GAO: If Gov’t Were A Business, ‘Our Stock Would Be Dropping’ And We’d Need A ‘Major Shake-Up’
GAO: If Gov’t Were A Business, ‘Our Stock Would Be Dropping’ And We’d Need A ‘Major Shake-Up’
Yesterday, the Treasury Department released a troubling financial report that revealed the federal government’s “total liabilities and unfunded commitments for future payments” related to Social Security and Medicare are now estimated at $53 trillion, up from $20 trillion in 2000.
In a speech yesterday at the National Press Club, GAO Comptroller General David Walker said:
If the federal government was a private corporation and the same report came out this morning, our stock would be dropping and some people would be talking about whether the company’s management directors needed a major shake-up.
“The federal government’s total liabilities,” Walker explained, “translates into a de facto mortgage of about $455,000 for every American household and there’s no house to back that mortgage. In other words, our government has made a whole lot of promises that, in the long run, it cannot possibly keep without huge tax increases.”
Watch it:
In his speech, Walker said, “I have become increasingly frustrated by the widespread myopia, tunnel vision and self-centeredness in Washington DC.”
Illustrating Walker’s point, President Bush — while discussing the economy yesterday — did not reference the Treasury Department’s new report. “Rather, he touted the economic merits of tax cuts. ‘I’ll veto any tax increase,’ he said.”
UPDATE: Andrew Sullivan writes, “The Cost of Bush: $32 trillion.”
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99 Responses to “GAO: If Gov’t Were A Business, ‘Our Stock Would Be Dropping’ And We’d Need A ‘Major Shake-Up’”
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You mean… Bush ISN’T a good CEO?
Nobody could have predicted that!
December 18th, 2007 at 11:49 amIf the government was a private organization????
IT IS !!!!!!!!!!!!!!!!!!!!!
under fascist Bush it is just the biggest corporation.
December 18th, 2007 at 11:50 amIllustrating Walker’s point, President Bush — while discussing the economy yesterday — did not reference the Treasury Department’s new report. “Rather, he touted the economic merits of tax cuts. ‘I’ll veto any tax increase,’ he said.â€
—————————————–
HOW IN THE WORLD DID THIS MAROON EVER GET AN MBA????
December 18th, 2007 at 11:50 amHOW IN THE WORLD DID THIS MAROON EVER GET AN MBA????
Comment by missmolly — December 18, 2007 @ 11:50 am
What?
His dad was head of the M*therF8ckin CIA. thats how…
December 18th, 2007 at 11:52 amThe 28%ers still haven’t realized that their pockets have been picked. Well actually maybe 1 or 2% benefit from the massive tax breaks for the wealthy.
December 18th, 2007 at 11:54 amI’ve heard more than once that the secret GOOPer plan is to run up such a huge, crushing deficit that the Fed collapses under the weight, and has to sell off all its assets (hint - national parks) and retract permanently, no more social services, etc, etc.
When you see the idiot in the WH plow ahead, running up deficits endlessly, you have to wonder. Wake up, folks. We’re having our country stolen from us right under our won noses.
On the other hand, BruschCo has been extremely successful… and transferring an enormous amount of money to the rich, but hey, he bragged about on film… “the haves and have mores”… “my base”…
December 18th, 2007 at 11:54 amHOW IN THE WORLD DID THIS MAROON EVER GET AN MBA????
Comment by missmolly — December 18, 2007 @ 11:50 am
Connections.
December 18th, 2007 at 11:55 amWithout them, he’d be cleaning public restrooms. The guy is a complete and absolute failure. As are those who voted him into office.
Where are all the ‘fiscal’ Conservatives when you need ‘em ?
Oh, that’s right, they’re on the take too.
∞
December 18th, 2007 at 11:57 amHOW IN THE WORLD DID THIS MAROON EVER GET AN MBA????
Comment by missmolly — December 18, 2007 @ 11:50 am
Connections.
Without them, he’d be cleaning public restrooms. The guy is a complete and absolute failure. As are those who voted him into office.
Comment by LividLib — December 18, 2007 @ 11:55 am
It’s proof positive that the Rights isn’t against ALL affirmative action, just affirmative action based on characteristics they don’t have.
December 18th, 2007 at 11:58 amIt is and we do! The engine of the Bush economy has been the housing industry which was undercut by the administration’s see-no-evil, hear-no-evil, speak-no-evil approach to business and industry and compounded by the electrol-gambit-attack on immigrants who helped to fuel that engine. Once again hoist by its own petard. (That’s ‘blown up by its own breaching bomb’ for those on the Right who might not know the term)
December 18th, 2007 at 12:02 pmUSA, in bathtub, drowning. Help.
December 18th, 2007 at 12:03 pmREPUBLICAN = HUGE DISASTERS!
December 18th, 2007 at 12:06 pmherr dubyah has failed at every job in his life. At least he is consistent.
December 18th, 2007 at 12:09 pmWhere are all the trolls to defend Herr Leaders economic successes? How do you run a G*d Damned war without raising taxes to pay for it? Easy, let the next Dem President worry about it.
