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(Financial Sense)   In the aftermath of economic shutdown madness, Americans are left only with high debt and low integrity. "How many baby boomers, now retiring, would readily forego their Medicare and Social Security in order to save the federal budget?"   (financialsense.com) divider line 327
    More: Obvious, adverse effect, Medicare, social security, Niall Ferguson, U.S. national debt, shut downs  
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1604 clicks; posted to Business » on 22 Oct 2013 at 10:45 AM (25 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



327 Comments   (+0 »)
   
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2013-10-22 09:36:33 AM
I want to know who keeps submitting this trash.
 
2013-10-22 09:43:51 AM
Come on Mods, can we have something remotely interesting? Like Black Helicopters or how the whole school shootings are part of a secret attempt to slowly weed out the best teachers in the nations to weaken our education system so when the children are adults they are too weak minded to resist the overthrow of the Government by Communist Socialists invading from Mexico, after being trained in Islamic training camps?
 
2013-10-22 09:47:50 AM
So, his solution is to rob fully funded Peter to pay pork-barrel Paul?
 
2013-10-22 09:52:44 AM

xenophon10k: So, his solution is to rob privatize fully funded Peter to pay pork-barrel Paul?


FTFY
 
2013-10-22 09:53:23 AM
Zero?
 
2013-10-22 09:53:31 AM
I would gladly give mine up and sleep like a baby safe in the knowledge that we can now wisely spend that money on another aircraft carrier group.
 
2013-10-22 09:53:45 AM
Forgo, not forego, which means something completely different.
 
2013-10-22 09:54:59 AM
High debt? Not even close.
 
2013-10-22 09:55:22 AM
Economic historian Niall Ferguson

arch.413chan.net
 
2013-10-22 09:59:07 AM

Eddie Adams from Torrance: I would gladly give mine up and sleep like a baby safe in the knowledge that we can now wisely spend that money on another aircraft carrier group.


I'm already planning on spending my retirement years as Soylent Green.
 
2013-10-22 10:00:22 AM
F*ck you
 
2013-10-22 10:04:40 AM
Who is bold enough to propose austerity at the present time? How many baby boomers, now retiring, would readily forego their Medicare and Social Security in order to save the federal budget?

How many Financial Sense bloggers are would pay more in taxes in order to save the federal budget?
 
2013-10-22 10:13:38 AM

James!: Economic historian Niall Ferguson

[arch.413chan.net image 562x437]


Sonofabiatch, Ferguson is the only source he cites. Multiple times, in fact.

But in Ferguson's defense, he has a better tweet/follower ratio than Paul Krugman. We know this because Niall made this handy graph for us:

www.slate.com

source
 
2013-10-22 10:14:30 AM
Your blog sucks.
 
2013-10-22 10:16:05 AM
How about zero. This is a system that they have paid into their entire lives with the promise of it's return. I see no problems or issues with them wanting what they were promised.
 
2013-10-22 10:30:19 AM

Speaker2Animals: Forgo, not forego, which means something completely different.


You're thinking of Fargo. Excellent movie.
 
2013-10-22 10:31:38 AM
Face it people. The ONLY way to make this country great again is to let those old sick people die in the streets.

It's the moral thing to do.
 
2013-10-22 10:37:57 AM

mediablitz: Face it people. The ONLY way to make this country great again is to let those old sick people die in the streets.

It's the moral thing to do.


www.papermag.com
 
2013-10-22 10:38:10 AM

mediablitz: Speaker2Animals: Forgo, not forego, which means something completely different.

You're thinking of Fargo. Excellent movie.


You're thinking of Faygo.  It's the original party pop.
 
2013-10-22 10:49:15 AM
I agree, I mean look at the S&P 500 since February 2009:

www.infomine.com

Just terrible.

And look at what a disaster the unemployment rate has been since Obama took office:

1.bp.blogspot.com

Absolutely horrible.


And look at the trend of average total debt in the US.

www.zerohedge.com


TOTAL. MADNESS.


These numbers are absolutely the worst  if you live in a f*cking fantasy world and can't understand basic charts or math.
 
2013-10-22 10:49:46 AM

Voiceofreason01: I want to know who keeps submitting this trash.


I expect trash to be submitted, just not greenlit every goddamn time.

/Your blog sucks, subby
 
2013-10-22 10:54:01 AM
fark. I used to like Ferguson. Until he really ramped up the bullshiat with backing Romney. I do like his interpretations of various periods of history but you always need to have a good background to critique them adequately.
 
2013-10-22 10:56:06 AM
""How many baby boomers, now retiring, billionaires set up for multiple lifetimes would readily forego their Medicare and Social Security accept higher taxes that still kept them in the top ten percent of wealth earners in order to save the federal budget?

FTFS
 
2013-10-22 10:59:04 AM

bdub77: And look at the trend of average total debt in the US.


