Stockman Scott's Political Debate Porch Message Board

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Politics : Stockman Scott's Political Debate Porch

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To: Jim Willie CB who wrote (25415)	8/14/2003 1:21:52 PM
From: Rarebird	Read Replies (1) of 89467

<Your political slant is really getting fast loose silly> LOL. So is your old-fashioned conservative Kitco/Gold-Eagle mainstream gold bug talk of blaming everything on Clinton. <Clinton-Rubin strong dollar policy bankrupted America> Get real. The US dollar rose back then primarily as a result of the acceleration in the economy and relative growth rates. <Clinton-Rubin sanction of debt explosion ruined balance sheets> According to the government's own estimates, the federal funded debt will jump to $US 7.3 TRILLION by 2004, an increase of 17.7% from 2002. By 2008, the debt is expected to stand at $US 9.4 TRILLION, an increase of 51.6% from 2002. But these are merely the increases in the FUNDED debt. The UNFUNDED future liabilities of the US government are vastly larger. On a larger scale, history is full of instances when a nation had to face a crisis with no sugar coating or other pretense to hide behind. In such historical instances, what always mattered most was whether the facts were recognized in time. So, here is the reality the US is facing today: The US Federal Reserve "Flow of Funds" reports have nailed the problem dead center. It recently stated that the total net worth of all the private individuals in America came to $US 39.1 TRILLION. That sum is huge. But by 2008, a real claim stands against it of an expected $US 54 TRILLION unfunded liability in the form of social services. This funding gap will be widening at accelerating speed after 2008. To fund these liabilities, the government is faced with a number of choices. The easiest solution would be to either raise corporate and personal income taxes by 69% - or - cut social security and medicare benefits by 56%. <Clinton-Rubin global markets sold out American workers> LOL. Under capitalism the only loyalty is to the bottom line.

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