December 18th, 2007 at 12:11 pmAren’t ya glad we let them fund the war from the Social Security money so billionaires could keep their tax cuts?
December 18th, 2007 at 12:12 pmWhere are all the trolls to defend Herr Leaders economic successes?
JAS/CHL/Chuck have been outed as one person.
December 18th, 2007 at 12:12 pmIt just so happens 53Trillion was the low end running total, including interest, of Dubya’s deficit.
Blame it on old people, and the most successful social insurance program ever….
December 18th, 2007 at 12:13 pmBush and the republicans have bankrupted this country.
December 18th, 2007 at 12:16 pmOh silly libs, haven’t you heard? Don’t you follow the Rapture Index at all? Boy George doesn’t need to worry about running up a debt, by launching his Crusade in Iraq he is calling for the return of Jesus, Armageddon and the end of times. Why worry about how much we owe China?
Same goes for global warming, peak oil, water shortages and even redwood forests. Save them for what?
It bears repeating, the Rapture is not an exit strategy.
December 18th, 2007 at 12:18 pm“The Cost of Bush: $32 trillion.†divided by roughly 250 million americans (from memory, I know I’m slightly off there)
equals
roughly $ 130,000 per person.
Thinking around an average of somewhere between 2 to 4 persons per household, a very substantial part of that $450,000 per household seems related to Bush.
December 18th, 2007 at 12:20 pm“GAO: If Gov’t Were A Business, ‘Our Stock Would Be Dropping’ And We’d Need A ‘Major Shake-Up’”
Uh, if Gov’t were a business, they’d be in Chap 11 by now and getting corporate welfare.
December 18th, 2007 at 12:20 pmherr dubyah has failed at every job in his life. At least he is consistent.
Comment by Dr. Matt — December 18, 2007 @ 12:09 pm
Bush and the republicans have bankrupted this country.
Comment by hellinabucket — December 18, 2007 @ 12:16 pm
No offense to either of these two good posters, but I see these statements as contradictory. To me, hellinabucket’s assertion that Bush and the Repubs have bankrupted the country (very supportable) demonstrates that Dubya is NOT a failure — this is exactly what he set out to do. He just pretended to be a failure so that he could implement his evil plan and get away with it.
So, as much as I’d like to agree with Dr. Matt — and it’s clear that Bush has been a failure at every other thing he’s ever tried — I have to say that on this one task, he has succeeded beyond the RNC’s wildest dreams.
December 18th, 2007 at 12:22 pmExpect the Republicans to use their own incompetence to make a case for the next administration to be a Republican administration just like their failure to stop 9/11 became their reason to elect Republicans in 2004. There is no mess created by unnecessary wars and unnecessary tax cuts for the rich that cannot be reversed by more war and more tax cuts for the rich.
The deeper they drive the US into the ditch, the more Americans “need” them to drive them out of the ditch.
All Republicans need to do is throw in a pinch of religion (xenophobia) with a dash of illegal immigration (xenophobia) and the fear of unarmed starving Muslims half the world away (xenophobia) and the deal’s done.
“Nobody lost money betting on the stupidity of the American people”.
December 18th, 2007 at 12:25 pmI wonder if the cheerleaders for the invasion of Iraq really know that their contribution to the effort would cost them about $125,000 each.
Cheerleading is kewl when you can do it from mom’s basement, a little bit more difficult if you have to pay for it.
December 18th, 2007 at 12:25 pmIn his speech, Walker said, “I have become increasingly frustrated by the widespread myopia, tunnel vision and self-centeredness in Washington DC.â€
Welcome to my world, Mr. Walker. Welcome to my world…
December 18th, 2007 at 12:27 pmBoy George doesn’t need to worry about running up a debt, by launching his Crusade in Iraq he is calling for the return of Jesus, Armageddon and the end of times. Why worry about how much we owe China?
Same goes for global warming, peak oil, water shortages and even redwood forests. Save them for what?
It bears repeating, the Rapture is not an exit strategy.
Comment by nanlichi — December 18, 2007 @ 12:18 pm
Yeah that YHWH/Yahweh, starting out as a hill/sky god that required followers to perform blood sacrifices to it, is still requiring blood sacrifices from its followers still today. Yahweh has sure moved up in the world since those early days, he is bigger now so requires more blood. Don’t Ya know?
December 18th, 2007 at 12:28 pmI wonder if the cheerleaders for the invasion of Iraq really know that their contribution to the effort would cost them about $125,000 each.
Comment by StratRat — December 18, 2007 @ 12:25 pm
Uh… StratRat? Wouldn’t that be “will cost their grandchildren $125,000 each”? I mean, this whole debacle IS on the national “Bank Of China” Visa card, isn’t it?
December 18th, 2007 at 12:29 pm“Nobody lost money betting on the stupidity of the American peopleâ€.
Comment by Abby — December 18, 2007 @ 12:25 pm
“Let’s not be too tough on our own ignorance. It’s the thing that makes America great. If America weren’t incomparably ignorant, how could we have tolerated the last eight years?”
sad, but true!