Came here to say this.  If you include private sector debt, total debt in the US is decreasing, not increasing.

This is true even if you throw in the still-growing governmental debt:  http://www.marketwatch.com/story/us-debt-load-falling-at-fastest-pace - since-1950s-2012-06-08
 
2013-10-22 11:01:40 AM

bdub77: I agree, I mean look at the S&P 500 since February 2009:

[www.infomine.com image 560x400]

Just terrible.

And look at what a disaster the unemployment rate has been since Obama took office:

[1.bp.blogspot.com image 509x474]

Absolutely horrible.

And look at the trend of average total debt in the US.

[www.zerohedge.com image 850x603]


TOTAL. MADNESS.


These numbers are absolutely the worst  if you live in a f*cking fantasy world and can't understand basic charts or math.


Great, now I want to go skiing.
 
NFA [TotalFark]
2013-10-22 11:02:32 AM
"How many baby boomers, now retiring, would readily forego their Medicare and Social Security in order to save the federal budget?"


You're asking the wrong question. Social Security is NOT a budget problem, it's self funding.

You should be asking how many baby boomers would dramatically cut or eliminate portions of the US military. With America having a military presence in over 100 countries we need to cut back before we remove healthcare and food from the mouths of our populace. Some claim we have a military presence in as many has 75% of the world's nations. Regardless, we're in way too many places at once. We are present in more nations than any country in the history of the world.

It's generally agreed upon that this military presence is more about protecting US foreign business interests than national security. These same businesses claim it's too costly to pay taxes (to fund their military protectors).

It's time to bring our military home, permanently. This would dramatically cut the cost of US government.
 
2013-10-22 11:05:29 AM
that is, the usual business of out-of-control government spending.

lol nope
 
2013-10-22 11:07:44 AM

bdub77: Absolutely horrible.


Yep. Remember the nightmare of 5% unemployment under the last administration? Remember everyone crying about all the "McJobs". Well, it wasn't true back then, but today it is.

Look, I made have a pretty graph for you!

img198.imageshack.us


bdub77: I agree, I mean look at the S&P 500 since February 2009:


You know that the stock market as an economic indicator died with the birth of the day trader, right? And then the corpus was dug up and defiled by the raise of the micro trader.


bdub77: And look at the trend of average total debt in the US.


And you want to thank the President for this?! I would think Clark Howard would have more to do with it. But hey, go with what you got.
 
2013-10-22 11:09:11 AM

bdub77: I agree, I mean look at the S&P 500 since February 2009:

[www.infomine.com image 560x400]

Just terrible.

And look at what a disaster the unemployment rate has been since Obama took office:

[1.bp.blogspot.com image 509x474]

Absolutely horrible.


And look at the trend of average total debt in the US.

[www.zerohedge.com image 850x603]


TOTAL. MADNESS.


These numbers are absolutely the worst  if you live in a f*cking fantasy world and can't understand basic charts or math.


Are you some kind of shill?  Total consumer debt has gone down marginally over the past few years, but that "total debt" chart leaves out Federal debt which has skyrocketed over the past few years.  So a 1 trillion reduction in consumer debt apparently offsets 7 trillion in federal debt?

Unemployment is going down?  That's good, but it doesn't change the fact that a healthy unemployment rate is around 4% to 4.5% and we're still well above that and your chart doesn't predict we'll be getting anywhere near those levels at any time in the near future.

As for the stock market numbers, that's great for the 1% who get their primary income from the increase in equity values.

The economy is getting better, but very slowly.  Debt on the other hand is rising at a rate that's never been seen before.
 
2013-10-22 11:09:40 AM

The Stealth Hippopotamus: Remember the nightmare of 5% unemployment under the last administration?


Worst job growth of any administration in 75 years, and that's before the crash.. Not sure you want to hitch your wagon to that horse.
 
2013-10-22 11:10:15 AM
Niall Ferguson doesn't know shiat about economics.
 
2013-10-22 11:14:24 AM
Let's forgo building a couple air craft carriers and oil company subsidies and see what happens.  I know, I know the job creators will fire everyone and panic will hit the streets.
 
2013-10-22 11:15:18 AM
I will not readily forego a system I put money into. I will forgo half the size of our military, the drug war, middle-eastern conflicts, world policing, crop subsidies, etc., etc. in order to reign in the government. Without all that, we'd being doing just fine with our budget.
 
2013-10-22 11:16:36 AM

Mr. Eugenides: Unemployment is going down? That's good, but it doesn't change the fact that a healthy unemployment rate is around 4% to 4.5% and we're still well above that and your chart doesn't predict we'll be getting anywhere near those levels at any time in the near future.


4-4.5 is just too low. Remember we want people moving jobs and getting promotions and all that good stuff. Too low of an unemployment is a sign of stagnation! That means no one is looking for a job.
 
