u2Kitty Forum Posts (974)

RE: How many of u here have not found true and lasting love? At what age do you just give up?

Ohh Bella - so nice for you!! Congrats!

US economy worse than Greece

Regarding the subject, I think we are all more or less in the same boat (at least the western countries) Because of the dependancy of the dollar. I`ve read somewhere that more countries are trying to switch to the euro which will be even more hazardous to the dollar.

Happygolucky: Not only in US it is hard to find a job - Spain has reached a level of unemplyment on 17%!! What is the percentage in US? Really sorry to hear about your granddaughter, but she`s young and she`ll find her way I`m sure!!

Davpk: My job is to help people find/apply for a job, and no there is not a job for anyone who wants to work. I can see that very clearly here, even for people looking outside their field.
Too many companies have closed down during the crisis - though our unemployment percentage only reaches 5,7%. It is very hard to keep up the hope and motivation for these people - many of them have had a job for 25 years or more.

Viva: I think your country faces a bright future - if the same economical mistakes could be avoided, it might be the beginning of thinking different economically. The previous "eternal growth" doesn`t seem to be eternal after all.

Conrad: Whats wrong with Obama? He inherited the debt didn`t he?
I can`t imagine he could have worked that fast unless he is SUPERMAN??

Strict: Dorood - I´think the train already has left the station - 1. Class, destination unknown. mesl polow toodori...

Rilly: No I am not a depressing ray - just concerned an interested in what`s going on in our world, about the future and trying to cast a light



I think we are facing deep changes in the western society. Something like: The material party is over.

Is that bad or good?



Kitty

US economy worse than Greece

How does the future look for US??

Can they afford their present politics??

US economy worse than Greece

Simple. We have 78 million baby boomers who, when fully retired, will collect benefits from Social Security, Medicare, and Medicaid that, on average, exceed per-capita GDP. The annual costs of these entitlements will total about $4 trillion in today’s dollars. Yes, our economy will be bigger in 20 years, but not big enough to handle this size load year after year.

This is what happens when you run a massive Ponzi scheme for six decades straight, taking ever larger resources from the young and giving them to the old while promising the young their eventual turn at passing the generational buck.

Herb Stein, chairman of the Council of Economic Advisers under U.S. President Richard Nixon, coined an oft-repeated phrase: “Something that can’t go on, will stop.” True enough. Uncle Sam’s Ponzi scheme will stop. But it will stop too late.

And it will stop in a very nasty manner. The first possibility is massive benefit cuts visited on the baby boomers in retirement. The second is astronomical tax increases that leave the young with little incentive to work and save. And the third is the government simply printing vast quantities of money to cover its bills.

Worse Than Greece

Most likely we will see a combination of all three responses with dramatic increases in poverty, tax, interest rates and consumer prices. This is an awful, downhill road to follow, but it’s the one we are on. And bond traders will kick us miles down our road once they wake up and realize the U.S. is in worse fiscal shape than Greece.

Some doctrinaire Keynesian economists would say any stimulus over the next few years won’t affect our ability to deal with deficits in the long run.

This is wrong as a simple matter of arithmetic. The fiscal gap is the government’s credit-card bill and each year’s 14 percent of GDP is the interest on that bill. If it doesn’t pay this year’s interest, it will be added to the balance.

Demand-siders say forgoing this year’s 14 percent fiscal tightening, and spending even more, will pay for itself, in present value, by expanding the economy and tax revenue.

My reaction? Get real, or go hang out with equally deluded supply-siders. Our country is broke and can no longer afford no- pain, all-gain “solutions.”

(Laurence J. Kotlikoff is a professor of economics at Boston University and author of “Jimmy Stewart Is Dead: Ending the World’s Ongoing Financial Plague with Limited Purpose Banking.” The opinions expressed are his own.)

US economy worse than Greece

U.S. Is Bankrupt and We Don't Even Know It: Laurence Kotlikoff

Let’s get real. The U.S. is bankrupt. Neither spending more nor taxing less will help the country pay its bills.

