US will go bankrupt, it´s only a question of time

[Jawz II]

I'm not sure about your thumb-up in the title. No matter what your views on the US are, the US actually going bankrupt is going to be something pretty bad. As in, really bad.

Oh, and I don't think the US will go bankrupt.

What I was gonna say.

But if it did happen, I don't think it would be the end of the world. Not really.

 

[Mise]

Its only a question of time:

Until the sun goes nova.

Until the next killer asteroid strikes the earth.

Until every poster in the OT agrees with me.

Etc. Etc.

How about humans evolving from apes?

(I don't know your stance on evolution so forgive me if I'm off the mark.)

 

[bhsup]

People shouldn't get to retire before 70 unless they sign something stating they expect no money at all from social security, medicare, etc. No federal funding for anyone who quit working full time before 70, period.

 

[StarWorms]

I'm no economist, but surely because most countries are in serious debt it's all just invisible money that will be cancelled off?

 

[MobBoss]

People shouldn't get to retire before 70 unless they sign something stating they expect no money at all from social security, medicare, etc. No federal funding for anyone who quit working full time before 70, period.

Uhm...no. /10 chars

 

[Bill3000]

Uhm...no. /10 chars

Stop being such a big government liberal.

 

[fishjie]

abolish social security please

i dont need it or want it, and i dont want my paycheck being owned so i can support a bunch of idiotic dead beats who don't know anything about saving money and instead put second mortgages on their house to buy a 50 inch TV and buy houses they cant afford and got us into the mess in the first place.

thx

 

[Mr. Dictator]

People shouldn't get to retire before 70 unless they sign something stating they expect no money at all from social security, medicare, etc. No federal funding for anyone who quit working full time before 70, period.

why 70?

...........

 

[Cutlass]

I'm no economist, but surely because most countries are in serious debt it's all just invisible money that will be cancelled off?

No. Growth over time and small levels of inflation result in the actual cost as a percentage of income falls to a manageable level so long as the debt is not recklessly added to endlessly. Our problem is that the debt was added to needlessly and recklessly.

 

[Cutlass]

abolish social security please

i dont need it or want it, and i dont want my paycheck being owned so i can support a bunch of idiotic dead beats who don't know anything about saving money and instead put second mortgages on their house to buy a 50 inch TV and buy houses they cant afford and got us into the mess in the first place.

thx

SS is solvent, or near enough. Only people who paid in get back, so none of it goes to deadbeats.

 

[Splime]

People shouldn't get to retire before 70 unless they sign something stating they expect no money at all from social security, medicare, etc. No federal funding for anyone who quit working full time before 70, period.

Well, there have to be exceptions... If someone quits working because they've become disabled, then they should get benefits, because they're unable to work. However, if someone willingly chooses to stop working, then yes, they shouldn't get benefits.

 

[MobBoss]

Stop being such a big government liberal.

I havent worked hard for my military retirement only to not get it until age 70. Thank you very much.

 

[Ecofarm]

Chinese money = monopoly money. They control inflation and value. The books are closed. We have every right to a default. Until they play with real money and by this I mean: lose the control economy, human rights, civil rights, environmental rights and equal rights... they deserve no better than a default. Does the US owe Russia something? How about a Marshall Plan, EUies?

 

[Archbob]

SS is solvent, or near enough. Only people who paid in get back, so none of it goes to deadbeats.

Eh, no, it'll be in the negative by 2012. Medicare has been in the negative since the early 1990s. Read the figures. The only way they can keep it solvent is to reduce benefits/raise retirement age.

And its not only people who pay into it. You can receive them from a certain age as long as you don't 'retire' before a certain age. You can be 'unemployed' for eons and looking for work and you still qualify.

 

[Integral]

Eh, no, it'll be in the negative by 2012. Medicare has been in the negative since the early 1990s. Read the figures. The only way they can keep it solvent is to reduce benefits/raise retirement age.

And its not only people who pay into it. You can receive them from a certain age as long as you don't 'retire' before a certain age. You can be 'unemployed' for eons and looking for work and you still qualify.

Social Security isn't solvent right now, but it can be made solvent rather easily. You said it yourself: there are basically three options. Reduce benefits for those already retired; raise taxes on those working, or gradually raise the retirement age. Any one would work. (I'm pro-raising the retirement age, myself.) Social Security's only in a crisis if you are against all three options.

SS isn't the problem; health care costs are. Unemployment benefits are a miniscule part of the budget (less than $40bn annually) and aren't really a problem either.

--

The youtube video in the OP isn't working for me. Synopsis?

 

[Archbob]

SS isn't the problem; health care costs are. Unemployment benefits are a miniscule part of the budget (less than $40bn annually) and aren't really a problem either.

--

The youtube video in the OP isn't working for me. Synopsis?

Medicare is more of a black hole than SS. My point was the unemployment. I'm saying you don't actually have to put in much into SS to get the same benefits as everyone else. You just generally have to be over a certain age. You really need to work 10 years to get full benefits. You need 40 credits for full SS. You get around 1 credit for $1050 of earnings in 2008, up to 4 credits a year. So realistically, you could be unemployed most of the time, earn $4000/year part time for ten years and take full benefits.

And it makes little difference if you work 10 years part-time or 35 years full-time.

 

[Cutlass]

Social Security isn't solvent right now, but it can be made solvent rather easily. You said it yourself: there are basically three options. Reduce benefits for those already retired; raise taxes on those working, or gradually raise the retirement age. Any one would work. (I'm pro-raising the retirement age, myself.) Social Security's only in a crisis if you are against all three options.

SS isn't the problem; health care costs are. Unemployment benefits are a miniscule part of the budget (less than $40bn annually) and aren't really a problem either.

--

The youtube video in the OP isn't working for me. Synopsis?

http://www.youtube.com/watch?v=hkOD3uyPXRE the link was posted wrong. Try this one.

 

[Buzz Killington]

Uhm...no. /10 chars

Says the man who'll receive a full army pension when he retires after 20 years in the service.

 

[mrt144]

Says the man who'll receive a full army pension when he retires after 20 years in the service.

to be fair he is passing up private sector opportunities that would pay handsomely for a similar type of work.

 

[miguel007]

I'm not quite sure if Obama will have the necessary strenght to change this possible scenario.