2013-10-22 11:19:00 AM

Dusk-You-n-Me: Worst job growth of any administration in 75 years, and that's before the crash.. Not sure you want to hitch your wagon to that horse


You only can go so high. And with 5 percent unemployment and the levels of immigration we had how many jobs did you want?! That's like saying Apple has a problem 'cause their cell phone division isn't showing enough growth.
 
2013-10-22 11:19:50 AM

The Stealth Hippopotamus: How about zero. This is a system that they have paid into their entire lives with the promise of it's return. I see no problems or issues with them wanting what they were promised.


This kind of rational thinking cannot be tolerated. Please stop it.
 
2013-10-22 11:20:20 AM

The Stealth Hippopotamus: You only can go so high.


Which for Bush, was the worst job growth since Eisenhower. Own it.
 
2013-10-22 11:23:18 AM

Dusk-You-n-Me: Which for Bush, was the worst job growth since Eisenhower. Own it.


love to.

Can we have it back?
 
2013-10-22 11:23:43 AM

The Stealth Hippopotamus: Yep. Remember the nightmare of 5% unemployment under the last administration? Remember everyone crying about all the "McJobs". Well, it wasn't true back then, but today it is.

Look, I made have a pretty graph for you!


Is anyone going to tell him part time employment has been steadily dropping, or should we just let him enjoy the dream?

www.advisorperspectives.com
 
2013-10-22 11:24:22 AM

The Stealth Hippopotamus: Yep. Remember the nightmare of 5% unemployment under the last administration? Remember everyone crying about all the "McJobs". Well, it wasn't true back then, but today it is.


Yeah the Bush administration should take no blame for the high unemployment and the market crash in 2008-2009. After all, remember when the GOP-led administration setup rules that regulated the banking industry?

Oh yeah, neither do I.

The Stealth Hippopotamus: You know that the stock market as an economic indicator died with the birth of the day trader, right? And then the corpus was dug up and defiled by the raise of the micro trader.


I wasn't aware of that. I guess the fact that I invested a bunch of money when Fortune 500 companies like GE and Whirlpool were trading at 2.5x earnings was stupid huh? I guess all that money I have tied up in the S&P index that has more than doubled in 4 years died with the day trader before the micro trader committed necrophilia on it.

The Stealth Hippopotamus: And you want to thank the President for this?! I would think Clark Howard would have more to do with it. But hey, go with what you got.


When the economy is destroyed it's Obama's fault. When the economy recovers it's the will of small time radio hosts. Got it.
 
2013-10-22 11:25:31 AM
The most entitled generation!
 
2013-10-22 11:25:44 AM

The Stealth Hippopotamus: Can we have it back?


Purge your party of its sexist, classist, racist, bigot base and you may have a shot of getting it back.
 
2013-10-22 11:26:31 AM
Average hours worked since ObamaCare started is... up?

1.bp.blogspot.com
 
2013-10-22 11:33:21 AM

bdub77: And look at the trend of average total debt in the US


Total debt?  Are you sure?  Your graph seems to be missing a few things there sparky.
 
2013-10-22 11:34:11 AM

The Stealth Hippopotamus: Dusk-You-n-Me: Which for Bush, was the worst job growth since Eisenhower. Own it.

love to.

Can we have it back?


LOL.  Imagine the Tea Party if, among other things, the black president had championed an unfunded prescription drug welfare benefit, sent a few hundred thousand troops to fight in the wrong country, and engineered a bona fide federal takeover of the education system instead of the fake federal takeover of the health system.

If I was indifferent towards the future of the country, I'd love for you to "have it back," just for the lulz.
 
2013-10-22 11:37:17 AM

mediablitz: Average hours worked since ObamaCare started is... up?

[1.bp.blogspot.com image 630x378]


I've unskewed your statisticals for Town Hall 2014 projections when Obamacare goes into full effect:

i.imgur.com
 
2013-10-22 11:38:59 AM

bdub77: I've unskewed your statisticals for Town Hall 2014 projections when Obamacare goes into full effect:


That red line looks like the River Styx. A fitting path to ObamHell.
 
2013-10-22 11:42:03 AM

shifty lookin bleeder: If I was indifferent towards the future of the country, I'd love for you to "have it back," just for the lulz.


We can keep those things in the past, but I'll take the average unemployment numbers during the Bush years anyday over what we have now.
 
2013-10-22 11:43:27 AM

HeadLever: bdub77: And look at the trend of average total debt in the US

Total debt?  Are you sure?  Your graph seems to be missing a few things there sparky.


This is total consumer debt, not to be confused with government debt which is much more complex and largely public debt. Debt relative to GDP is actually decreasing. 40% of US debt is owed to people and institutions. Like when you invest in bonds. China holds less than 8% of our debt.
 
2013-10-22 11:47:07 AM

Arkanaut: If you include private sector debt, total debt in the US is decreasing, not increasing.


That is true, but the increase in federal debt is still a very large concern as noted in TFA.
 
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