What it can and must do is radically simplify its tax, health-care, retirement and financial systems, each of which is a complete mess. But this is the good news. It means they can each be redesigned to achieve their legitimate purposes at much lower cost and, in the process, revitalize the economy.

Last month, the International Monetary Fund released its annual review of U.S. economic policy. Its summary contained these bland words about U.S. fiscal policy: “Directors welcomed the authorities’ commitment to fiscal stabilization, but noted that a larger than budgeted adjustment would be required to stabilize debt-to-GDP.”

But delve deeper, and you will find that the IMF has effectively pronounced the U.S. bankrupt. Section 6 of the July 2010 Selected Issues Paper says: “The U.S. fiscal gap associated with today’s federal fiscal policy is huge for plausible discount rates.” It adds that “closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 percent of U.S. GDP.”

The fiscal gap is the value today (the present value) of the difference between projected spending (including servicing official debt) and projected revenue in all future years.

Double Our Taxes

To put 14 percent of gross domestic product in perspective, current federal revenue totals 14.9 percent of GDP. So the IMF is saying that closing the U.S. fiscal gap, from the revenue side, requires, roughly speaking, an immediate and permanent doubling of our personal-income, corporate and federal taxes as well as the payroll levy set down in the Federal Insurance Contribution Act.

Such a tax hike would leave the U.S. running a surplus equal to 5 percent of GDP this year, rather than a 9 percent deficit. So the IMF is really saying the U.S. needs to run a huge surplus now and for many years to come to pay for the spending that is scheduled. It’s also saying the longer the country waits to make tough fiscal adjustments, the more painful they will be.

Is the IMF bonkers?

No. It has done its homework. So has the Congressional Budget Office whose Long-Term Budget Outlook, released in June, shows an even larger problem.

‘Unofficial’ Liabilities

Based on the CBO’s data, I calculate a fiscal gap of $202 trillion, which is more than 15 times the official debt. This gargantuan discrepancy between our “official” debt and our actual net indebtedness isn’t surprising. It reflects what economists call the labeling problem. Congress has been very careful over the years to label most of its liabilities “unofficial” to keep them off the books and far in the future.

For example, our Social Security FICA contributions are called taxes and our future Social Security benefits are called transfer payments. The government could equally well have labeled our contributions “loans” and called our future benefits “repayment of these loans less an old age tax,” with the old age tax making up for any difference between the benefits promised and principal plus interest on the contributions.

The fiscal gap isn’t affected by fiscal labeling. It’s the only theoretically correct measure of our long-run fiscal condition because it considers all spending, no matter how labeled, and incorporates long-term and short-term policy.

$4 Trillion Bill

How can the fiscal gap be so enormous?

Continued....

RE: did they have to kill them?

By the way.. Where`s Conrad?? Haven`t seen him around for a couple of days?? He would participate in this thread if online..

RE: Is it really possible?

Ouch.. Thats terrible - I hope you are not directly threatened..

berat dua mikonam

Kitty

RE: Is it really possible?

Hi Ali..

Reading the news I was wondering if you are under threat from the water masses Indus River?? They mentioned Sindh Region.

Hope that you are OK??

RE: The Official "Say something NICE about another country" thread.

Great Bod...

I`m off to the library tomorrow

RE: The Official "Say something NICE about another country" thread.

NOT wrong thread - don`t be confused

RE: The Official "Say something NICE about another country" thread.

Haha

I thought I was in another thread (EU even) - so sorry for the interruption

RE: The Official "Say something NICE about another country" thread.

Hey Bod...

Just when I saw your reply here a book struck my mind. If you like to read, I am sure you`ll lov it!!

Rory Stewart: "The places in between"..
The way he describes the people he meet - the situations - it is hilarious and enlightning at the same time. He actually walks through Afghanistan (with a dog) the book is a particular bit from a walk from Turkey to Pakistan..

I think he is a politician now??

