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  • Lies, Damned Lies, and…the Undeniable Truth

    Most people are skeptical about statistics, claiming that mathematically-minded people just bend numbers to their will. But when it comes to long term budget projections, economists from the left, right, and center all agree we on an unsustainable course, and that the entitlements—Social Security, Medicare, and Medicaid—are the main driver of the problem.

    One more testimony to this fact was recently released by the chief accountant of the US Government, the Government Accountability Office (GAO). Like the Congressional Budget Office and the Social Security and Medicare Trustees, GAO finds that

    Our long-term simulations show that absent policy actions aimed at deficit reduction, the federal government faces unsustainable growth in debt…growth in spending on major entitlement programs will absorb the lion’s share of the government’s resources. Just ten years from now…76 cents of every dollar of federal revenue will be spent on retirees and their health care providers.

    This kind of consensus makes it impossible to claim that our long-term budget challenges are just a matter of “cooking the books,” and illustrates that something must be done to curtail entitlement spending if this problem is ever going to be resolved.

    Posted in Economics [slideshow_deploy]

    9 Responses to Lies, Damned Lies, and…the Undeniable Truth

    1. Barb -mn says:

      At every employment that offers a 401k, offers all employees a choice to participate. Those of us that chose to participate has had money taken out of our earned income to be better established at the time of our retirement. A responsible choice. We sacrifice and live with less. We were told that government wasn't allowed to TOUCH IT. Now, those of us that live with less per paycheck are going to be the providers of everyone else that didn't choose to participate.

      I believe another issue regarding all of ss and medicare and so on, is the magnitude of people that are not or were not obligated to pay in. But they'll be the first in line to get it. Our future is no longer, due to those that haven't taken on their rightful, personal, individual responsibilities.

    2. Cyrus, Florida says:

      To Barb MM, Democrats and Liberals are intending to touch our 401K and manipulate it to cause hardship on us. They intend to take our 401K and have Social Security Administration manage it. Isn't that an irony? They want to take aways the deductions we put into our 401K, roth-IRA and IRA.

      These measures will not help Social Security. It will only give the Democrats and Liberals the funds to operate their expansion programs.

      I do not expect this Democrat Congress to fix Social Security, Medicare, or Medicaid. They will raise taxes and cut benefits.

    3. Robert Chatham, Hous says:

      The ONLY Thing the DEMOCRATS and LIBERALS,can FIX is an ELECTION ! !

    4. kent/virginia says:

      Congress has proven time and time again that they are adept at getting re-elected, deficit spending, and partying with special interest groups–in other words, they are experts at spending other people's money. The people need to wake up and realize Congress is to blame for our spiraling National Debt–they pass the Nation's Annual Budget, they spend our tax money–not the President! I've been hearing how the President is to blame for our debt since Ronald Reagan was President! Never once has Congress passed a Presidential Budget. Congress spends our money. Congress has done nothing but talk about 'fixing' entitlements since Goldwater ran against LBJ!

      It's past time we send this Federal Ruling Class a clear message. Pass term limits for both Houses, we no longer want career Politicians. Shrink the Federal Government. Show fiscal restraint. This country needs more Zell Miller Democrats!

    5. Sharon/Missouri says:

      Iam so tired of Congress making the wrong decisions with out money. Should not be a bailout of any kind any more. They waste more money, money that is gone. Democrats, don't tell the truth going back to Freddie and Fannie. There should be some accountibility on these situations. The people that voted democrat need some, I will say, enlightment. Should not have been bailout, just throwing more of our money down the tubes.

    6. Mary Jane Texas says:

      Excuse me…I am disabled and I get both Medicare and Medicaid and I worked my ass of until I have arthritis and osteoporosis. I feel I have earned my retirement and know that the problem is in the medical system. I recently went to the doctor for what I thought to be kidney stones he took a urine sample and said no and sent me home. I later went back with a kidney infection at a level of 125. If the doctors would not send us back in forth so they could bill the system the way they do the money would go alot further. If you could make the money the doctors do per visit,

      would you use that to line your pockets? While the sick suffer so they can make more money. This article was rediculous!

    7. duelles says:

      I also fear the grab of 401k and IRA monies. I am retired early and can live on 3% of principle for a looonngg time. I realise that my Ira money [and yours] is the big available pool to draw from.

      43% of the work force is some level of government employee. When I was born, in 1948, the gov't workforce was about 23%. We are toast, due to congressional negligence. A family of 4 is working for more than 7 people. I quit!

      The greed throughout the system for freebies is mind boggling. Smaller gov't through some non violent revolution a best. . . . .

      My kids are toast!

    8. Barb -mn says:

      You're the major point, Mary Jane. You worked to get what is rightfully yours, now that you need it, it isn't without jumping through hoops, more out of pocket expense, etc. Others that have not paid in are given an application, all is free.

      If EVERYONE was held accountable to their own personal/parental medical expenses it would be easier to manage and less expensive.

      We would see integrity in the medical field and accountability. Integrity, accountability, as little as they may exist now, will not exist under national health care. I pray for you that your life will become easier and costs will come down.

    9. jason IL says:

      I was a liscensed insurance agent for 3 years. If you want to cut costs in health care crack down on what docters charge. I had poison ivy 2 years ago and the visit was $150 I new I had poison ivy. The receptionist could obviously look with her own eyes and tell what it was. Also there is to many lawsuits in this country. Fix the the legal system and malpractis insurance would come down in price. This won't happen under Obama because he is a lawyer. He and his friends make money suing everyone.

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