US Comptroller on 60 Minutes: America is facing total collapse

[trader07]

We've been paying only the interest on government debt for years!! When debt comes due they just issue new debt to pay for the maturing debt. Our government prints its own money. Come on, surely you all knew this...

Quote from Consul:

"The government's top accountant, says the US is risking total bankruptcy if trends continue on 60 minutes segment. The nation incurring a massive debt on the next generation with its present policies. In 30 years time, the US will only have enough money to pay the interest on its debt, with no money for the military."

 

[ang_99]

David Walker was appointed during the clinton administration..

Perhaps he's trying to make the GOP look bad...

 

[stock_trad3r]

BS America is doing fine

 

[ess1096]

Bring back Newt Gingrich and the 104th Congress!
The Contract For America.

 

[tyler19]

http://www.youtube.com/watch?v=-DqY8iIxe2c

 

[Mercor]

Back when Reagan was accused of breaking the bank...It was said it would take generations to balance the budget, but by 1998 it happened....

The economy will double every 12 years ,revenues will double at least. As long as we stop stupid spending like, social security, medicare, ...we will have plenty of money.

We all need to grow up and be adults not dependents of the govt.

 

[Sethaholic]

http://www.youtube.com/watch?v=FG_HuFtP8w8

 

[achilles28]

Quote from Mercor:

Back when Reagan was accused of breaking the bank...It was said it would take generations to balance the budget, but by 1998 it happened....

And we're still in the hole to the tune of 9 Trillion dollars - today.

Balanced budget just means the bleed is stopped....temporarily.

That doesn't include unfunded promises - or debt that hasn't been realised but must be undertaken to fund future services we've promised to provide.

Medicaid and social security for the boomers could break the bank, according to the Comptroller.

 

[Vinny1]

Quote from Mercor:

Back when Reagan was accused of breaking the bank...It was said it would take generations to balance the budget, but by 1998 it happened....

The economy will double every 12 years ,revenues will double at least. As long as we stop stupid spending like, social security, medicare, ...we will have plenty of money.

We all need to grow up and be adults not dependents of the govt.

People pay 7.65% in social security taxes (15.3% if you are self-employed). If government eliminated social security, senior citizens would be rioting in D.C.

In my opinion, they should just eliminate SS taxes for current workers, and people could take that money and invest it themselves.

 

[Don Bright]

Quote from Vinny1:

People pay 7.65% in social security taxes (15.3% if you are self-employed). If government eliminated social security, senior citizens would be rioting in D.C.

In my opinion, they should just eliminate SS taxes for current workers, and people could take that money and invest it themselves.

I would go for that (actually are traders are exempt from FICA/Self employment taxes, saves them that 15.3%), the problem might be that, overall, the average American doesn't have a nickel in the bank, much less enough to retire and pay for medical needs...quite a quandry.


Don