US Government Bankrupt by 2016?

[Makalakumu]

http://www.msnbc.msn.com/id/30698248

"Trustees of the programs said Tuesday that Social Security will start paying out more in benefits than it collects in taxes in 2016, one year sooner than projected last year, and the giant trust fund will be depleted by 2037, four years sooner."

"Medicare is in even worse shape. The trustees said the program for hospital expenses will pay out more in benefits than it collects this year and will be insolvent by 2017, two years earlier than the date projected in last year's report."

Eight years is about all we have left before the bottom completely drops out of the federal budget. With deficits in the trillions for years to come, inflation will destroy the value of our money and make it very difficult to fix anything.

What can be done?

 

[elder999]

What can be done?

Get rich, or die trying.

 

[dancingalone]

I'm very angry about knowing the world that is about to be given to my toddler son. He'll have to work harder to have less than I did, and that's hardly the inheritance any parent wants for their child.

I feel impotent about making any real change. I'd like to see a constitutional amendment requiring a TRUE balanced budget, but there's no chance of that happening. Too many people with their hands out for something.

 

[Nolerama]

Personally, I can't wait. Western society might get a jump-start into once-again becoming more conscious of what really important in their lives, outside of their consumer goods.

It would be nice for the general American public to get out of the mindset that their jeans are their identity... And start believing that their contributions to society are what define them.

That's an ideal world for me. We can still be consumers... Just conscientious ones.

Again, I'm not saying that being a consumer is a bad thing; but the way we're doing it now... buying things we don't need with money we don't really have... things are going to come to a head, and we're all going to experience major changes in American lifestyle.

If it takes the country to go bankrupt, then so be it. The hammer is going to have to fall some time, right?

If we're going to give anything to our children, it's going to be an example to live beyond and learn from.

 

[Andy Moynihan]

Well it'll hardly matter after 2012 anyway.

 

[JDenver]

Not to be picky, but isn't the US already bankrupt?

I only mean, isn't having to borrow millions of dollars from China, while already owing trillions of dollars, mean that you're walking bankrupt right now?

 

[redantstyle]

Get rich, or die trying.

Ous!

 

[Deaf Smith]

2016? The late? I'd expect it by just after 2012 (the next presidential election.)

Deaf

 

[CuongNhuka]

Personally, I can't wait. Western society might get a jump-start into once-again becoming more conscious of what really important in their lives, outside of their consumer goods.

The US isn't Western Society, just one country. The rest of the world that is already Developed probably wont be affected.

But, here's the thing about Social Security failing. This is a 'no-duh' moment. When it was first enacted, Social Security was menat to give you some tiume off in the last few years you were alive. after you retired, you might only live for another 3 or 4 years. Now, you retire at 65 and die at (one average) 77. The really simple solution to fixing Social security (other getting rid of it) is to simply raise the age of retirement.

Medicare is an idiotic idea.