December 18th, 2007 at 12:33 pmNow, think about our experiences over the last 7 years with Bush appointees, cabinet secretaries, and sundry other Bush officials…. What make us think that this report and this guy are being fully truthful? Remember to factor in the fact that this administration has had no compunction about hiding, falsifying, spinning and lying about anything whatsoever. Remember that it has always been Bush’s desire to privatize Social Security by stampeding us into believing that we will inevitably have huge commitments and shortfalls at some far distant time in the future, which we will have to solve at the time by either vast tax increases, or by cutting benefits to all the little ol’ grannies (which will be YOU!). Unless, of course, we act NOW to Privatize Social Security–hurry, hurry, don’t take time to think now! Thins just seems like so much Bush propaganda to me.
December 18th, 2007 at 12:34 pmI am so glad TP finally showed that SS is something we need to drop. This proves ONCE AGAIN that we cannot pay for SS in anyway. Does anyone really want to stradle every American with a $400,000+ extra mortgage? I hope not.
Anyways, we need true leadership to stop SS. It is finally time every American learns that SS is not possible anymore. We need to kill it now or increase the retirement age to over 80 years of age minimum.
December 18th, 2007 at 12:36 pmUh… StratRat? Wouldn’t that be “will cost their grandchildren $125,000 each� I mean, this whole debacle IS on the national “Bank Of China†Visa card, isn’t it?
Comment by ralph the wonder llama
Yes sir, it is…And it makes me cry to think what the interest cost of this will be. This credit card won’t get paid down for at least 50 years.
December 18th, 2007 at 12:37 pmLOL! Nothing like a liberal/dem telling how a business should be run.
Comment by Frank M — December 18, 2007 @ 12:34 pm
How could liberals do any worse than the current IICs?
December 18th, 2007 at 12:38 pmhttp://www.gao.gov/cghome/dwbiog.html
Mr. Walker is a certified public accountant. He has a B.S. degree in accounting from Jacksonville University and a Senior Management in Government Certificate in public policy from the John F. Kennedy School of Government at Harvard University. He has received honorary doctorate degrees from several colleges and universities, including his alma mater. Mr. Walker has completed numerous continuing education courses in a wide range of fields, including the six-week CAPSTONE course for military Generals and Admirals. He has also won a number of awards domestically and internationally for outstanding leadership.
Librul? Dem?
December 18th, 2007 at 12:38 pmLOL! Nothing like a liberal/dem telling how a business should be run.
Comment by Frank M — December 18, 2007 @ 12:34 pm
Nothing like that at all, frank. get somebody to read it to you. he’s not talking about business, he’s talking about the disaster of the Bush-destroyed Aemrican system of government.
December 18th, 2007 at 12:39 pmLOL! Nothing like a liberal/dem telling how a business should be run.
Comment by Frank M — December 18, 2007 @ 12:34 pm
oh, thank you, Frank! We were afraid all the trolls had cut-and-run. We didn’t have anyone to make fun of. Thanks for stepping up.
Um… what is it about the performance of the Republicans in government that makes you think THEY know how to run a business?
December 18th, 2007 at 12:39 pmFix Social Security by uncapping the contribution limit. Done.
December 18th, 2007 at 12:39 pmOh, and it wouldn’t kill us to move the retirement age closer to 70, since we live longer anyhoo.
Anyways, we need true leadership to stop SS. It is finally time every American learns that SS is not possible anymore. We need to kill it now or increase the retirement age to over 80 years of age minimum.
Comment by Roger_Roger
Yep. And all the homeless seniors will need a place to stay - they can live with you, right? And for food, should we just let them starve - just to pay for your imperial king’s folly of a war?
A nation can be judged based on how they treat their young, their veterans, and their elderly. How does Dumbya’s legacy fit in there?
December 18th, 2007 at 12:40 pmAnyways, we need true leadership to stop SS. It is finally time every American learns that SS is not possible anymore. We need to kill it now or increase the retirement age to over 80 years of age minimum.
Comment by Roger_Roger — December 18, 2007 @ 12:36 pm
There you go, starve the old and the sick, so that we may enrich more warmongering mass-murdering republiscum. Thanks, roger2, for proving how immoral you and your republiscum vampires really are. as if we needed more proof of your hatred for America.
December 18th, 2007 at 12:40 pmLOL! Nothing like a liberal/dem telling how a business should be run.
Comment by Frank M — December 18, 2007 @ 12:34 pm
Bill Gates, Warren Buffet, Jeff Bezos, and thousands of other liberal dems have done well running business. More then I can say for Bush. I mean the dude did fail at the oil business in texas.
December 18th, 2007 at 12:42 pmGood ideas, RUC. But you misunderstand R2’s goal. It’s not to fix social security. It’s to demonize it and then sh!tcan it. Not because it doesn’t work (it does work, and very well) but just because its success sticks in his craw.
December 18th, 2007 at 12:42 pmoh, frankm and roger2, thanks for 9/11. without your brainless and dickless support, that would never have happened. you should be proud.
