Federal Shutdown

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Originally Posted by Roamy

Print all the money you want. We are never going to pay it back anyway.

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Actually... you have to.

The Social Security Trust Fund and Federal Disability Insurance Trust Fund own about $2.764tn and the Office of Personnel Management (Federal Employees Retirement funds etc.) own $827bn. The Federal Reserve itself owns about $1.794 trillion and State & Local Government Pension funds, Mutual Funds and other Pension Funds own $2.105tn

I figure that roughly $7.490tn of the soon to be $17tn (so about 44%) will be owned by pension and retirement funds and the like, which means that at some point once the baby boomers start retiring en masse, it will need to be paid out for the oldies to live on; that's when the real fun begins.
The Knickerbocker Crisis of 1907 is going to look like a Sunday School Picnic compared to the six kinds of sheol which are set to be released. When Hades says "release the hounds" they're gunna be Cerberus' spawn.

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Originally Posted by Rollo

Quote:

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Originally Posted by Roamy

Print all the money you want. We are never going to pay it back anyway.

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Actually... you have to.

The Social Security Trust Fund and Federal Disability Insurance Trust Fund own about $2.764tn and the Office of Personnel Management (Federal Employees Retirement funds etc.) own $827bn. The Federal Reserve itself owns about $1.794 trillion and State & Local Government Pension funds, Mutual Funds and other Pension Funds own $2.105tn

I figure that roughly $7.490tn of the soon to be $17tn (so about 44%) will be owned by pension and retirement funds and the like, which means that at some point once the baby boomers start retiring en masse, it will need to be paid out for the oldies to live on; that's when the real fun begins.
The Knickerbocker Crisis of 1907 is going to look like a Sunday School Picnic compared to the six kinds of sheol which are set to be released. When Hades says "release the hounds" they're gunna be Cerberus' spawn.

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There's no question that if serious steps are not taken soon, like right now, there will be a complete financial meltdown in the relatively near future. And, unfortunately for many of you, the rest of the world will be dragged into it. Spending is the politician's crack cocaine, they just can't stop.

there is no way to ever pay this back unless rampant inflation. So one way or the other it is just bullsh!t. Politician kool aide. The dems have created so many have nots they will be in office until the financial explosion. The wealthy and conservatives should figure out a way to buy the Baja and create a new country. Or divide this one up. AZ, UT, MT, ID and UT would be a good start. Probably the dakotas too.

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Originally Posted by Starter

There's no question that if serious steps are not taken soon, like right now, there will be a complete financial meltdown in the relatively near future. And, unfortunately for many of you, the rest of the world will be dragged into it. Spending is the politician's crack cocaine, they just can't stop.

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This isn't a "spending" problem. It's a lack of foresight problem going back until at least the 1960s. I don't know if the government can actually opt out of paying pensions.
The US Government is faced with the realisation that it didn't put funds away to pay for future pensions in much the same way that GM also didn't. Basically you can play politics all you like but both sides have been negligent and asleep at the wheel for at least my lifetime.

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Originally Posted by Rollo

Basically you can play politics all you like but both sides have been negligent and asleep at the wheel for at least my lifetime.

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Agree completely.

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Originally Posted by Rollo

"The Tea Party is like UKIP with guns" - Ian Hislop. HIGNFY

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I laughed at that when I heard it too :laugh:

Farage isn't in the position to hold the government at ransom over a democratically passed law he doesn't like though... yet ! :p

I'll predict a GFC II is coming... at least.

As some has pointed out it is not simply the last 5 years that has caused this problem, it has been developing for a very long time.

An opinion on why the healthcare website is having so many problems.

It seems that there were still a lot of people thinking this was a "free" thing. I had to laugh when government workers with reasonable incomes were excited thinking they would really get free health care. :D

http://www.forbes.com/sites/theapoth...rtner=yahootix

http://www.gallup.com/poll/165392/perce ... -high.aspx
Amid the government shutdown, 60% of Americans say the Democratic and Republicans parties do such a poor job of representing the American people that a third major party is needed. That is the highest Gallup has measured in the 10-year history of this question. A new low of 26% believe the two major parties adequately represent Americans.
- Gallup, 14th Oct 2013

I have never voted 1 for a major political party in any election. In the Federal Election we've just had in Australia, we had 9 candidates for 9 parties in our local electorate and I voted the two majors in at 7 and 8.

I suppose that this is mainly directed at Americans, but given that Congress has collectively failed to do its job (ie government), how likely are you to vote for a third or fourth party at a future election?

If enough of you decide to vote for third and fourth parties, you can break the duopoly of selfishness that the two behemoths have. It would take a seismic shift though; is this enough of one?

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Originally Posted by Rollo

I suppose that this is mainly directed at Americans, but given that Congress has collectively failed to do its job (ie government), how likely are you to vote for a third or fourth party at a future election?

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I can speak for no one but myself. I would most definitely vote for a third party if I thought it would take a more middle road in the direction of the country. I'd prefer slightly right of middle, but I'll take middle.