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Scary as hell: the looming economic disaster

  1. Oct 7, 2004 #1
  2. jcsd
  3. Oct 7, 2004 #2
    Yup, time to cut the spending that had its roots in the Hoover/Roosevelt administration.

    Chance that that will happen= closer to negative than positive.
     
  4. Oct 7, 2004 #3

    selfAdjoint

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    You could zero out all the welfare spending (I assume that's what you meant. Or was it Hoover Dam?) and we'd still be in the soup.
     
  5. Oct 7, 2004 #4
    The 'debtdeficiteconomy' is the reason I am still keeping Kerry as an option right now.
     
  6. Oct 7, 2004 #5

    chroot

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    Every Republican administration in the last 50 years has increased the deficit. Every Democratic administration has decreased it. Bush has caused the largest increase in debt in US history, second only to his daddy. I cannot even imagine that, if the economy is important to you at all, Bush is even a consideration.

    - Warren
     
  7. Oct 7, 2004 #6

    Gokul43201

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    I don't think this is entirely accurate. The deficit increased by about 20 or 25% under Carter. Damn him ! :grumpy:
     
  8. Oct 7, 2004 #7
    Well to help you imagine it, other things are a concern as well.
     
  9. Oct 7, 2004 #8
    Okay, kill federal education funding, all subsidies, welfare, healthcare, medicare, social security, etc.

    By then, I'll be happy, but that's too bad because I'd also be dead (no chance in hell short of revolution).
     
  10. Oct 7, 2004 #9

    selfAdjoint

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    You try a revolution on that platform and your neighbors will string you up.
     
  11. Oct 7, 2004 #10
    Given the current situation...probably
     
  12. Oct 7, 2004 #11

    russ_watters

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    Even scarier is that that's peanuts compared to the debt the article is talking about. And I don't see a way out - people are just too attached to their handouts to rationally consider what it is doing to the economy.

    I've resigned myself to the idea that I'll never see a cent of my social security - but I'll still pay into it my entire life. That'll be several hundred thousand dollars flushed straight down the toilet.
     
    Last edited: Oct 7, 2004
  13. Oct 8, 2004 #12
    Social Security should be done away with anyway. It was never meant to be permanent, it was only to help out during the Great Depression.
     
  14. Oct 8, 2004 #13

    russ_watters

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    Yeah, but people are so irrational about it - once you start handing out money, people won't let you stop (via their vote) even if you're taking money out of their pockets with your other hand.

    I laugh at my friends every April when they get all excited about their tax refunds. With that kind of mindset (acting like having your money returned to you is the same as getting a gift) could doom us all.
     
    Last edited: Oct 8, 2004
  15. Oct 8, 2004 #14

    selfAdjoint

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    I get $1500 a month from social security, and that's what I live on. Oh, I should have saved while I was working? Yeah right! With what? One thing I did all through the years was plug in my FICA, check after check. And that, suitably deflated, is what's coming back to me. We'll seee what you guys think when you get old. Remember to do the calculation, 2.5% average inflation per year for 30 years.
     
  16. Oct 8, 2004 #15
    That's why it's important to establish a 401k, 401b or other independent retirement fund. Even a roth IRA. Once you get used to living without the little bit of extra money each check, you don't even miss it. That's assuming of course, that you're working already
     
  17. Oct 8, 2004 #16
    You would have had PLENTY to save while working had you not been paying into the system.
     
  18. Oct 8, 2004 #17

    selfAdjoint

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    By paying into the system I was saving. The idea that I could have had more if I had invested it is a counterfactual; I could also have lost it all. I was also buying a house (a couple of houses at different times). I lucked out; both times when I sold the market was high and I got an excellent price. That money went to buy the place I now live in (in a deal with my daughter), so at least that part of my outgo is nulled, and you could say from saving.
     
  19. Oct 8, 2004 #18
    Have you ever calculated how much you paid into the system in yoru life?
     
  20. Oct 9, 2004 #19

    russ_watters

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    If you hadn't paid that 7.8% of your income to Social Security, would you have saved it? How about a 401K? That's free money (in two ways - matched funds and tax-deferred investing).
    Only if you were really, really stupid (ie, greedy). The stock market is a far better investment than people realize.
     
  21. Oct 9, 2004 #20
    And even then, thereare plenty of other no risk investments that pay back higher than you will see from SS, and earlier if needed
     
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