December 18th, 2007 at 12:42 pmRoger Roger,
“SS” as you uneloquently put it, is not the problem.
It’s deferring trillions of dollars in taxes, jacking up spending, and stealing from “SS” to hide your obvious lack of fiscal conservatism that is the problem.
December 18th, 2007 at 12:49 pmIf Government were a business, GWB would have already been handed his golden parachute and punted out the door.
December 18th, 2007 at 12:49 pmYes, if the government were a business, its stock would be dropping, but I’m not sold on the idea that we need to treat government like a business. Look how swimmingly well that’s going for Colorado and the US…after all, it is the heart and soul of the Republian party…treating government like a business. And look where we are now.
Frank M arguing that democrats have no business telling us how a business should be run is priceless. After all, he’s the religious nutcase who wants to defend Christmas from its war, but supports the repeal of Social Security because that’s what the men whose boots he licks tells him to do…this between soliciting for mansex and hitting on married women just before prostelizing Jesus to them…
Yeah. Laughable.
December 18th, 2007 at 12:50 pmBut you misunderstand R2’s goal. Comment by ralph the wonder llama — December 18, 2007 @ 12:42 pm
Oh, R^2? I wasn’t really replying to him…but, since you asked:
F**k him, and the elephant he rode in on.
December 18th, 2007 at 12:50 pm“Lefty†and “Patriot†is inherently contradictory.
Comment by Lefftenant — December 18, 2007 @ 12:47 pm
says the traitor.
December 18th, 2007 at 12:52 pmUh-oh… it looks like the first wave of trolls was smashed and demoralized, so after a brief delay, the second wave has finally mobilized. Unfortunately, they sent their best guys (yeah, I know, I find it hard to believe too!) in the first wave, so this second “surge” is filled with the lesser recruits.
This is amply demonstrated by the comedy stylings of Frank and “Leftenant”.
December 18th, 2007 at 12:52 pmLefftenant = chl = frankntraitor
December 18th, 2007 at 12:52 pmExactly. The demonoids should stay out of my business.
Comment by Lefftenant — December 18, 2007 @ 12:44 pm
stop electing republiscum, and the demons won’t be near your business.
December 18th, 2007 at 12:53 pmAlso note the typical troll spelling deficiency.
Leftenant, not LEFFTENANT… morons.
December 18th, 2007 at 12:53 pmLOL! Nothing like a liberal/dem telling how a business should be run.
Comment by Frank M — December 18, 2007 @ 12:34 pm
OK Frank, this was a hilarious comment, but I’m finally regaining enough control from laughing that I just gotta ask — what rebuttal do you have to David Walker’s comments? Are his numbers wrong? Do we actually have a surplus instead of a debt
How would YOU run the country’s budget, Frank? Are you like Bush and figure that all budgetary problems can just be solved by giving tax cuts to the rich?
Or do you truly have nothing intelligent to say on the matter, so you are just falling back on your default response — bashing liberals?
December 18th, 2007 at 12:54 pmIt is finally time every American learns that SS is not possible anymore. We need to kill it now or increase the retirement age to over 80 years of age minimum.
Comment by Roger_Roger — December 18, 2007 @ 12:36 pm
Guess that depends on your priorities, R2
A needless war to the tune of approx $200+ million per day?
Tax breaks for those who need them the least?
Subsidies to the oil industry?
Or a system that provides the very basic in support for citizens in need?
Hmmmm?
December 18th, 2007 at 12:56 pmBankrupt USA…..Thanks GOP
December 18th, 2007 at 12:58 pmThe Parable of Republican Jesus, the Loaves and the Fishes
Republican Jesus took all the loaves and fishes for Himself. He didn’t share with anyone, because everyone knows that the hungry people are simply lazy and shiftless.
So, Republican Jesus very much enjoyed His dinner of fish sandwiches.
And then, because the people were waiting to hear His wisdom, He told the hungry masses to stop whining about being hungry - and pull themselves up by their sandal straps.
December 18th, 2007 at 1:00 pm.
.
.
Isn’t that how it works, trollies?
I think a lot of people are missing the boat here, if the government continues to look like it can’t properly run things then that plays into the right wingnuts grand plan of eventually turning over a major portion of the day to day operations of this government to the private sector. All under the guise that the private sector (big business) is better suited to run our country for the people.
Look to see some kind of a faith based coalition to come along in the near future that will offer to put an end to supposed government mismanagement , it is what has been happening for sometime now and will only get worse unless the citizens of this country wake up to the fact that we are giving up our rights over to the right wing.
December 18th, 2007 at 1:03 pmroger redundant is calling for true leadership now? It doesn’t occur to the repetitive one that he was calling Bush a true leader and look where he’s lead us.
Roger, it’s time for you to shake the fecal matter that has crusted around your eyes due to the location of your head for the last 7 years and acknowledge the GOP has left us SOL and it will take the likes of an FDR to steer this country back on course.
December 18th, 2007 at 1:04 pmTom in Maine, you and several others have touched on this possibility and I am seeing more evidence to support that theory. And as long as the public is complacent, we will be pushed closer to this.
