Spokane Attorney: US totally insolvent before next tax day...

[billstew]

According to this fella, the US will be totally insolvent and belly up before the next tax day.

To me this is no real surprise, as many would argue this filing is several years too late.

The links

• http://www.supremelaw.org/cc/fox2/insolvency.htm

• http://www.supremelaw.org/ref/whuscons/whuscons.htm

• http://www.supremelaw.org/decs/agenc...ey.general.htm

[FRED]

Re: Spokane Attorney: US totally insolvent before next tax day...

According to this fella, the US will be totally insolvent and belly up before the next tax day.

To me this is no real surprise, as many would argue this filing is several years too late.

The links

• http://www.supremelaw.org/cc/fox2/insolvency.htm

• http://www.supremelaw.org/ref/whuscons/whuscons.htm

• http://www.supremelaw.org/decs/agenc...ey.general.htm

April 2001 we forecast U.S. bankruptcy by August 2009:

[audrey_girl]

Re: Spokane Attorney: US totally insolvent before next tax day...

fyi:

http://www.pbs.org/nbr/site/onair/tr...budget-090325/

bankruptcy is coming early this year

yikes!
:eek:


GERSH: Last April, the Social Security surplus was projected to be $83 billion this year and almost $90 billion next year. Using figures from the president's budget and the Social Security actuary, NIGHTLY BUSINESS REPORT calculates this year's surplus is now likely to fall to $30 billion and $27 billion next year. But the Congressional Budget Office is more pessimistic. It expects the surplus will be $16 billion this year, but only $3 billion next year. Altogether, the recession has shaved more than $150 billion off the Social Security surplus over the next three years. Mark Warshawsky, a member of the Social Security advisory board, thinks the news could be even worse. He says the economy is now weaker than the program expected and it's likely benefits will exceed tax revenues this year for the first time in a quarter century.

MARK WARSHAWSKY, MEMBER, SOCIAL SECURITY ADVISORY BOARD: The margins are so small that even small changes in the economy, small changes in the way the program is operated could easily put it into a deficit situation.

GERSH: The Social Security actuary tells NIGHTLY BUSINESS REPORT that is unlikely, putting the odds of a cash deficit this year at well under 50 percent. But the outlook has clearly worsened. Last year, the program's trustees estimated Social Security would go cash flow negative in 2017. Blahous thinks that date will now change.

[cobben]

Re: Spokane Attorney: US totally insolvent before next tax day...

After the fall of the USSR, Russia solved it's pension & public employee wage problem by letting the ruble crash (after the elite were given a chance to save their assets of course), while keeping the same nominal wages & pensions. This was when university professors began growing their own potatoes & working in the bazaars to make ends meet.

I recall an art teacher who told me that her wage was not enough to support herself & her daughter on, so being resourceful she got herself a job as an artist in the red army (painting signs, but also murals, etc.), which still paid decent wages and had a lot of freebees attached like subventioned apartments, etc. But then the bloated army was finally forced to downsize and she lost that job. This was in the period ('98?) when one could see semi-starving people on the streets, with a sort of glazed expression one does not forget once having recognized it for what it is.

So, no problemo, the pension problem can be solved! :eek: