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Old 03-03-2013, 02:13 PM   #1
bimmerfan08
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Interesting...'US hides real debt, in worse shape than Greece' .

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Old 03-03-2013, 02:21 PM   #2
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Was there really ever any doubt? US politicians are like toddlers.

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Old 03-03-2013, 02:24 PM   #3
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Old 03-03-2013, 02:48 PM   #4
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That's
He's including future debt.
Social Security is in the black right now. It's estimated to go in the red soon, but not yet.
Greece is already in the red.

It's like I looking at my retirement and possible health care needs for the rest of my life expectancy... say it amounts to 2 million.
If I don't have $2M right now I'm broke?
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Old 03-03-2013, 02:59 PM   #5
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That's
We know.






Edit: Most of us know. Some of us want the US to fail, so we'll manufacture BS stories to advance our agenda, and some of us will believe that BS because it resonates with our agenda.
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Old 03-03-2013, 03:07 PM   #6
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That's
He's including future debt.
Social Security is in the black right now. It's estimated to go in the red soon, but not yet.
Greece is already in the red.

It's like I looking at my retirement and possible health care needs for the rest of my life expectancy... say it amounts to 2 million.
If I don't have $2M right now I'm broke?
I look at it like this.

You buy a house. You take out a motgage for 30 years. For 30 years and every month within those 30 years, you are expected to make a payment. You don't have all the money up front. Are you broke? No. Are you in debt? Yes.

The government is expected to pay all those that pay into SS. Do they have all of the money up front to pay those that are paying into it right now if they had to? No. Are they in debt to those that are promised to receive disbursements? Yes.

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Old 03-03-2013, 03:35 PM   #7
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I look at it like this.

You buy a house. You take out a motgage for 30 years. For 30 years and every month within those 30 years, you are expected to make a payment. You don't have all the money up front. Are you broke? No. Are you in debt? Yes.

The government is expected to pay all those that pay into SS. Do they have all of the money up front to pay those that are paying into it right now if they had to? No. Are they in debt to those that are promised to receive disbursements? Yes.

That doesn't mean worse than Greece.

I may be in debt because I signed a paper that says I owe X amount for 30 years.
But I also have a house that I can sell and pay that debt.
As long as my net worth isn't negative, I'm not broke.
Greece is broke.

I can understand you not seeing the difference, but coming from a professor of economics... he can't be that stupid, so the logical conclusion is that he has an agenda.
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Old 03-03-2013, 04:08 PM   #8
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Was there really ever any doubt? US politicians are like toddlers.
Politics is the Hollywood for ugly people
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Old 03-03-2013, 05:36 PM   #9
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Actually, the Federal government doesn't have to pay a damn thing. Social Security is not a guarantee as defined by Federal law. Distributions can be cut at any time. My prediction? We're gonna devalue Social Security through adjustments in its COL increase formulas.

Edit:

And let's get one thing straight. The US isn't anywhere close to Greece. Our economy is vastly larger. We make things that people want and are willing to pay for (ouzo and olives and sparkly beaches can only make so much money). And our debt load is much more manageable. Hyperbole makes for a great headline, but it's no substitute for reality. People who buy into the hype will either get sucker punched or worn down by the relentless grind of reality.
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