Going Down; Goind Down?!
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Replies to This Discussion
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Permalink Reply by 3rdStooge on -
Aah! a chance to add my 2 cent coin to the discussion of economics.
They had better start making bullets out of chocolate as everyone is going to have to start biting one.
The Greeks need a whole belt of chocolate ammo.
The people employed by the U.S. auto industry have to bite or die. No longer can someone assemble auto parts and collect a wage/benefits package of $70-$100 per hour when Chang or Jose will do the same work for $10. The jobs have all gone overseas to Jose and Chang. The economy in the U.S.is running on unemployment checks, social security and food stamps. These services are no longer funded by taxes. It looks like they are running on borrowed money?
How long will it be before unemployment checks, SS checks, and food stamps are printed in China?
Pandas today Silver Eagles tomorrow! Go figure.
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Permalink Reply by Louis on -
Look at your paycheck where it says FICA. That is the tax you pay for social security. You pay half and your employer pays half. If you are self-employed, you pay the whole amount. Social security has a $2.6 trillion (with a T) surplus, although some of that money has been raided to pay other programs. Medicare is the same. It is funded with our taxes. Look at your check, if you get one. And Medicare spending is increasing at half the rate private health costs are rising. I don't have exact data at my fingertips on auto workers, but I really doubt they ever made $200K a year, which is what $100 an hour works out to and that is only figuring 8 hour days, not overtime. That is more than a member of congress makes. I really wonder where you guys get you information from. Changes do need to be made to social programs (they are not entitlement programs because they are funded by taxes), such as by means testing so we are not subsidizing medications for millionaires, but not by gutting benefits for people who need them to survive, when the top 200 richest Americans pay an average of 16% in taxes, and 30% of US companies pay no tax at all. Do you really want the elderly to live in abject poverty and die with no dignity? Is that the kind of country you want?
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Permalink Reply by Buffalo on -
No one can see the future with certainty, but this is a recent report from the non-partisan Congressional Budget Office, one of many information sources I use, that examines a couple of different scenarios and talks about debt and some of the other issues raised here, including potential impacts to government benefits and services:
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Permalink Reply by jim youker on
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I didn't realize we had a surplus for SS. My understanding is that there is no chest full of money; it was raided and spent many years ago. This is the reason we continue to print or borrow money from other nations. The money being sent to washington from our paychecks and employers are totaling somewhere around 2 billion, (with a B), per month. This is the reason we must STOP unnessesary spending and Obama Care and begin some sort of fiscal responsibility or say goodbye to the greenback....
The prime reason for jobs moving abroad is the fact that the USA places the second highest tax burden in the world on businesses. We must reduce the coorporate tax rate down to 20% and watch the jobs begin to move back into this country. We must offer amnesty on all money held oversea's and allow it to come back to this country so we can begin the re-investment in our country. Over 50% of the population of this country depend on working taxpayers to carry their weight. When this number goes over 50% and these people all vote for entitlements from the working class; GOD help us...
Louis said:Look at your paycheck where it says FICA. That is the tax you pay for social security. You pay half and your employer pays half. If you are self-employed, you pay the whole amount. Social security has a $2.6 trillion (with a T) surplus, although some of that money has been raided to pay other programs. Medicare is the same. It is funded with our taxes. Look at your check, if you get one. And Medicare spending is increasing at half the rate private health costs are rising. I don't have exact data at my fingertips on auto workers, but I really doubt they ever made $200K a year, which is what $100 an hour works out to and that is only figuring 8 hour days, not overtime. That is more than a member of congress makes. I really wonder where you guys get you information from. Changes do need to be made to social programs (they are not entitlement programs because they are funded by taxes), such as by means testing so we are not subsidizing medications for millionaires, but not by gutting benefits for people who need them to survive, when the top 200 richest Americans pay an average of 16% in taxes, and 30% of US companies pay no tax at all. Do you really want the elderly to live in abject poverty and die with no dignity? Is that the kind of country you want?
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Permalink Reply by james wolfe on
you got to love it-
Permalink Reply by Buffalo on
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The simple truth is we are on a path that cannot be sustained. If we don't get debt under control the day will come when we have no options or means to pay for the things we would like to do, however noble our intentions are. Personally I hope we find solutions before that day comes, but the constant name-calling, blame, BS, and denial of reality that goes on in and out of politics doesn't give me a lot of hope.
In my opinion the responsibility of all of us that are citizens of the US is to educate ourselves and demand that those in government speak the truth and do their jobs, not to be "cheerleaders" for one politician or party, or to empower their failures by constantly making excuses for them. FDR was a Democrat and I am not, but he said this very well:
"The only sure bulwark of continuing liberty is a government strong enough to protect the interests of the people, and a people strong enough and well enough informed to maintain its sovereign control over the goverment."
FDR was speaking about Liberty, but in my opinion the same holds true for every other issue that will control our future.
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Permalink Reply by Bruce Wiseley on -
I just read the article on this site regarding the "BOGUS" unemployment rate the fraudulent government stats people released, and they just keep trying to make the man'boy Obama look good. Every policy he's involved with is or has failed. And it seems that the public still have their collective heads in the sand, or another darker place just south of their waist!? And what do they keep telling us; it's all the rich peoples' fault. What a crock!
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Permalink Reply by 3rdStooge on
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Louis said:Look at your paycheck where it says FICA. That is the tax you pay for social security. You pay half and your employer pays half. If you are self-employed, you pay the whole amount. Social security has a $2.6 trillion (with a T) surplus, although some of that money has been raided to pay other programs. Medicare is the same. It is funded with our taxes. Look at your check, if you get one. And Medicare spending is increasing at half the rate private health costs are rising. I don't have exact data at my fingertips on auto workers, but I really doubt they ever made $200K a year, which is what $100 an hour works out to and that is only figuring 8 hour days, not overtime. That is more than a member of congress makes. I really wonder where you guys get you information from. Changes do need to be made to social programs (they are not entitlement programs because they are funded by taxes), such as by means testing so we are not subsidizing medications for millionaires, but not by gutting benefits for people who need them to survive, when the top 200 richest Americans pay an average of 16% in taxes, and 30% of US companies pay no tax at all. Do you really want the elderly to live in abject poverty and die with no dignity? Is that the kind of country you want?
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Permalink Reply by james wolfe on
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look at the people that run things???
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Permalink Reply by 3rdStooge on
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Louis,
the money I mentioned was for a wage/benefits package. They make $40 per hour and get a sweetheart health care and retirement package that accounts for the cost, paid by the company, for an hour of work. I got my figures from a CBS tv show concerning the failing auto industry.
The auto industry, to name one, can no longer provide workers and retirees with skyrocketing health care costs and rich retirement.plans as their costs of $70-$100 per hour can easily be undercut in other nations.
Other countries do not have to provide health care or retirement plans for their workers. Health care and retirement plans are part of union contracts here.
My company used to have paid medical coverage for all retirees. About 8 years before I retired the paid medical coverage ended. My coverage after retirement at age 56 cost me $939 per month (just for me and did not cover my wife) and I kept it about a year before I had to cancel. It was 30% more than my retirement check.
Before I could go on social security I was all alone in the health care department. After social security I pay $122/month for a policy that helps fill in what medicare does not pay.
My company used to match up to 4% of my volountary retirement contribution, but that stopped when we lost our medical. The upshot being I paid the entire retirement fund out of my wages.
If I was about 10 years younger, I'd be covered by a paid medical plan and my IRA would be bigger!
Going down, Going down, next stop HELL and Economic Ruin, everyone has to get off at the next floor!
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