US In Worse Shape Than Greece

[AgeOfEnlightenmentSCP]

From the goofy right wing CNBC website...

www.cnbc.com/id/43378973

Economic collapse began in earnest a little over five weeks ago. Did you buy food yet?

Still think entitlements aren't broke?

Still fantasizing that we aren't headed towards bankruptcy?

When adding in all of the money owed to cover future liabilities in entitlement programs the US is actually in worse financial shape than Greece and other debt-laden European countries, Pimco's Bill Gross told CNBC Monday.

[marshabar1]

Too depressing, Paul. Read about Pawlenty's economic plan. Can't ever count Americans out as long as our energy is unshackled. No way Obama wants to do that, but maybe he will be forced.

[maui1]

we are not as bad as greece (right now), but we are a lot bigger, so our problem is a lot larger and way more difficult to fix, which it seems our politician's (dems or reps) have no heart to tackle.

if our politicians did not have the chance to make a life time living out of being a politician, the fear of loss of political office would go away, and our politicians would be making decisions based on what is good for the country instead of what is good for themselves.

TERM LIMITS!

[❤ mollymouser ❤]

CNBC is a "goofy right wing website?"

[marshabar1]

TERM LIMITS!

Amen to that.

[Deleted]

Jun 14, 2011 13:29:55 GMT -5 ❤ mollymouser ❤ said:

CNBC is a "goofy right wing website?"

Windy's oh so subtle right wing humour.

[cme1201]

Jun 14, 2011 13:29:55 GMT -5 ❤ mollymouser ❤ said:

CNBC is a "goofy right wing website?"

It's a way for PBP to say attack the story writer if you would like, just understand that it's not the normal "right" news source ie, fox wnd etc.

[Deleted]

When adding in all of the money owed to cover future liabilities in entitlement programs the US is actually in worse financial shape than Greece and other debt-laden European countries, Pimco's Bill Gross told CNBC Monday.

And yet we are trying to copy the way their governments do business & social programs. Maybe we should try to copy Mexico? Sure they have a lot of problems but they have found a way to deal with all the poor they have.

[billisonboard]

Jun 14, 2011 13:30:08 GMT -5 @marshabar1 said:

TERM LIMITS!

Amen to that.

Never quite understood the desire to strengthen special interest groups and legislative staffs while limiting the citizen's right to choose their representatives.

[NoMoreLunacy]

Guns and lots of ammo!!!!!!!!!!!!!!!!

[formerexpat]

Much of the public focus is on the nation's public debt, which is $14.3 trillion. But that doesn't include money guaranteed for Medicare, Medicaid and Social Security, which comes to close to $50 trillion, according to government figures.

The liabilities aren't guaranteed. There would be hell to pay when the boomers find out their ponzi scheme isn't going to pay out but these liabilities can be reduced by extending the age and increasing the percentage of SS taxed.

Also dodn't know where $50 trillion comes from - I see $114 trillion: www.usdebtclock.org/

Just like in 1983, there will be major changes to SS and Medicare this time will be included. The boomers won't be happy but soon, it won't matter to politicians since Gen Y will be the larger voting block [Gen X has a considerable interest in this as well]. Gen Y will not put up with higher taxes to fund these entitlements and the politicians know full well that we can't afford to over tax the producers to pay the non-producers in this country. In a global economy, your best and brightest will leave.

That's why these "guarantees" won't be paid.

Gross isn't being fully open and honest about a comparison to Greece, either. Greece has very little prospects for the future. The US will still be a strong country with increasing GDP over the next 10 years, estimated to be roughly 3% per annum.