50 MILLION QUARTERS
GOLDSAINT
Posts: 2,148 ✭
50 MILLION QUARTERS
Last night as I surfed the financial news channels, I came to the Lou Dobbs show where he was interviewing “ financial experts”. This is the question he asked them, “ How will we ever be able to pay for all of our unfunded liabilities in the near future that total nearly 43 Trillion dollars? All of his experts had about the same thing to say DUH, I DON’T KNOW !!!! Well my friends this morning I went through some of my dark side coins and found these. This is what happened in Germany in the early 20’S when their government spent more than they could ever pay back. The Mark historically was worth about 25 cents. The first coin is a 50 million Mark made from aluminum and the second coin is made from pottery. I wonder if in the next ten years we will see coins in the U.S. that say
50 MILLION QUARTERS?
Last night as I surfed the financial news channels, I came to the Lou Dobbs show where he was interviewing “ financial experts”. This is the question he asked them, “ How will we ever be able to pay for all of our unfunded liabilities in the near future that total nearly 43 Trillion dollars? All of his experts had about the same thing to say DUH, I DON’T KNOW !!!! Well my friends this morning I went through some of my dark side coins and found these. This is what happened in Germany in the early 20’S when their government spent more than they could ever pay back. The Mark historically was worth about 25 cents. The first coin is a 50 million Mark made from aluminum and the second coin is made from pottery. I wonder if in the next ten years we will see coins in the U.S. that say
50 MILLION QUARTERS?
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Comments
The unfunded liabilities you refer to are not due in the "near future" but over a time period of around 20 - 30 years. Politically, an "unfunded" liability is quite different from an explicit debt. It is highly unlikely that the US government will print money to fund social security, medicare, and other soft liabilities. These liabilities will ultimately be cut; the only issue is whether legislators (and the people who vote them into office) have the vision and courage to do this sooner than later. To date, both Republicans and Democrats have lacked courage in dealing with the issue, but rather have constantly sucked up to voters. However, with respect to the 50 million quarters analogy, whether these benefits are ultimately cut, or whether taxes are raised to pay for them, the effect will likely be deflationary rather than inflationary.
There is one positive note. In about 10 years, the US may receive a major wake-up call from our friends in Japan and Europe. Both have far more difficult (ie, aged) demographics, and far more unfunded liabilities than the US. On a per capita basis, and as a per cent of GDP it is not even close. They are far ahead of us on the curve, and we get to watch, and hopefully learn, from their experience.
<< <i>If any one here thinks the Republicans are any differnt than the Democracts these days on fiscal policy please tell me how. >>
I think the Republicans are "differnt" than the Democrats on fiscal policy.
I will even go so far as to say I think they are "different" as well.
We need a fair taxation system. Without one, the poor will get poorer and the rich will get richer. Period.
The point you raise -- AARP influence -- is a critical one to think about -- as the influence of retired people will only grow, making change even more difficult than it is now.
, I paid all this money into these crazy plans for 38 years and I want it out. I truly don't see any other way but to print the money. Here is an interesting story I heard from my wife today. She has an unmarried friend with two children. Her friend works as a clerk in a lumber company.She got her tax refund a couple of days ago. It was $4,000. Lord only knows she needs the money but when I asked my wife how she had paid that much in, she told me she didn't. She only paid in $2,000 but the government sent her $4,000. How many people in this country are getting back double what they paid in?
<< <i>Is that one of those chocolate coins? >>
I was watching coins on TV late last night and they were hawking the first 3 years of state quarter sets for $99.95 and said there are 140 Million state quarter collectors out there.
There were 3 sets for each year; a normal MS set, one they dipped in gold and one they dusted with platinum.
The face value was $11.25
So in order to solve the deficit, the government needs to partner with the TV coin show and sell a set to each of the 140 million state quarter collects.
That's $12,425,000,000 they could raise!
My posts viewed
since 8/1/6
I cannot tell you exactly how many people get back more than they pay in, but if your income is $20,000 or less, you are in a good position to take advantage of the Earned Income Credit and sundry other credits-- especially if you have dependents. These credits are designed to help the lower class "make it". However, before you let this outrage you, consider how many companies have been taking out more than they put in with loss deductions/ carryforwards or outright Federal bail-outs.
<< <i> I paid all this money into these crazy plans for 38 years and I want it out. >>
The thing is, three years after you retire you will have gotten out everything that you paid in over those 38 years. After that you are living on someone elses dime.
Are you sure of that? This is not a lsma but a serious question.
If you started working (for example) at 25 paid the social security tax for 40 years, and then started drawing your SS benefits, how long would it take you to recover your input? Not even considering interest on your "investment".
Now, I have no idea of the percentage of federal tax is SS or how much the average benefit payments would be at retirement age.
I just want to know, how long would it take?
Once again, no slam meant. None at all.
1-Dammit Boy Oct 14,2003
International Coins
"A work in progress"
Wayne
eBay registered name:
Hard_ Search (buyer/bidder, a small time seller)
e-mail: wayne.whatley@gmail.com
has probably paid in around $50,000.
The problem is that there is no interest. This is simply a tax on working people
which goes to retired people and the others which have been included over the
years.
Some of the early retirees paid in as little as $100. and recieved tens of thousands
of dollars in benefits.
The Hungarian inflation of 1946 was far more severe than the German inflation of
'21/'22. At one point the Hungarian economy was worth a nearly half a quintillion
Forints. This translated to about a hundred dollars US. (500,000,000,000,000,000 F)
While some inflation will probably be politically necessary in this country there is no
reason that severe inflation will be likely. Public debt is still considered to be of a quite
manageable magnitude by most economists.
The big corporations are not paying in or so many of you claim. So that leaves the middle and upper middle class, mostly baby boomers, to pay for everything, and what they don’t pay the Government borrows.
So this is our situation in a nutshell. Those that have millions in income don’t pay in, and those who are young and poor don’t pay in much and get back double, and those who’s jobs are going to other countries draw unemployment and other benefits, and the majority of the funds are coming from the millions of boomers who are slowly going into retirement over the next ten years and will be taking out what they put in.
Now please tell me who is left to pay, and just why the government will not be printing those trillions of dollars they owe?
Conder, according to my printed S.C. statement I have paid in $178,000 in those 38 years, and I really don’t think that the government is going to send me checks for $4,944 per month.
If some of you think that our government can just borrow the money from others, exactly who would that be? Perhaps the Arabs, that hate us, or the Chinese, or the French. Certainly not the Japanese, the Germans, or the English.
No, No my friends there is only one way to solve this problem and that is to print trillions of dollars each year most likely starting next year.
First, if we look at the total outstanding debt as well as the annual deficeit, and graph it as a percentage of the Gross Domestic Product, and compare that for the US and Germany, I think you'll find no comparison.
Next this is far from accurate--
<< <i>All the folks making $20,000 or less are getting back double what they are putting in >>
We've taken one extreme example (BTW, if this person needs the money so bad why are they withholding so much??) and assumed it applies to all.
Third, those with limited incomes are not paying 28% income tax. Don't make me look up the numbers, but the standard deduction and individual exemption make the first many thousand a rate of 0%. Then a significant amount is only 10%, then up to the $40K plus range it is 15%... My point is people with limited incomes are not paying 28%.