Investor: Retirees Stealing from Kids

Friday, March 01, 2013

Stan Druckenmiller, one of the best-performing hedge fund managers of the past three decades, has a warning for the youth of America: Don't let your grandparents steal your money. Druckenmiller, 59, said the mushrooming costs of Social Security, Medicare and Medicaid, with unfunded liabilities as high as $211 trillion, pose a much greater danger than the country's $16 trillion of debt currently being debated in Congress. "While everybody is focusing on the here and now, there's a much, much bigger storm that's about to hit," he said. "I am not against seniors. What I am against is current seniors stealing from future seniors."

Posted by huguenot at 06:30 PM | 88 COMMENTS | permalink | Comment on This Entry |

Front Page
Breaking News
Comments
Flagged Comments
User Blogs
Write a Blog Entry
Create a Poll
Edit Account
Weekly Digest
Stats Page
RSS Feed
Back Page

Subscriptions

Read the Retort using RSS.

RSS Feed

Author Info

huguenot

Joined 2011/04/20
Visited 2013/05/19

Status: user

MORE STORIES

Colleges Soak Poor, Funnel Aid to Rich (43 comments) ...

TARP successes belong to Bush (39 comments) ...

Recession Over for Wealthiest Americans (30 comments) ...

Obama Defends Planned Parenthood (57 comments) ...

Success has many fathers, Obamacare becoming an orphan (21 comments) ...

Comments

Admin's note: Participants in this discussion must follow the site's moderation policy. Personal attacks, profanity, abusive conduct and expressions of prejudice are not allowed. If you have comments about site moderation, contact the site publisher in email.

It's obvious that Babyboomers (collectively) can't be relied upon to restrain themselves from stealing from their kids. It's a terrible lesson to learn for young people that the older generation has no regard for them or their future but instead is robbing from them and is licentious and selfish to the core. It's a terrible lesson but one that needs to be learned.

#1 | Posted by Huguenot at 2013-03-01 10:31 AM | Reply | Flag:

Tragic to see people expect a return on benefits they've paid into their whole lives. Don't they know they should just go quietly die somewhere? We've got a war machine to feed.

#2 | Posted by zeropointnrg at 2013-03-01 11:43 AM | Reply | Flag:

You know what's really tragic is that people believe the government promises. There isn't enough marginal cash in the entire world for the American government to borrow in order to keep the promises that it has made ($211 trillion). Promises are going to be broken no matter what.

Just like the housing market wasn't sustainable, the entitlement binge isn't sustainable either. And it will crash, and make the housing bubble look like a picnic.

And, if you would have read the article you would know that today's retirees are receiving about twice the benefit that their heretofore taxation would warrant.

#3 | Posted by Huguenot at 2013-03-01 12:04 PM | Reply | Flag:

Yeah kids, listen to this crook who wants to keep paying less percentage of taxes on his billions of income than you do on your wages. This liar is trying to shift the war from class war to generational war.

"And, if you would have read the article you would know that today's retirees are receiving about twice the benefit that their heretofore taxation would warrant."

Were that true there would not still be 2.5 trillion of surplus owed to SS by the federal government; borrowed so that rich liars like Druckenmiller could pay a maximum of 15% on capital gains for years.

#4 | Posted by danni at 2013-03-01 12:12 PM | Reply | Flag:

LOL
Do you know where the 2.5 trillion SS surplus is? It's a future tax that needs to be paid. The money is already spent and needs to be paid back with future taxes young people will be expected to pay.

I support a flat tax Danni.

#5 | Posted by Huguenot at 2013-03-01 12:16 PM | Reply | Flag:

Actually,
I don't support personal income taxes at all but as long as we have personal income taxes it should be a flat tax. Personal income taxes are merely a tool for wealth redistribution. Something greedy Babyboomers support.

#6 | Posted by Huguenot at 2013-03-01 12:22 PM | Reply | Flag:

Some of the elderly deserve to steal, but only those that didn't support any of these doofuses from either party that were voted in over the years.

#7 | Posted by matsop at 2013-03-01 12:22 PM | Reply | Flag:

They should steal from each other then. Not from their kids.

