taxes can prevent (or more likely, delay) its impact.
  • I’m not counting on a penny from Social Security when I retire. I’m not worried, God’s got it under control, and I can keep plants alive, so I’ll just grow my own food when the whole economy crashes. 🙂

    Of course I jest, but this is a serious issue. No Medicare or Social Security payouts in the future will leave a HUGE impact on many people, especially the poor who do not have their own investments to fall back on. Please do what you can to pay off debt and start investing NOW. I’m not all doom and gloom, but it won’t hurt to start thinking about the future now.

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    Categories: Politics Tags: ,
    1. matt
      March 27, 2008 at 12:36 pm

      wow, when you said “i can keep plants alive” i thought you were going down a different (illegal) road. Glad you were thinking of your own food. 🙂

    2. March 29, 2008 at 11:22 am

      I read recently that Asians save 34% of their money compared to Americans who only put back 2%. Wow!

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