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Watch out! American government wants your money January 31, 2017

Posted by hslu in Congress, Debt and deficit, US Government.
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http://www.foxnews.com/opinion/2017/01/30/david-asman-your-social-security-checks-arent-safe-from-prying-hands-big-government.html

The big brother is doing everything they can to grab your money when you are most vulnerable and least prepared.

Social Security – Make sure you get what you are entitled to or else July 13, 2015

Posted by hslu in Debt and deficit, Economics, Taxes.
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The U. S. government is broke. The U.S. national debt is $18.3 trillion, about 105% of American’s GDP as of this moment on July 12, 2015. Economists have been saying that each American owes something like $57,000 the moment he or she is born but this figure is meaningless because only people with income is potentially subjected to federal income tax.

According to the latest IRS tax return data, 136.1 million taxpayers reported adjusted gross income of $9.04 trillion and paid $1.1 trillion in federal income taxes in 2012.  As a result, each tax payer owes $134,502 whether we like it or not.

So, will America become Greece someday? Will the national debt be paid off one day?

The answers are yes and no: America will be Greece some time in the future and the national debt will not be paid off; ever.

But, don’t tell this to the politicians because they are working on this very issue as we speak.

 

 

Are you kidding me? Where are they going to get the money from? Tax the rich again?

Well, they have better ideas: our social security benefits.

Yes, they are trying to work on social security benefit reform; better known as social security benefit cut.

Take a look of this:

Slide1Consider you’re forewarned here.

The bottom line is this: take what you are entitled to  and do it fast. It may take them a few years to get this into law but both Republicans and Democrats are working on it.

 

What is sad about this is American tax payers are doomed and they have no idea of what’s coming.

 

What the Liberals will do to win votes April 8, 2015

Posted by hslu in Congress, Debt and deficit, Election, Liberal Media, Obama, Politics.
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Americans in general do not save much of their take home pays. Some even put nothing into their 401(k)s because they have more important priorities in life.

They live to enjoy life first.

They buy 65″ flat TVs to watch Superbowl games in their basements home theaters. They book vacations for them and their families as if it is a required activity on a semi-annual or annual basis. They buy big and fancy cars to elevate their social status without considering that cars are depreciating assets. They rent instead of buying a house, a townhouse or condo because they don’t have down pay.

Retirement? Ha! Still too early to mess around with that.

And what the liberals will do to alleviate this bad behavior?

Instead of advocating a mandatory saving rate to their 401(k)s for the masses or promote the virtue of saving early for raining days, they tax others to reward instant gratification instead.

Tax and spend. Tax and spend. When will this end?

The answer is:

it will never end in the United States because without the tax money, the politicians, especially the liberals, can’t buy votes with the money we paid to the government. And without tax money they can’t get re-elected.

Are you; the ones who voted Democrats and Obama, ready to pay to your nose to support the seniors to live their lives? You did it to yourselves; remember?

The real objective of democracy is to keep the politicians in power so that they can serve their own interests instead of voters!

Greece, Spain, Portugal, Ireland, once Great Britain, Japan and now America. These are the victims of Democracy; the political system advocated by the biggest failure of its own medicine: The United States.

Just wait until the US dollar cease to be the reserve currency of the world.

Yeah! Expand the social security so that the seniors today can get paid more. I have no objection. Millions of seniors will like it.

The Gen X’s; The Y’s; The Millennials; The boomerang generation; The Peter Pan generationThe undocumented Latinos or whatever. Don’t save. The government will take care of you to your graves.

But remember this and remember this well: No matter what the terms will be, the debts or the consequence created by the debt, will be paid by you one day.

I will enjoy life while waiting for a fatter social security check in the mail.

bloomberg view on retirement.png

Do you trust government’s projection 10 years out? February 5, 2010

Posted by hslu in Economics, Health Insurance, Politics.
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According to Krugman’s Op-Ed piece on New York Times today, short-term federal budget deficits are no big deal because the government is the only machine that can create jobs now. He said that we shouldn’t worry about the budget deficit for the next few years or even the next decade.

He cited government’s recent budget proposal which suggests that interest payments on federal debt is projected to be only 3.5% of the GDP 10 years out. His comment is : How scary is that? He added that: it’s about the same as interest costs under the first President Bush.

My questions to Krugman is this:

  • How good is federal government’s projection on economics 10 years away?
  • Why did you take that projection as a fact instead of questioning its validity?
  • When was the last time any projection by the federal government, or for that matter, any economist with or without a Noble Prize, worth the paper it was printed on?

He did concede that the long-term picture of the U.S. federal budget deficits is dire. He added that even a fully recovered US economy will not balance the federal budget, ever.

His remedies: increase revenue, control costs and doing something about the health care costs.

In case you are not familiar with the coded words, let me explain what those remedies mean:

  • Increase revenue – increase personal and corporate income taxes, increase payroll taxes and maybe a value-added tax later on.
  • Control costs – Delay social security benefits for everyone.
  • Doing something about health care costs – reduced benefits on Medicare and Medicaid.

I guess tax reduction is out of the window because Krugman conveniently ignored to mention the fact that the new $3.8 trillion BHO budget includes almost $1 trillion new taxes.And even with that new taxes, the deficits in 2011 is still more than $1 trillion dollars.

WOW!

What about a smaller federal government?

Shall we ask for a across-the-board 10% salary cut for every federal employees retroactive to January 1, 2009? Many employees in the private sectors got 10% less in 2009?

Shall we ask for a across-the-board 5% head count reduction on every department of the federal government every year? After all, many private companies did so in 2009? We need to get rid of the dead woods in the federal government a long time ago.

If you don’t agree with me, just take a look of the US postal Office. Ask someone who still works there and see how they compare with FedEx or UPS even after recent re-organization.

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