We are Broke

'True Revolution' Ahead for US Fiscal Future: Alan Greenspan
The United States faces a "true revolution" in the choices it will have to make to secure its fiscal future now that the welfare state has run up against a "brick wall of economic reality," former Federal Reserve Chairman Alan Greenspan said Wednesday.

Employee Compensation in State and Local Governments
A recent study by Robert Novy-Marx and Joshua Rauh found that governments are “severely underestimating” their pension liabilities by the use of high discount rates.10 Using more realistic assumptions, the authors found that state and local pensions were underfunded by $3.2 trillion, or three times more than the officially reported amount.

Funding gap doubles for US corporate pensions
From a moderate surplus at the end of 2007, pension plan assets at S&P 500 companies now cover only about 74 per cent of estimated liabilities, calculates Credit Suisse, a deficit of roughly $450bn. At the start of the year the S&P 500 pension funding gap was estimated at $250bn, according to Credit Suisse.

I love how the media always hypes that corporations are sitting on piles of cash. :lol:

The Fed's $16.6 Trillion Bailouts Under-reported

Actual U.S. Debt Exceeds GDP Of Entire Planet
 
The Wall Street banks took billions of YOUR tax dollars and radio news says almost daily corp america is sitting larger piles of cash than perhaps anytime in history.

FOX news = dumb down listeners

You know the saying? Those who listen to FOX News know less than those who watch no news whatsoever.
 
There's plenty of money. But the government wastes what they have, and they aren't taxing efficiently. BUt the REAL problem, as always is trade.

We are bleeding 500 billion a year in trade deficits. If we had kept that money in the US, we'd have enough money to fund everything.
 
Cavuto: We Are Broke - Fox News Video - Fox News

So I'm hearing the president from Hawaii, no less, say we have to spend a billion bucks on health care jobs... That it's a good strategic investment.

Then Republicans on that Super Committee bemoaning "any" defense cuts... Because they're a good strategic investment.

Then Democrats on that same committee ripping so much as curbing a single dollar in entitlement spending because they're long-term strategic investments.

And I’m thinking to myself, what part of "broke" don't any of these guys understand?

You can't be strategic with your money when you have no money.

And you can't invest in the future when you're flat broke now.

Yet they all merrily make these commitments with cash we don't have, but in the face of enormous bills from which we now can't run.

Because here's the thing about being out of money... You're also out of options.

Yet they're all so cocky... With our cash.

...ripping a credit agency for dare downgrading our debt.

The line I loved the most at the time was from a congressman who told me with a straight face that S & P was stupid to cut our triple-A rating, when it knew we could always keep printing money to pay our bills!!

Talk about stupid.

These guys gotta wake up and see where we are. Not where they "think" we are.

We... Are broke.

We... Are poor.

We couldn't strategically invest spit right now.

Read more: Cavuto: We Are Broke - Common Sense - Your World with Cavuto - Fox News

Sad but true.


We aren't broke. The U.S. Government owns the largest stream of revenue in the world - the U.S. tax base.
 
We aren't broke. The U.S. Government owns the largest stream of revenue in the world - the U.S. tax base.

Stream of Revenue doesn't matter jack if your expenses are insanely higher.
Indeed...and it doesn't matter when that revenue is gone because Statist policy has destroyed jobs and half the people don't pay anyway.

WE are living on debt and borrowed time.
 
We aren't broke. The U.S. Government owns the largest stream of revenue in the world - the U.S. tax base.

Stream of Revenue doesn't matter jack if your expenses are insanely higher.
The stream of tax revenue is actually worth quite a bit. If you had that stream of cash as an asset, and not even accounting for the fact that it will grow with inflation, it would be worth around 75 trillion dollars.
 
We aren't broke. The U.S. Government owns the largest stream of revenue in the world - the U.S. tax base.

Stream of Revenue doesn't matter jack if your expenses are insanely higher.
The stream of tax revenue is actually worth quite a bit. If you had that stream of cash as an asset, and not even accounting for the fact that it will grow with inflation, it would be worth around 75 trillion dollars.

And it's shrinking daily. And what is the real DEBT?

CHART SHOCK - The Real National Debt Is $202 Trillion

And rising.
 
Stream of Revenue doesn't matter jack if your expenses are insanely higher.
The stream of tax revenue is actually worth quite a bit. If you had that stream of cash as an asset, and not even accounting for the fact that it will grow with inflation, it would be worth around 75 trillion dollars.

And it's shrinking daily.

The Treasury doesn't publish daily figures for tax receipts, neither would such a figure be meaningful, as the shortest meaningful accounting period for tax receipts would be one month.

So I doubt you can actually substantiate you claim with any facts.


That's not the real debt. If futre obligations count as real debt that means I'm probably a few million dollars in debt wheh you consider how much I'll have to purchase in the future for me and my family to get by.
 
The Wall Street banks took billions of YOUR tax dollars and radio news says almost daily corp america is sitting larger piles of cash than perhaps anytime in history.

FOX news = dumb down listeners

You know the saying? Those who listen to FOX News know less than those who watch no news whatsoever.

Clearly if corporate America has a $450 billion pension funding gap, they are not sitting on piles of cash. It is just accounting gimmick to attract investors. However corporate America is in far better shape than the government.
 
obamacoinflip.jpg
 
Everyday people sound more and more like Ron Paul... Btw Paul is the only person on the left or right running for President that offers cuts to get deficit spending under control. Paul is the only one willing to cut from everywhere rather than only from one source, like Reps wanting welfare cut (as they make more welfare programs) or Democrats that want military cuts (as they start more wars and expand old wars).

Yeah that's the Ron Paul mythology.

But if you read his book, you'll realize that he cuts the Pentagon very little, and eviserates everything else in government.

The man's a fraud, too just like every other player on the national scene
 
All I know is, these countries were social democracies that cut backon their social programs. Canada, Sweden, Germany, other places.
I'd wager that the political parties in those countries are not so dependant on entitement/social spendng to grow/maintain their voter base as U.S. Democrats.

Then you would be wrong. Certainly in the UK, the 'labour' party played a very cynical game by spending themselves into oblivion in order to pander to the 'working class'. Now, their 'conservative' government is having to gut their entire public sector to stop the UK ending up like Greece.
 

Forum List

Back
Top