He has later wrote a book (haven`t read it yet) where he takes a taxi from Jordan to Baghdad. Can`t wait to read that

A link to his homepage:



Please enjoy

And for nice countries:

All places with not touristic places...

RE: Join me in wishing jbibiza a speedy recovery

OOHHH JB

That is horrifying news... What a nightmare you have been through..

(I know a lady who experienced almost 50% 3 grade burns from a sauna, so I know a bit about what you are going through)

Luckily you survived and on your feet again - I do so hope that your life will be normalised soon

I send you my deepest warmest thoughts - be strong (you are) and embrace the gift of life JB.. (We all should do that every day!!)

Kitty

RE: The official "Bash the USA" thread.

Right on K

RE: The official "Bash the USA" thread.

One thing I have always tried to understand in the political threads are:

"Why is it always taken personal??"

I can only understand if the criticised countries are divided into dictatorships (Iran, former Iraq, Romania....)
Here the population can`t be blamed for the actions from the Government or??? Still some of those countries populations are prejudged....

Then if we speak of US - Israel - UK or DK - with democratical elected governments, and never with 100% votes - why take it personal if the Government is criticised?? If it was not allowed to criticise Government policies - this world would look much worse. Since it is necessary!!

If I read about my country I agree or disagree, but never take it as a personal insult Few days ago our foreign minister was blamed in UK papers - well She in fact deserved it !! I do not see it as bullying against Denmark.

I only get a chance to see things in a different perspective - a way to learn and evolve.

RE: The official "Bash the USA" thread.

So...

In this thread we are not allowed to be a voice for those who has "felt the love" from US?

Those without access to internet - traumatic disorders - or too physically war damaged...

Those whose countries are bombed back to stoneage..

Those who lost their children, because they happen to live in a country with natural ressources.. Or simply in the "wrong" place at the "wrong" time...

And what about those who lost their jobs during this financial crisis?? Which was caused by....? Please enlighten me here..


Those who do NOT have a choice....

If I was in a situation like the ones above - I wish someone would raise their voice for me...

RE: Allah bless America...President Steven Al-Malik..State of the Union....

Only the West gets mocked?? Poor innocent West....

RE: Allah bless America...President Steven Al-Malik..State of the Union....

One day you`ll realize that we have a lot of other threatening issues to deal with - islamophobia is just one of them.

Aren`t you supposed to go out with your "comrades" tonight?
To throw more fuel on the hatred bonfire.. Which will create even more extremists..

I think you should seek some other friends

RE: Well ladies, how do you get your kicks?

Hey Bod

You really have a thing for climbing ladies don`t you

It looks cool - especially because al she uses is her own body and the nature (except for the parachute - but thats the fastest way to get down) Ecology sport

Wanna`play???

A whale in "play" mode???

RE: When is the last time you were kissed?

Thanks Gaby - I could need one (but from a man though )

Over a year ago

Kitty

RE: Polly Wolly's Crazy Coffee Corner PART 10 ............

Haha So there WAS a male involved

And there are a lot more male CS members from US than Finland

RE: Polly Wolly's Crazy Coffee Corner PART 10 ............

RE: Polly Wolly's Crazy Coffee Corner PART 10 ............

YAY I knew it

Guess we`ll know more sooner or later..

RE: Polly Wolly's Crazy Coffee Corner PART 10 ............

Thats so cool Polly..

So.. There`s not a male person involved ???

RE: Polly Wolly's Crazy Coffee Corner PART 10 ............

REALLY

How great!! Would love to hear the story - where and why - but perhaps too long to tell??

RE: Polly Wolly's Crazy Coffee Corner PART 10 ............

Hi Nuliiii

Good to see you again

RE: Polly Wolly's Crazy Coffee Corner PART 10 ............

Sounds great!!! I guess it is holiday - so be safe and enjoy it!!

RE: Polly Wolly's Crazy Coffee Corner PART 10 ............

Good evening Polly

So curious... Where are You going??

RE: Polly Wolly's Crazy Coffee Corner PART 10 ............

salamiti strict