Social Security and Medicare are Child Abuse

[I AM NOT THAT GUY 5,715]

Indiana governor compares debt to 'child abuse'

INDIANAPOLIS — Indiana Gov. Mitch Daniels has compared paying for programs such as Social Security and Medicare to "child abuse."

The Republican governor said Sunday during an appearance on "Fox News Sunday" that passing on that debt to future generations is "practicing child abuse in a literal sense."

He says there is no way the nation can pay for the programs as they currently exist and recommends raising the retirement age and other changes.

He hopes both Republicans and Democrats recognize the "republic-threatening dimension" of the looming fiscal crisis if the economy doesn't rapidly grow.

Daniels also says he's focused on his job, not pondering a run for president in 2012.

http://www.chicagotribune.com/news/chi-ap-in-daniels-debt,0,5253300.story

[slim 1,533]

He hopes both Republicans and Democrats recognize the "republic-threatening dimension" of the looming fiscal crisis if the economy doesn't rapidly grow.

I firmly agree. The largest threat to our country right now is economic collapse.

If you folks aren't familiar with the breakup of the Soviet Union in the very early '90s, read up on it. I thinky you'll be shocked at some of the parallels between what's happening here right now and what ultimately happened over there.

Edited August 8, 2010 by slim

[Captain Oates 911]

preceded by the collapse of the dollar

85% of my investments are outside the US and outside the dollar

Defence spending is the main reason empires collapse

Boeing

McDonnell Douglas

Lockheed Martin

just to name aeonatics

and all the very many others are sucking the economy dry

They will dictate the geography and place of the next wars

Each pakistani killed must cost tens of millions and there are plenty left

[mawilson 2,133]

preceded by the collapse of the dollar

85% of my investments are outside the US and outside the dollar

Preceded by the collapse of the Japanese Yen. Japan's public debt is already 200 per cent

of their GDP (America's is still under 100) and they can't get it under control.

[Captain Oates 911]

Preceded by the collapse of the Japanese Yen. Japan's public debt is already 200 per cent

of their GDP (America's is still under 100) and they can't get it under control.

Cash is king for now...

A zero % interest rate in the bank is about 4% real at the moment and one of the highest real interest rates for a long time.

Stuff I buy like cars and boats are well down in final real price

When the fed gives in and prints money, I will buy washing up liquid and toilet rolls and rice and weed killer and canned food like I did in 1975 when inflation was 30% and I was getting 4 raises each year. They are the best investments in a hyper inflationary economy

Not gold - can't eat it or feed it to the cat (I tried)

[mawilson 2,133]

Not gold - can't eat it or feed it to the cat (I tried)

I agree - when 9 out of 10 TV ads tell you to buy gold, it's probably not a good idea.

[Ban Hammer 14,358]

preceded by the collapse of the dollar

85% of my investments are outside the US and outside the dollar

Defence spending is the main reason empires collapse

Boeing

McDonnell Douglas

Lockheed Martin

just to name aeonatics

and all the very many others are sucking the economy dry

They will dictate the geography and place of the next wars

Each pakistani killed must cost tens of millions and there are plenty left

you left out northrup grumman!

[Captain Oates 911]

you left out northrup grumman!

I thought he was a rapper !

[Ban Hammer 14,358]

I thought he was a rapper !

[rika60607 215]

Can anybody enlighten me? With all this debt the US and other countries are holding... who are the entities/countries that this debt is owed to?

[I AM NOT THAT GUY 5,715]

Can anybody enlighten me? With all this debt the US and other countries are holding... who are the entities/countries that this debt is owed to?

Approximately of the 12.7 trillion in total public debt, 3.8 trillion is held by foreign investors, and 5.2 trillion are promisory notes the taxpayers owe to the various trust funds. The remaining 3.7 trillion is held by various entities within the US.

See page 40 of http://www.fms.treas.gov/bulletin/b2010_2.pdf

[Pinocchio Liberal 268]

I didnt think helping someone was supposed to last a lifetime.

[rika60607 215]

OK,

but how much money is owed to the US? And what is the balance?

It is ridiculous to discuss amount of debt without also discussing the amount owed to the US.

It is the balance the matters, right?

Approximately of the 12.7 trillion in total public debt, 3.8 trillion is held by foreign investors, and 5.2 trillion are promisory notes the taxpayers owe to the various trust funds. The remaining 3.7 trillion is held by various entities within the US.

See page 40 of http://www.fms.treas.gov/bulletin/b2010_2.pdf