- Dec 17, 2015
- Reaction score
Both Medicare and Social Security are Ponzi schemesRevenues are up. You pessimist.And here is our fiscally "responsible" Republican Party. What happened to the deficit hawks? What happened to all the wailing and gnashing of teeth about the growing debt when Obama was in office?
The Trump administration last month sharply revised upward its deficit estimates, projecting annual deficits will once again top $1 trillion next year.
For the current budget year, which ends Sept. 30, the administration is now projecting a deficit of $890 billion. That would be up 33.7 percent from last year’s deficit of $665.8 billion.
The administration’s July estimates project that the deficit will top $1 trillion in 2019, climbing to $1.1 trillion that year, and remaining above $1 trillion for three years.
US budget deficit totals $76.9 billion in July
There's a whole story that NO ONE wants to tell. It's like a Code of Silence that every politician and economic commentator will not break. Here's the story. Soc Sec went negative in 2010 -- about 6 to 8 years ahead of schedule. 10,000 folks A DAY retiring. Medicare deficits SKY HIGH.
The difference in 2012 was instead of raking in a "profit" of $50Billion SS surplus for the govt to put against Treasury debits, they were faced with SHORTFALL of $50Bill. The swing in term of deficit was $100Bill for that year. Because there's nothing of value in the "trust fund" and the Treasury has to book it and raise cash thru deficit spending.
When you add in the shortfall for Medicare -- it's about $300Bill a year now that adds to the deficit every year. That's 1/3 of the deficit and climbing as the "Baby Boomer" crisis deepens.
The reason NO ONE wants to mention this is that in order to explain it -- you have to INFORM the public that the Trust Fund is nothing but a sinister accounting farce. And that debt was NEVER BOOKED or turned into liquidity when the govt stole the surplus for all those years.
Ain't NO ONE wants to bring THAT giant stink bomb up right now with the Nation on the brink of hand to hand fighting in the streets.