‘If You Really Want To Understand How Much Trouble We’re In, Give Me A Few Minutes Of Your Time’ says Rep. David Schweikert (R-AZ).
Ten Key Quotes
- If You Really Want To Understand How Much Trouble We’re In, Give Me A Few Minutes Of Your Time.
- Your government is just an insurance company with an army
- In the next 30 years, 100 percent of the deficit is Medicare and Social Security.
- The shortfall in Medicare is about 75% of all of our borrowing.
- In ten years, unless we fix Social Security, you are going to double the poverty of senior citizens.
- These are the things we are here to fix instead of the trite crap we come behind these microphones and talk about.
- Medicare for all is a financing bill. None of those health care bills change what we pay. They just move around who pays.
- Until the conversation changes about “what we pay” you can’t save us.
- Is this body ready to tell the truth about the math? Because the math will always win.
- We’re not telling the truth about the fragility of interest rates. Every dime is covering interest.
What Is Causing the Budget Deficit?
Interest on Debt
It’s a sobering video. Please give it a look.
Regarding point five, “In ten years, unless we fix Social Security, you are going to double the poverty of senior citizens,” expect massive tax increases or far more free money proposals that will drive up inflation rather than reduced payments.
What About Climate Change?
David Schweikert’s rant did not even cover the climate change debate.
Biden, AOC, Warren and others want to spend tens of trillions of dollars on climate change boondoggles.
Who’s supposed to pay for that? Taxing the wealthy won’t even begin to cover what Democrats have in mind.
Money, Money, Money, Money, Money, Money, Money
John Kerry Says We Need “Money, Money, Money, Money” to Combat 1.5 Degrees of Climate Change.
“The state of the union is coming up. The president’s got to, and you know I think will, because he believes this, we gotta move this. Because that’s the only way we can keep 1.5 degrees alive.”
“So how do we get there? The lesson I’ve learned in last years, and I’ve learned it as secretary and leaned it since reinforced in spades, is money. money, money, money, money, money, money.”
Inflation Madness
For discussion of inflation, please see
- How Long Will High Inflation Persist? What Happened to the Great Moderation?
- Also see my follow-up post “America First”, Biden and Trump Both Guilty of Sponsoring Inflation
View From Wonderland
I also cover inflation in Alice Debates the Mad Hatter and the Red Queen on Timing the Recession
This post originated at MishTalk.Com
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Mish
Let that sink in.
link to investopedia.com.
We saw how well that went over in France! Americans are a little more timid however. SS intent was to give you some money for your last 5 years of life. People are taking SS into the 90s! The ponzi model broke down. They are retired longer than they worked sometimes.
Ahh remember those tax cuts the bean counters said will lose billions over the next ten years.
Couple of un funded wars.
Space junk can and will put a ceiling on what Starlink and SpaceX can do.It’s a major problem with no known solution and getting worse each year. This will absolutely cause major problems going forward and the cascade of debris is not far off, unless a solution is found.
I expect this won’t be solved and the only place where satellites will go eventually will be into a decaying orbit, like Starlink and will need to be replaced every so often. Gravity will ensure that the lowest portions of satellite orbits remain clear for future satellites. Eventually, all the higher spots will be non-useable due to junk. No one is going to volunteer to bankrupt their company or government to clean it up if there is another solution.
link to img.ifunny.co
Politicians want to get elected and anyone who says “let’s reform SS” will not get elected. That’s baked in. Therefore, people will keep voting themselves free stuff (Republican and Democrat) until it’s insolvent and then and only then will reform happen. That’s going to be an absolute mess, probably worse than Lehman in terms of long term affects on the US economy.
Taxes will absolutely go up. I expect small reforms to happen on the welfare side as a concession, but it won’t be much.Inflation will be the major problem of the next 20 years. It’s gonna keep rearing its ugly head.
My investment advice is to absolutely buy everything you can that’s inflation protected. I personally love Barrick Gold, Petrobas (considered risky, but it’s got a PE of just 2, with massive earnings growth ahead) and Canadian energy stocks. I also own real estate that in income generating. I hope to come out fine in 20 years when I’m ready to retire.