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Old July 19th, 2006, 02:56 AM   #1
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Default Attn. Liberals

Here is what your socialist utopia will get you.


Fed's researcher: 'Very high' taxes, inflation coming
Professor funded by Federal Reserve warns of tumultuous economy

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Posted: July 19, 2006
1:00 a.m. Eastern


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A professor whose new research funded by the Federal Reserve concluded the United States government will fail financially now is warning Americans they may be facing major increases in both taxes and inflation.


Prof. Laurence Kotlikoff

"There's a very good chance of very high taxes in the future, and good chance of very high inflation," Boston University Professor Laurence Kotlikoff told WorldNetDaily yesterday.

Last week, Kotlikoff's research report for the Federal Reserve Bank of St. Louis had talked about the government's potential bankruptcy, given the pension and Medicare payments that are expected to confront officials in coming years.

His estimate is the federal government is facing future pension, budget deficit and welfare liabilities of $65.9 trillion, about five times the U.S. GDP and almost twice the size of the nation's wealth.


He said history is littered with such national tragedies, with nearly two dozen examples in just the last century, where governments like the United States have outspent their ability to repay. His report said solutions could include doubling personal and corporate income taxes or slashing Social Security and Medicare benefits by two-thirds.

But given "the fiscal irresponsibility of both political parties," the professor sees the most likely scenario for maintaining solvency as the government simply printing money to pay its bills.

The prospect of such drastic measures led one of the nation's leaders in the fight for restraint in federal spending to conclude retirees-to-be could be on their own.

"Learn about ways to accept responsibility," a spokesman for Rep. Ron Paul, R-Texas, told WorldNetDaily. "Unless and until you have that mindset, you're dealing with an illusion of the government providing security in the future."

Jeff Deist, Paul's press secretary, says relying on the warm fuzzies of Social Security for your future "will get you nowhere."

"Learn history and that it can happen," he said, citing several recent hyperinflationary situations in which the old adage of a wheelbarrow of money being needed for a loaf of bread wasn't far off. In Argentina a few years back currency ended up with 20 percent of its original purchasing value, and Mexico also suffered during its peso crisis.

Kotlikoff says the answers to the problem cannot be set in stone. "Regular bonds, when inflation takes off and interest rates take off, their value will go down tically." Real estate investments are good during periods of inflation, but more hazardous if those rising prices don't happen as expected. He said it might be more advantageous to put money into a Roth 401K, rather than traditional 401K, to pay the taxes now because future income could face much higher tax rates.

"There are a lot of scenarios, but at some point, these liabilities are going to hit everybody: We're spending something like over $30,000 per person per year for Social Security and Medicare. Multiply that by 77 million baby boomers. That's a big number," Kotlikoff said.

The results of governments consistently spending more money than they take in are evident throughout history, he said. What happens is this: The government cannot pay bills so it borrows more money. As more and more debt accumulates, the bond market gets nervous. Then interest rates go up. Then the interest rates have to be pushed lower to keep the economy functioning and the government prints money and buys bonds, leaving the currency with less value. And repeat.

Paul, whose record in Washington includes unabated efforts to limit government and lower taxes not to mention a September 2002 call for the total abolition of the Federal Reserve continues to advocate for a smaller government, and a smaller bill to run government.

His spokesman, Deist, noted that the simple solution is to stop spending money.

"We could cut the federal spending in half, and still be larger than in 1990," he said. This year's federal budget is approaching $2.7 trillion.

"Does anyone really believe that in 1990 government was uncomfortably small and emaciated? That's perous," Deist said.

His reaction to the report from Kotlikoff initially was surprise.

"Occasionally, somebody associated with the Federal Reserve Bank slips up and says something relatively truthful," he said. "It's shocking not in what it said, but that it was written at all."

He said Kotlikoff's work exposes the myth of the $9 trillion national debt. "Those are specific payments on the book. The Medicare and Social Security leviathan that's just sitting out there never had been documented in terms of debt. But it's a future obligation every bit as much as the debts that are officially listed."

He said Paul believes the consumer first should have the mindset of self-reliance.

"They may well be on their own when it comes to their retirement years from now," he said, adding the congressman does not advocate eliminating Social Security benefits, but maintains there has to come a day of balance.

Microsoft chief Bill Gates "will receive the maximum benefit from Social Security (at his retirement)," Deist noted. "Social Security never was designed to become what it has become a political juggernaut, an absolute sacred cow."

Federal Reserve officials did not return requests for comment for this story
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Old July 19th, 2006, 02:58 AM   #2
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it's 3 a.m. i can't read all that, i'll just agree with you.
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Old July 19th, 2006, 09:19 AM   #3
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Stan, why do you hate socialism?
I want you to offer up one example where socialism has failed.

Sincerely,
The guy in Russia still waiting for my loaf of bread from 1992
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Old July 19th, 2006, 09:23 AM   #4
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Stan, why do you hate socialism?
I want you to offer up one example where socialism has failed.

Sincerely,
Karl Marx
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Old July 19th, 2006, 09:52 AM   #5
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That war in Iraq sure isn't helping the budget deficit which I would imagine is way more then what we spend on welfare per day.

Does anyone know what we actually spend per day on welfare?
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Old July 19th, 2006, 10:24 AM   #6
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Quote:
Originally Posted by cmujeeper
Does anyone know what we actually spend per day on welfare?
Too much!

No one gives me money for nothing. In fact, I work about 70 hours/week to get paid a 40 hour/week salary.