#8 | Posted by Huguenot at 2013-03-01 12:24 PM | Reply | Flag:

"I support a flat tax Danni."

I support a pregressive income tax just like Roosevelt, Eisenhower, Kennedy, Clinton, and Obama. Oh, also Reagan, both Bushs, Nixon, Ford, Johnson.

#9 | Posted by danni at 2013-03-01 12:38 PM | Reply | Flag:

"They should steal from each other then. Not from their kids."

The thefts were the Reagan and Bush tax cuts followed by borrowing from SS. Now they don't want to pay back SS. That's the only theft going on.

#10 | Posted by danni at 2013-03-01 12:39 PM | Reply | Flag:

I'm sure you do. Too bad you didn't support fiscal responsibility.

#11 | Posted by Huguenot at 2013-03-01 12:42 PM | Reply | Flag:

Danni,
You are talking about nickles and dimes. There isn't enough marginal cash in all of the world for the federal government to keep it's promises.

The GDP of the entire world is $61 trillion per year. In order for the federal government to keep it's promises they would need to confiscate 10% to 15% of the entire worlds output for the next 25 years. It's not going to happen. It's time to wake up are realize how badly and boldly you've been lied to by our American politicians.

#12 | Posted by Huguenot at 2013-03-01 12:46 PM | Reply | Flag:

A national sales tax instead of an income tax with a fixed exemption for food and an added luxury tax.

#13 | Posted by KBM at 2013-03-01 12:47 PM | Reply | Flag:

"There isn't enough marginal cash in all of the world for the federal government to keep it's promises."

Utter nonsense.

"A national sales tax instead of an income tax with a fixed exemption for food and an added luxury tax."

Yeah, make sure the wealthy can keep 99% of their income tax free.

#14 | Posted by danni at 2013-03-01 12:50 PM | Reply | Flag:

"What if a Sales Tax Were the Only Tax?"

www.nytimes.com

It would have to be 20 to 25 percent.

#15 | Posted by Corky at 2013-03-01 12:52 PM | Reply | Flag:

It's utter nonsense because you don't understand it. Even if fed govy confiscated ALL of the money and wealth from EVERY American and EVERY American company, farm, business, etc. they still couldn't keep their promises.

Entire wealth of US is $188 trillion.
Unfunded liabilities $211 trillion.

#16 | Posted by Huguenot at 2013-03-01 12:58 PM | Reply | Flag:

Corky,
The solution is to end the personal income tax AND end the transfer payments.

#17 | Posted by Huguenot at 2013-03-01 12:59 PM | Reply | Flag:

"The chances of this being a new bull market like 1982 aren't high because we're not attacking the crux of the problem, which is too much leverage and too much debt," he said. "I don't know the timing of when the markets will respond to this, but it will happen."

Duh.

#18 | Posted by matsop at 2013-03-01 01:03 PM | Reply | Flag:

Entire wealth of US is $188 trillion.
Unfunded liabilities $211 trillion.

#16 | Posted by Huguenot at 2013-03-01 12:58 PM | Reply

Then add our public debt and we're over $220 trillion----can anyone say "end of ballgame".

#19 | Posted by matsop at 2013-03-01 01:05 PM | Reply | Flag:

"Unfunded liabilities $211 trillion."

Over what a century?

#20 | Posted by danni at 2013-03-01 01:11 PM | Reply | Flag:

The "unfunded liabilities" scare tactics are nonsense. Empty talking points without real meaning.

"Exploding the Myth of a $13 Trillion National Debt with Hidden Unfunded Liabilities"

#21 | Posted by danni at 2013-03-01 01:17 PM | Reply | Flag:

Proof positive that there IS a "low information voter"!

#22 | Posted by paneocon at 2013-03-01 01:22 PM | Reply | Flag:

"Unfunded liabilities $211 trillion."

Over what a century?

#20 | Posted by danni at 2013-03-01 01:11 PM | Reply

Druckenmiller, 59, said the mushrooming costs of Social Security, Medicare and Medicaid, with unfunded liabilities as high as $211 trillion, will bankrupt the nation's youth and pose a much greater danger than the country's $16 trillion of debt currently being debated in Congress.

