USA in deep Financial Doo-Doo

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USA in deep Financial Doo-Doo

I understand that nobody really cares but, JustFacts (which I trust) says that the US of A is worse off than many South American banana republics when it comes to fiscal health.

America has cash liabilities of $84 Trillion dollars. We know that will increase because Congress simply cannot stop giving away the store. Annual Federal revenue is about $3.5 Trillion. While the JustFacts article posits some solutions, I doubt any of them will work because we have neither the will nor the smarts to address the matter. America is a bankrupt country. Our Social Security and Medicare are going to collapse.

Here is a summary of the debt....

At the close of the federal government’s 2016 fiscal year (September 30, 2016), the federal government had roughly:

$8.5 trillion ($8,542,000,000,000) in liabilities that are not accounted for in the publicly held national debt, such as federal employee retirement benefits, accounts payable, and environmental/disposal liabilities.[12]
$29.0 trillion ($29,038,000,000,000) in obligations for current Social Security participants above and beyond projected revenues from their payroll and benefit taxes, certain transfers from the general fund of the U.S. Treasury, and assets of the Social Security trust fund.[13] [14]
$32.9 trillion ($32,900,000,000,000) in obligations for current Medicare participants above and beyond projected revenues from their payroll taxes, benefit taxes, premium payments, and assets of the Medicare trust fund.

JustFacts on National Debt

taxfoe
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Total unfunded US liability:

Total unfunded US liability: $107 trillion, currently. It goes up by a million every 6.81 seconds, or so.

Your share, assuming you're a taxpayer: $891,458.

US Debt Clock

pmconusa
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The US has been in deep doo

The US has been in deep doo doo since the early 1900s when the price of gold and the system it measures exceeded its imputed value. Spending has not kept pace with income as is required by the first power given the Congress and like Germany after World War I the government has been printing money (borrowing) however at a much slower rate. It takes about $2.39 to buy what $1.00 bought in 1914. The real growth in the economy is represented by the fuel value of food, that provides the energy to produce work. That production dear readers is not only continuing to decrease in the United States but throughout the world. Faster in some places than in others, leading to mass migration and where possible civil war by those getting the short end by their government. The curves between production and consumption will ultimately cross and in the US it will be when our population increases to about 600 million. I have predicted this will take place sometime in the next 100 years and less if the production decreases at a more rapid rate than over the past decade or the population increases faster than over the last decade. It is all explained in my book the The Real Economy that includes a means to prolong the demise of the human race which is inevitable as we deplete those things that nature does not reproduce.

Mainelion
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It appears that you've once

It appears that you've once again miscalculated, pmconusa. $1.00 in 1914 worth $2.39 in 2017 works out to an annual inflation rate of just 0.84%. The average CPI over that time is 3.13%, so it would take $24.55 to purchase what $1.00 bought in 1914.

I'm glad you're not in charge of building any bridges.

KennyRoberts
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A while back I saw an

A while back I saw an advertisement for a brand new 1920 something automobile, I apologize I don't remember if it was 1925 or either side of it, but the price was around $650.

Anyway, If you walked down to the dealer with around 33, $20 gold pieces in your pocket, you could drive home.

I haven't done the math but 33 gold pieces should be able to buy something inspection worthy.

pmconusa
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Those are not my figures but

Those are not my figures but those of your government. Inflation affects commodities differently. It is why your government doesn't include the rising cost of government in the basket of items it uses to calculate its inflation index. If, as I, use the kcal as a measure of the economy the price of the most efficient kcal commodity, wheat, corn or rice, has risen, for example wheat, from $1.00 per bushel in 1914 to about $5.50 today. Even that price is incorrect because every country that produces it subsidizes its production. The Chinese, for example, just started subsidizing their wheat farmers a few years ago. If you consult my book The Real Economy you will find a table that attempts to calculate the excess amount of dollars in the system as opposed to the actual kcal generated since the founding and even that is inaccurate but a much clearer picture of just what the dollar is worth than anything your government has come up with. Irrespective of the degree of inaccuracy you cannot deny the fact that our food production is decreasing and our consuming population is increasing and sooner or later these curves will cross.

Melvin Udall
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Unless you've left the

Unless you've left the country, it's YOUR government too.

Are we to believe you stand by your assertion that: "It takes about $2.39 to buy what $1.00 bought in 1914."

pmconusa
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I thought I made it clear in

I am presently in Spain and being governed by the Spanish government so I believe it correct to say YOUR government.