December 18th, 2007 at 1:06 pmFrank M arguing that democrats have no business telling us how a business should be run is priceless. After all, he’s the religious nutcase who wants to defend Christmas from its war, but supports the repeal of Social Security because that’s what the men whose boots he licks tells him to do…this between soliciting for mansex and hitting on married women just before prostelizing Jesus to them…
Yeah. Laughable.
Comment by Jeremy in Denver — December 18, 2007 @ 12:50 pm
December 18th, 2007 at 1:11 pm——————————–
Very well said, Jeremy! Hypocracy is a requirement for anyone wishing to be a Republiscum.
But I want the GAO to be run like a business. I want accountability for the inventory that the taxpayers supplies.
December 18th, 2007 at 1:16 pmBut I want the GAO to be run like a business. I want accountability for the inventory that the taxpayers supplies.
Comment by gus smith — December 18, 2007 @ 1:16 pm
Just not the way big corporations are currently run please! Nowadays the CEOs take all their perks, bonuses, severance packages and run to the Cayman Islands! Doesn’t seem like CEOs have accountability at all anymore!
December 18th, 2007 at 1:25 pmFrank: “LOL! Nothing like a liberal/dem telling how a business should be run.”
Two points on this tired old conservative canard:
1. Billionaires Bill Gates and Warren Buffet have many times referred to themselves as “liberals.”
2. Forbes Magazine has rated Bill Clinton as among the best in history at handling the economy.
December 18th, 2007 at 1:29 pmTake that you Repukian Scum Sucking Bush supporters, this is a really, really big, “WE TOLD YOU SO!”
The idiot Bush and the repukian scum are or rather have bankrupted the country, thanks a lot you freaking idiots.
Bush the worst, most corrupt pResident in history.
Bush/Cheney/Supporters
Hague Trials ‘09
Buck Fush
December 18th, 2007 at 1:30 pmAnd regarding poor Frank’s position Social Security, here’s conservative demigod Alan Greenspan on Meet the Press:
RUSSERT (9/23/07): Do you believe either political party has stepped up to the crisis we face with Social Security and Medicare in the coming years?
GREENSPAN: I do not.
RUSSERT: How big a crisis will that be?
GREENSPAN: Social Security is not a big crisis. We are approximately 2 percent points of payroll short over the very long run. It’s a significant closing of the gap, but it’s doable, and doable in any number of ways.
Frank, get a clue.
December 18th, 2007 at 1:31 pmI find it very funny that I am 63 posts into this thread and there is not one single coherent argument from any troll on this subject of fiscal responsibility, the supposed cornerstone of Republicanism. The straw man argument against SS is silly, the government made a promise to me the first time they took SS out of my check that they would repay it when I needed it. Reevaluate, restructure… fine, you just can’t arbitrarily get rid of it.
How can anyone defend this administration’s fiscal policies??? Oh, where art thou trolls???
December 18th, 2007 at 1:32 pmI just love Mr. Walker, you can tell he is a conservative and hates these facists…….
December 18th, 2007 at 1:37 pmLOL! Nothing like a liberal/dem telling how a business should be run.
Comment by Frank M — December 18, 2007 @ 12:34 pm
Yeah Frank, you should get advice directly from W.
This is a guy that couldn’t even find oil in Texasand couldnot keepone business running,even when he was given one that was operating fine by his Daddy’s friends.
Go ahead, Frankie, tell us all about the financial wizardry of W the dumb…..
December 18th, 2007 at 1:39 pmW the Dumb….that one might stick.
December 18th, 2007 at 1:43 pmFrank, get a clue.
Comment by Ret. Col. Jack Ripper — December 18, 2007 @ 1:31 pm
By now you should realize that Frankie wouldn’t know a clue if a bird sh!t it on his pointy head.
December 18th, 2007 at 1:44 pmW the Dumb….that one might stick.
Comment by mary — December 18, 2007 @ 1:43 pm
i like it!
i like it!
it’s so….GWB!
Wayne,
December 18th, 2007 at 1:50 pmDo you mind if I use it?
LOL! Nothing like a liberal/dem telling how a business should be run.
Comment by Frank
Oh yeah? SEE: Bill Gates, Warren G. Buffet or Sir Richard Branson, you 2-bit DIP$HIT.
December 18th, 2007 at 1:50 pmLOL! Nothing like a liberal/dem telling how a business should be run.
Comment by Frank
Clinton = a surplus
Bush = massive debt
Frank = idiot who can’t do math
Bush/Cheney/Frank/Roger/and the other idiot
Hague Trails ‘09
Buck Fush
December 18th, 2007 at 1:56 pmI am so sick and tired of the lies and distortions from those like Roger the dumb and Frank the moron. I will not go through the arguments as have those in prior posts. Instead, I believe that we must propose extraordinary solutions to deal with the filth represented by such scum. They need to be removed from this society. They need to be executed very publicly as an example of what will be done to the filth that have taken over and corrupted the conservative cause.
