News

**smerve**

Thursday 9 August 2012.

Today's $15 trillion in national debt is bupkis compared to what's coming. The real fiscal disaster isn't our present disastrous debt ... it's our future, and it just got significantly worse. Bloomberg economists Laurence Kotlikoff and Scott Burns report that our "fiscal gap," the measure of future liabilities to future revenue, grew by the same amount as our present public debt to reach $222 trillion:

Republicans and Democrats spent last summer battling how best to save $2.1 trillion over the next decade. They are spending this summer battling how best to not save $2.1 trillion over the next decade.

In the course of that year, the U.S. government's fiscal gap -- the true measure of the nation's indebtedness -- rose by $11 trillion.

The U.S. fiscal gap, calculated (by us) using the Congressional Budget Office's realistic long-term budget forecast -- the Alternative Fiscal Scenario -- is now $222 trillion. Last year, it was $211 trillion. The $11 trillion difference -- this yearÃ¢â‚¬â„¢s true federal deficit -- is 10 times larger than the official deficit and roughly as large as the entire stock of official debt in public hands.

When 78 million Americans in the Baby Boomer generation retire, the resulting liabilities will take a whopping 85% of per-capita GDP to satisfy. Trillion-dollar deficits are unsustainable; this is flat-out unattainable. There is simply no way that the US can or will meet those obligations, even if we have another population boom, which seems unlikely. It's practically the textbook definition of an empty promise.

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http://www.hyscience.com/archives/2012/08/us_fiscal_gap_j.php

**LoP Guest** lop guest User ID: 113030 08-09-2012 07:10 PM

Isn't the solution to just not let people retire? when people are working they generate the tax revenue that could pay back the existing liabilities.

They could receive their promised benefits, both Medicare and SS, however, they would continue working and pay taxes on both benefits received plus pay taxes on the continued income.

**The Troll**

No.

The solution is to arrest those responsible for the fraudulent debt...

**LoP Guest** lop guest User ID: 113030 08-09-2012 07:25 PM

The Troll Wrote:

No.

The solution is to arrest those responsible for the fraudulent debt...

I hope we can eventually figure out who that is. with the bailouts and such, the debts are now all sovereign debts. and sovereigns/politicians have immunity. Along those lines, the sovereigns could simply wipe out the debt. but I guess that would hurt the private sector who owns the debt.

It really is going to be an interesting conundrum when the boomers retire. but theoretically it will open up jobs for young people, which generates taxes, etc.

It makes my head hurt thinking about it S977

**Ka$h Killa** lop guest User ID: 110725 08-09-2012 07:25 PM

LoP Guest Wrote:

Isn't the solution to just not let people retire? when people are working they generate the tax revenue that could pay back the existing liabilities.

They could receive their promised benefits, both Medicare and SS, however, they would continue working and pay taxes on both benefits received plus pay taxes on the continued income.

Well, theres only so many jobs though. How do you expect for all these people to work. of course, if money didn't exist anymore, maybe there'd be something these overworked slaves could find to do

**LoP Guest** lop guest User ID: 84193 08-09-2012 07:28 PM

The dollar as currency is toast. Don't panic, it is planned and not the first time in history a currency has failed.

**Ka$h Killa** lop guest User ID: 110725 08-09-2012 07:28 PM

The Troll Wrote:

No.

The solution is to arrest those responsible for the fraudulent debt...

No. the solution is to abolish currency

**LOPster Jesus**

And what occupations do you suggest for people over 70? Pretty sure heavy construction is out.
LoP Guest Wrote:

Isn't the solution to just not let people retire? when people are working they generate the tax revenue that could pay back the existing liabilities.

They could receive their promised benefits, both Medicare and SS, however, they would continue working and pay taxes on both benefits received plus pay taxes on the continued income.

**LoP Guest** lop guest User ID: 113030 08-09-2012 07:30 PM

KILL MONEY Wrote:

No. the solution is to abolish currency

I am told that if you abolish currency, you dramatically reduce the ability of workers to specialize, which stymies innovation.

**LOPster Jesus**

LoP Guest Wrote:

The dollar as currency is toast. Don't panic, it is planned and not the first time in history a currency has failed.

http://www.futureworldcurrency.com/

The panic should not be about the dollar collapsing. The panic should be from the order that will replace the old one that was based on the dollar. THAT is the part that scares the shit out of me.

**LoP Guest** lop guest User ID: 113030 08-09-2012 07:35 PM

kettlnaut Wrote:

The panic should not be about the dollar collapsing. The panic should be from the order that will replace the old one that was based on the dollar. THAT is the part that scares the shit out of me.

Me too. unless you have a predominantly ethical society, hard money is dangerous. if a banker steals your fiat savings by loaning it out his buddies who don't pay it back, FDIC can just type the amount back into your account on the computer.

If somebody steals physical assets from your person or you bank, you or somebody else has to go physically take it back.

**DRAGOON**

kettlnaut Wrote:

And what occupations do you suggest for people over 70? Pretty sure heavy construction is out.
LoP Guest Wrote:
Isn't the solution to just not let people retire? when people are working they generate the tax revenue that could pay back the existing liabilities.

They could receive their promised benefits, both Medicare and SS, however, they would continue working and pay taxes on both benefits received plus pay taxes on the continued income.

Whats past "Cougars"?

**bennynh**

kettlnaut Wrote:

LoP Guest Wrote:
The dollar as currency is toast. Don't panic, it is planned and not the first time in history a currency has failed.
http://www.futureworldcurrency.com/

The panic should not be about the dollar collapsing. The panic should be from the order that will replace the old one that was based on the dollar. THAT is the part that scares the shit out of me.

Fear for unknown. I`m the same as you about it.

**LoP Guest** lop guest User ID: 113030 08-09-2012 07:53 PM

kettlnaut Wrote:

And what occupations do you suggest for people over 70? Pretty sure heavy construction is out.
LoP Guest Wrote:
Isn't the solution to just not let people retire? when people are working they generate the tax revenue that could pay back the existing liabilities.

They could receive their promised benefits, both Medicare and SS, however, they would continue working and pay taxes on both benefits received plus pay taxes on the continued income.

I think most people could continue what we they are doing now. the USA is something like an 80% service economy.

As far as construction, agreed. but people are heather longer and the equipment is better. When I worked construction a million years ago everybody wanted to hold the Bump

sign. Now that one of the worst jobs on the site. Now even Skid-steers have air-conditioning for goodness sake!

**Askakido**

KILL MONEY Wrote:

The Troll Wrote:
No.

The solution is to arrest those responsible for the fraudulent debt...

No. the solution is to abolish currency

Let me see, gold coin, silver coin, copper coin, are all forms of currency.

Magnetic patterns leeching electrical energy are currency as well.

Paper is a form of currency.

Plastic is a form of currency.

Sea Shells of Sally are a form of currency.

Sure, abolish currency will fix the problem.