If we cut off welfare, maybe we could pay soldiers a wage that is acceptable.
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Old July 19th, 2006, 10:56 AM   #7
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Quote:
Originally Posted by cmujeeper
That war in Iraq sure isn't helping the budget deficit which I would imagine is way more then what we spend on welfare per day.

Does anyone know what we actually spend per day on welfare?
I've got an idea bring the military home and let them shoot everyone on welfare. We'd have money to burn then:tonka:
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Old July 19th, 2006, 11:02 AM   #8
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We wouldn't need to worry of how to get stuff done if we required those that are on welfare to do civil service.
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Old July 19th, 2006, 11:14 AM   #9
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What I got from this article was that we're way over-spending and there will not be any social security when I retire.

Forgive my ignorance, but what does this have to do with liberals? (Honestly :tonka: )
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Old July 19th, 2006, 01:01 PM   #10
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Quote:
Originally Posted by deuce228
We wouldn't need to worry of how to get stuff done if we required those that are on welfare to do civil service.
I agree.. make them work for their money. We have a ton of people doiing jobs that could be done by someone on welfare. The liberals would probably call it slavery, so then we could just not pay them any money and they can return to their non working ways.
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Old July 19th, 2006, 01:10 PM   #11
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Quote:
Originally Posted by ScOoTeR
What I got from this article was that we're way over-spending and there will not be any social security when I retire.

Forgive my ignorance, but what does this have to do with liberals? (Honestly :tonka: )
Kind of what I was thinking...but I'm a little dense.
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Old July 19th, 2006, 01:17 PM   #12
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Originally Posted by kerryann
I agree.. make them work for their money. We have a ton of people doiing jobs that could be done by someone on welfare. The liberals would probably call it slavery, so then we could just not pay them any money and they can return to their non working ways.
Then what would these people do?

We ran into this same problem with the prisons. Give the cons a job making furniture, next thing you know they are competing with legit furniture makers. Make them clean up the highways and cut the grass you are taking work away from the state workers that do that job.

Whose going to take care of all the dependant kids?

Don't get me wrong...I'm all for it. Just shoot the libs.
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Old July 19th, 2006, 01:20 PM   #13
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Quote:
Originally Posted by purplejeep
Then what would these people do?

We ran into this same problem with the prisons. Give the cons a job making furniture, next thing you know they are competing with legit furniture makers. Make them clean up the highways and cut the grass you are taking work away from the state workers that do that job.

Whose going to take care of all the dependant kids?

Don't get me wrong...I'm all for it. Just shoot the libs.
I dont think most of the welfare people will do the jobs they are assigned to. I think most of them dont work because they don't want to.
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Old July 19th, 2006, 01:24 PM   #14
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Originally Posted by kerryann
I dont think most of the welfare people will do the jobs they are assigned to. I think most of them dont work because they don't want to.
Or they just don't realize that's what they are supposed to do. A lot of them are 2nd and 3rd generation. That's all they know. For the women it's turn 18 start having kids and let the goment money come in. The more ya f*ck the more ya make.
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Old July 19th, 2006, 01:33 PM   #15
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Quote:
Originally Posted by cmujeeper
That war in Iraq sure isn't helping the budget deficit which I would imagine is way more then what we spend on welfare per day.
Did you read that article, or did you just cut and paste your response from the UAW/Liberal hippie handbook?

65 TRILLION dollars. The war is a fucking drop in the bucket compared to 65 TRILLION dollars. The money spent on the "war" is like pissing in the fucking ocean.
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Old July 19th, 2006, 01:36 PM   #16
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Quote:
Originally Posted by kerryann
I agree.. make them work for their money. We have a ton of people doiing jobs that could be done by someone on welfare. The liberals would probably call it slavery, so then we could just not pay them any money and they can return to their non working ways.
Um,,, you are talking negatively about 'liberals' and yet you are advocating the government to return to Franklin Roosevelt style govt?

I really love the confused people on this board..

The conservative thing to do, is not give a shit at all and give no help to the poor.


Works for me, I don't need to worry about college funds or retirement. I'm rich, biyotch!
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Old July 19th, 2006, 01:40 PM   #17
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Originally Posted by Haggar
Um,,, you are talking negatively about 'liberals' and yet you are advocating the government to return to Franklin Roosevelt style govt?

I really love the confused people on this board..

The conservative thing to do, is not give a shit at all and give no help to the poor.


Works for me, I don't need to worry about college funds or retirement. I'm rich, biyotch!
First of all, I am not confused. Second of all, don't confuse me for a liberal. I advocate giving people nothing, which is what I was saying. Therefore, you are confused Third of all, I am tired of seeing you post in every thread today about how rich you are. Dont think it's because I am poor or jealous, because I am neither. Dumb ass
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Old July 19th, 2006, 01:47 PM   #18
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If you're so rich pay somebody to cut those trees down.

Maybe hire somebody on welfare.

Last edited by purplejeep; July 19th, 2006 at 01:52 PM.
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Old July 19th, 2006, 01:49 PM   #19
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:tonka:

I'm really broke
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Old July 19th, 2006, 02:28 PM   #20
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Quote:
Originally Posted by ScOoTeR
What I got from this article was that we're way over-spending and there will not be any social security when I retire.

Forgive my ignorance, but what does this have to do with liberals? (Honestly :tonka: )


I guess my point was simply what social programs do to an economy.
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