December 18th, 2007 at 2:03 pmSo you think Americans aren’t smart enough to save for their own retirement? This isn’t a debate. This report proves we can’t pay for them anyways. Are you honestly ready to hand the government $400,000 each? If so, you first. Put your money were your mouth is. Since I know no one will be writing a check for $400,000 we can’t afford SS so it should be killed quickly to stop the bleeding. I know I have no interest in handing over $400,000 from my family. They already take to much of my money, they don’t need to bankrupt me.
December 18th, 2007 at 2:17 pmDisaster Idiot Administration led by ChiefLoserFreak Bush! Going into our 8th year Dumb Idiot Bush HASN’T SCORED A SINGLE POINT in his favor! Everything he touches everything he does turns to crap! Nothing has worked! Failed War Failed Economy Failed Policy. How can an American leader (I refuse to call him President, he wasn’t elected!) be such a loser? And how does he expect to succeed having planned and carried out 9/11? For that alone, he’ll never succeed. Time keeps proving him guilty over and over. Not even God is on his side! Chimpy!: grab a gun a point it to your head and SHOOT! Don’t be afraid! Your brain has turned into mud! It won’t hurt just make it quick!
December 18th, 2007 at 2:23 pmRoger: “So you think Americans aren’t smart enough to save for their own retirement?”
Social Security is not a retirement plan. It is insurance. And please see remarks by Alan Greenspan above on Social Security. As far as Greenspan is concerned we not only CAN pay for it but it’s not really that much of a problem.
December 18th, 2007 at 2:27 pmThe Federal Government is NOT a private company and should not be run like one. I have worked for the Federal Government for 30 years. It is not a for-profit business. The only thing that is needed is good management of the funds in order that they are spent in the most effective and efficient manner–all for the greater good of the country and its people. There has been nothing but waste, fraud, and abuse of the tax dollars received. This administration has wasted and fraudulently stolen the taxpayers’ monies. They have abused their authority for an agenda that is only meant to benefit a few people who do not deserve such bounty. They have not worked for the good of the country and its people. They should be tarred and feathered and run out of town on a rail.
December 18th, 2007 at 2:46 pm“…we can’t afford SS so it should be killed quickly to stop the bleeding.”
Comment by Roger_Roger — December 18, 2007 @ 2:17 pm
Why should we sacrifice SS to “stop the bleeding” when there is far more bleeding going on with the insane amount of money we are spending on our Iraq occupation?
At least with SS, there is money going in as well as money being paid out. Can’t say the same for Iraq.
Social Security is a program that works. Granted, it needs a little tweaking every so often to keep up with the times. For example, people live longer now and are able to work longer than they were in FDR’s time. Reasonable adjustments can and should be made to fit that.
But one does not destroy something to stop the bleeding when a little minor surgery will do.
December 18th, 2007 at 2:51 pmThe modern sociopath’s position on fiscal responsibility: “…we can’t afford SS so it should be killed quickly to stop the bleeding.â€
December 18th, 2007 at 2:52 pmI know I have no interest in handing over $400,000 from my family. They already take to much of my money, they don’t need to bankrupt me.
Comment by Roger_Roger — December 18, 2007 @ 2:17 pm
I assume then, that you either 1) don’t see our current budget situation as a problem, or 2) advocate ceasing all unnecessary spending immediately — including funding for Iraq.
Which is it?
December 18th, 2007 at 2:54 pmActually, SS creates no bleeding. The increase in SS taxes during the Regan administration included additional revenues to cover the bulge in payments created by the baby boomer generation. Indeed, any plan presented by the Republic swine such as Roger_Roger or Frank M essentially ratifies the therft of money from those who contributed more than their share to fund the boomer gap.
Al Gore proposed walling off SSN surpluses to ensure that the funds would be there for the baby boomers without bankrupting the system. Bush and the other criminal scum that represent the Repubican party decided to apply those revenues to justify tax cuts to the wealthiest in our country. To ensure that SS would be destroyed, Republican filth also decided to continure tax cuts even though they were in the midst of significant expenditures for their so called “War on Terror”.
President Bush actually got on television to tell those who had paid extra into SS to fund the gap that US Treasury Bonds were nothing more than worthless paper. The conservatives have once again proven themselves to be dirt. Frank and Roger are traitors to this country and should be treated as such.
December 18th, 2007 at 3:16 pmI am a rich, Republican. I make $500,000.00 a year. I paid $162,500.00 in federal taxes last year, $50,000 in state and local taxes. I employ 8 people, paying wages of approximately $700000.00. My employees paid federal and local taxes an additional $276,500.00 in 2006. Due to my enterprise the fed and local gov’t has taken “home”nearly double what I have. Why do leftists call me greedy and corrupt? I can betcha my tax payments have helped more people than those who decry me as an evil, greedy, NEOCOM.
December 18th, 2007 at 3:20 pmW the Dumb….that one might stick.
Comment by mary — December 18, 2007 @ 1:43 pm
i like it!
i like it!
it’s so….GWB!
Wayne,
Do you mind if I use it?