I thought I made it clear in my above post that inflation must be measured by the change in value of every commodity. That change is in the amount that is paid to the person who produced it for consumption. It is the basis of the barter system where the commodities being exchanged are equated to the energy consumed by the persons who produce them. It is why commodities like gold are useless as currency because the hours needed to produce it has varied as the hours need to extract it have increased. Such a system cannot survive and I explain why in the book you criticize but have yet to read.

Melvin Udall
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The claim I posted has no

The claim I posted has no qualifiers associated with it. It stands alone.

Your post facto wiggling and squiggling don't change that fact one bit, and cast serious doubt about the nature of your thought processes and how you disclose them.

Hint: this may have something to do with book sales.

Bruce Libby
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I sit possible that with low

Is it possible that with low book sales one could not buy one of those black flat brimmed hats w/ little balls tangling of brim ?

pmconusa
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My writing was never intended

My writing was never intended for profit and I have provided snippets of it free here on AMG over the years. You obvious have not done either because truth tell you haven't an original thought in years.

JackStrawFromWichita
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Speaking of “deep financial

Speaking of “deep financial doo-doo”, it’s starting to appear that your Republican friends in Congress are going to blow up the deficit. Of course they’ll claim this won’t happen by using some form of voodoo/smoke and mirrors economic theory’s some of which have long been disproved to justify their actions but down the road the reality will be an even more horrendous debt…

Bruce Libby
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Yes Jack. that is probably

Yes Jack. that is probably correct. But we will always remember where all the crazy spending started by those who championed
the freebies ! There is wrong on both sides !

pmconusa
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The freebies began with the

The freebies began with the Roosevelt administration with Social Security, a tax that was designed to be a pension scheme. It was later exacerbated by Medicare and now Obama care. Not satisfied with these unconstitutional acts, the Democrats under Roosevelt guaranteed the banks against loss with Fannie Mae and Freddie Mac. To further intrude the government into the economy the Democrats enabled union workers to extort wage and benefit increases through mandatory collective bargaining. These unconstitutional acts were only sanctioned by a court whose members were all appointed by Roosevelt and confirmed by a Democrat Congress. These entitlement programs are not funded by taxes as required by the very first power given the Congress.

Melvin Udall
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BTW, pmcon, did you get a

BTW, pmcon, did you get a good price for your houses in Maine?

Mike G
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I am presently in Spain and

I am presently in Spain and being governed by the Spanish government so I believe it correct to say YOUR government.

Are you near Catalonia? Didn't the fascists just raid Catalonia to keep them for voting for succession? PMconusa following the rebellions around the world, good job

pmconusa
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My grandniece who is married

My grandniece who is married to a Catalan and is an American as well as Dutch citizen and works for an American company is currently applying to become a Spanish citizen. Her husband and I spoke a bit about the movement as he is an activist and pushing for a positive vote on October 1. All of Barcelona is decked out in signs to vote yes and it will probably get a large majority, simply because the province is mostly Catalan. It is very similar to that area that encompasses the Basques. I don't recall them having a vote to secede but they have certainly raised hell over the years to gain independence. Like the Basques, it will be a symbolic victory because the central government will never let them go peacefully, just like Washington could not let the South go in 1860. The central government needs Catalonia but Catalonia does not need the rest of Spain and like every other civil war it is over survival. When the central government gets to decide who gets how much of what through the tax code, there will always be those who get more than others and there has never been an equal distribution of wealth since the invention of money.

pmconusa
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Mel:Whether or not I made a

Mel:Whether or not I made a profit on the sale of my property is none of your business. I earned the bulk of my income working outside the country and saved and invested wisely to where I do not need the government dole to survive, unlike those who worked for government supported companies or the government itself. Did you, or your company put aside the amount of money you are now collecting or is it being paid by the current employees and the taxpayers? Unlike your question, I know the answer and since it is partly from taxes I pay it is my business.

Melvin Udall
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Once again you show your poor

Once again you show your poor reading comprehension.

I didn't ask if you made a profit. I asked if you got a good price, which is a market related question as opposed to a personal gain question.

I really wanted confirmation that you have bailed out of the US, since you call it "your government," not ours.

But as usual, a knee-jerk over-reaction.

Bruce Libby
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Maybe not could be a bad

Maybe not could be a bad pitcher of Sangria Mel .

jaded57
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I think that kind of hat is

I think that kind of hat is Argentinian, not Spanish, Bruce.

pmconusa
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Sorry Mel. I thought that

Sorry Mel. I thought that was what you meant, not what you said. Seems to be a lot of that going on lately.

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