Comment by LividLib — December 18, 2007 @ 1:50 pm
Sure, I will put it for public domain use =)
December 18th, 2007 at 3:20 pmWhy do leftists call me greedy and corrupt?
Comment by Conservative and proud — December 18, 2007 @ 3:20 pm
Simple. Because you support greed and corruption in government.
December 18th, 2007 at 3:23 pmI can betcha my tax payments have helped more people than those who decry me as an evil, greedy, NEOCOM.
Comment by Conservative and proud
And you got a tax break on SSI that most don’t get, so you’re getting a free ride at the expense of those who don’t make more than the SSI cap. I have to pay on every dollar I earn, up to $91,000. Your $400,000 income was only taxed to $91,000. Quit whining, ’cause you’re getting a free ride!
December 18th, 2007 at 3:26 pmto#85-
I am not whining……….
I just wonder why I am vilified? I don’t make the rules. i abide by them as you do. we differ in one respect, while you blame the wascally wepublicans for all that is wrong or going wrong I know that both “sides of the aisle” are corrupt and perpetrate the division and polarization in the country. Why?
December 18th, 2007 at 3:34 pmLike everything else….. MONEY. THe bile an hatred both sides build line their campaign coffers. Alas, they play us all! Conservatism is how I live my life not a political persuasion.
Fix Social Security by uncapping the contribution limit.
Fix Social Security by returning it to a pay-as-you go system.
We don’t have a Social Security shortfall problem. We have a general revenue shortfall problem. The SS trust fund is and always has been nothing more than a Greenspan-concocted fraud to hide the magnitude of Republican deficit spending.
December 18th, 2007 at 3:38 pmNo one has answered yet. We need $400,000+ per family to make SS work. Are you honestly saying the Dem controlled congress should demand that? I can’t believe anyone would agree to that. With that said, if no one wants to pony up that kind of cash the discussion is over and SS is dead.
December 18th, 2007 at 3:41 pmnot a bad thought #87 except your not honestly evaluating the cause if you just blame republicans! I don’t think I need to tell you that.
December 18th, 2007 at 3:41 pmI remember well that Bush said that his intention was to run the government as if it was a business… with him as CEO… problem is… he never was a successful businessman and now he is not a successful president. In fact, he is the
Worst. President. Ever.
Unfortunately for the American public, his poor leadership has not only left the Republican party in shambles, but the whole of the United States across the rest of the world. It is not only the GOP stock that is down, it is also America’s stock that is down.
We need a new President, a new direction and a fresh start.
December 18th, 2007 at 3:51 pm#88 R_R We need $400,000+ per family to make SS work.
Rubbish. Even with pessimistic economic projections, SS pays out 75% of promised benefits the day the trust fund runs out, and returns to pay-as-you go (as it was ALWAYS supposed to do) and - because of how benefits are indexed - that 75% in the 2040s is more generous after inflation than full benefits are today. What you have said is a lie, often repeated, but a lie.
December 18th, 2007 at 3:52 pm#89 All I know is that Congress spent less than what Reagan wanted on all but one of the budgets he submitted. And I know that the Republicans controlled the budget for 6 of Bush’s years, where he ran up the debt at twice the rate Reagan did.
The claim that Reupblicans are - in actual practice in governance - fiscally responsible has no factual or historical merit.
December 18th, 2007 at 3:55 pmThe SS trust fund is and always has been nothing more than a Greenspan-concocted fraud to hide the magnitude of Republican deficit spending.
I’d like to add that this fraud was perpetrated by drastically cutting taxes on the absolute richest, and raising taxes on everyone else. Like Reagan? Unless you’re the top 1%, he gave you the greatest tax increase in history. Still like him?
December 18th, 2007 at 3:58 pmDecember 18th, 2007 at 3:59 pm
This explains thoroughly how SS is killing this country. It even shows how Clinton year with a surplus was anything but:
http://usatoday.printthis.clickability.com/ pt/ cpt?action=cpt&title=USATODAY.com&expire=&urlID=22498576&fb=Y&url=http%3A%2F%2Fwww.usatoday.com%2Fprintedition%2Fnews%2F20070529%2F1a_lede29.art.htm&partnerID=1660
December 18th, 2007 at 4:55 pmComment#82 Conservative and Proud: I am rich Democrat (roughly the same income as yours). My effective federal tax rate was only 17.5% or roughly the same as that for the average tax payer in our bracket. It is amazing that your effective tax rate was 32.5%. I can only surmise that you are single, without any dependents, did not own a house, did not make contributions toward retirement and took absolutely no other deductions. I was an attorney prior to my retirement and would seriously suggest that you seek legal advice and financial planning.
December 18th, 2007 at 5:18 pmI’d like to add that this fraud was perpetrated by drastically cutting taxes on the absolute richest, and raising taxes on everyone else. Like Reagan? Unless you’re the top 1%, he gave you the greatest tax increase in history. Still like him?
Comment by PeterW — December 18, 2007 @ 3:58 pm
Ronnie Raygun also presided during the biggest market crash since Hoover. Black Monday October 19, 1987
We can thank his voodoo economics for that one.
December 18th, 2007 at 5:22 pmRoger: You are an idiot. Corporations do not pay immediately for future contingent liabilities. They accrue money for them on a regular basis. Any projected payment for a recurring cost over the next 75 years would seem overwhelming. You also need to project the stream of payments to meet that obligation. However, I only litigated accounting matters for most of my life. I am sure that you have a law degree, studied accounting and economics as I did. I am certain that you will provide your background to show that you are nothing more than an idiot.
December 18th, 2007 at 5:24 pmWe are writing on behalf of poor JMOHR. He owns a business and figured out the cost of his store front property for the next 75 years. It was so overwhelming that he realized all hope was lost and he then hung himself.
December 18th, 2007 at 5:34 pmPoor critters. We are so easy to deceive. They tell us no more tax increases like thye are doing us a favour. Meanwhile, the average worker pays tax on 54% of his income (federal, state, property, sales, excise, etc).
http://www.nowandfutures.com/taxes.html
What is left is subjected to the worst tax of all, the tax of inflation.
Imagine if for the last 10 years, inflation was really at 6% and not 3% as we have been told, yet you salary has only gone up 4% per year and you only earned 4% interest on you savings. Well, first, that 100,000 you had in the bank which is now 148,000 has lost 31,000 in value if you had just caught up with real inflation. And you 50,000 salary in 1997 is now 74,000, but it is 15,000 less than if you just kept up with inflation.
There are many ways they did it. Read the link below.
http://www.nowandfutures.com/cpi_lie.html
Social Security? Last I checked it had a trust fund of 2 trillion dollars. Meaning more money has been paid into it in taxes collected than has been given out. Of course, people just got a 2.3% COLA due to the fraudulent CPI. I am sure that offset the higher price of fuel oil.
Sub-prime crisis? Anyone wonder why a bank would give out a loan to someone who could not afford the house, and without any deposit?
Two reasons, one is not enough people qualified for conventional loans since their income was not keeping up with inflation. The other is that they need to make a profit, and if the housing bubble burst, the Fed would bail them out.
Where does the Fed get the money to bail them out? The created it. They simply accepted the junk mortgage securities as collateral for a loan, and then they made the money from nothing by just printing the amount on a balance sheet, and then gave it to the banks. For every 1 billion the banks got from the Fed, they can make 9 billion more loans to recover their losses.
Ever wonder about that mortgage interest? The banks tell you they need to charge interest because they pay out interest for deposits. Seems reasonable. Hardy har har.
Let me let you in on a little secret. First of all, our money is just debt. It has no value, but government says it is legal tender, so if you do not accept it as payment you go to jail, and so long as everyone accepts it who cares if it is not worth anything.
The money the banks loan you for your mortgage, or for your credit card expenditures is created at the time you sign the loan or at the time you completed the credit card transaction. How do they do that? We have what is called a fractionalized banking system, so if the banks have X amount of reserves such as deposits or loans, they are entitled to loan 9 times their value. They do not have the money or anything of value to back it up, but they do not need it, they create as soon as you agree to the loan.
So what is the interest for? Its for their profits. What a great business.
The interest is not to protect their valuable hard earned money from depreciating, since they did not earn it and it has no value.
Great book on this called “The Creature From Jekyll Island”
People say government funded health care is socialized medicine. Yet we have socialized bank insurance. If private citizens are required to buy health insurance as proposed by Dems, ask yourself why the banks are not required to get real bank insurance (dont tell me about FDIC it is also a fraud) in case their loans default. But the banks get sick, and it’s the Fed (should be congress) to the rescue. Of course, if the banks had to get insurance, they could not afford to give out sub-prime loans, the insurance would be too high. Thats why private health insurance companies do not give out insurance to people who have cancer, or who are fat, overweight, smoke 3 packs of cigarettes per day, and drink 2 six packs a day, it’s way to risky. Insurance companies would not insure sub-prime loans as well. They ain’t stupid.
The solution to the sub-primes was just have the banks issue a no interest loan to anyone who has a mortgage, payable at their convenience, or never. Use the funny money to pay back the funny debt. I mean, the money supply is so inflated anyways so the investment companies can trade in crap like SIVs, CDO’s, Hedge Funds, which add little of value to the economy, etc. but are good for Wall Streets Profits.
If our corporations need a loan to set up a factory in China, let them get it from the Chinese. Our bridges fall down, and the infrastructure is over 4 trillion in debt in todays dollars (what is needed to fix or replace it), so the funny money is not doing much here except to fund government spending. People say Socialism is bad, but 54% of our National Income (corporate and personal) is spent by the Federal Government.
There is one thing going on here, the taxes and inflation, are to create consumer debt, deflate wages and lower our standard of living in preparation for the One World Government so that all the Unions that make up the government have comparable standard of living. The bankruptcy of America is not an accident. Ron Paul knows, thats why he is running. Hope he does not end up like JFK, or his buddy Larry Mcdonald who blew the whistle on our aid and trade to the Soviet Union in 1983, but he has my vote.
December 19th, 2007 at 3:30 am