This century, Danni, this century---the next 20-30 years.

#23 | Posted by matsop at 2013-03-01 01:22 PM | Reply | Flag:

Congress uses worse than Enron accounting methods. They make promises to pay benefits in the future with no source of revenue and no plan to pay for them. Exactly the opposite from what they require from the private sector.

Shame on the government believers.

#24 | Posted by Huguenot at 2013-03-01 01:37 PM | Reply | Flag:

"Druckenmiller, 59, said the mushrooming costs of Social Security, Medicare and Medicaid, with unfunded liabilities as high as $211 trillion"

So cut his taxes quick! These guys are just trying to scare the middle class into submission. They want us to cut our SS and Medicare and give them tax cuts at the same time. They are greedy sociopaths.

#25 | Posted by danni at 2013-03-01 01:38 PM | Reply | Flag:

You guys seem to think that actuaries can't calculate future costs. It's accounting, they know how to do it. SS can pay 100% of benefits til about 2037 and 75% after that without increasing the amount of income subject to SS taxes. More likely scenario though, we will raise the amount of income subject to SS taxes significantly and fund the program for many decades.

#26 | Posted by danni at 2013-03-01 01:39 PM | Reply | Flag:

#25 | Posted by danni at 2013-03-01 01:38 PM | Reply

Just remember who this guy worked with, Danni---the devious George Soros who supports the lefty wing of the demonratic party. He learned well under ol George.

#27 | Posted by matsop at 2013-03-01 01:43 PM | Reply | Flag:

Stan Druckenmiller, one of the best-performing hedge fund managers of the past three decades, has a warning for the youth of America: Don't let your grandparents steal your money.

Posted by huguenot at 10:22 AM | 15 COMMENTS

What a pig this Druckermiller guy is -- some sleezebag hedge fund manager who probably made a fortune during the housing bubble offloading bum mortgage-backed securities for the banksters and now has all his ill-gotten millions hidden in some off-shore account.

Guess it's easier for scumbags like him to try and shift the blame over to honest hard-working folks getting ready to retire who've contributed to Social Security and Medicare their entire working lives when in reality it was financial gangsters like Druckenmiller -- and his political partners in crime -- who put us into this recession in the first place.

And as for the members of Generation Whine who will show up on here shortly to sob and complain about how the BabyBoomers are the reason so many of them can't get anywhere in life, I say -- shut-up, get out of the house for a change, and get a job (or two or three).

#28 | Posted by califchris at 2013-03-01 01:45 PM | Reply | Flag:

More likely scenario though, we will raise the amount of income subject to SS taxes significantly and fund the program for many decades.

#26 | Posted by danni at 2013-03-01 01:39 PM | Reply

What will most likely happen is a slow push back of the age of retirement for the screwed next generation.

#29 | Posted by matsop at 2013-03-01 01:45 PM | Reply | Flag:

This liar is trying to shift the war from class war to generational war.

Yeah! How dare he move away from the race wars, gender wars and class wars that the Liberals have been pushing for the last half century and focus on something else! The hubris!!

#30 | Posted by MUSTANG at 2013-03-01 01:51 PM | Reply | Flag:

Tragic to see people expect a return on benefits they've paid into their whole lives.

And it's not as if their money has been floating around in some magical place waiting for them to take it back.

This line of reasoning only kicks the can down the road if there are no concessions made to accommodate the reality of our current budgetary issues.

#31 | Posted by jpw at 2013-03-01 01:51 PM | Reply | Flag:

Stan Druckenmiller, one of the best-performing hedge fund managers of the past three decades, has a warning for the youth of America: Don't let your grandparents steal your money.

Posted by huguenot at 10:22 AM

"huguenot" must be an alternative username for CMPBL73 or RightisRight (aka...aka...aka...aka...)

#32 | Posted by CalifChris at 2013-03-01 01:53 PM | Reply | Flag:

This line of reasoning only kicks the can down the road if there are no concessions made to accommodate the reality of our current budgetary issues.

#31 | Posted by jpw at 2013-03-01 01:51 PM | Reply |

Bingo---you better tell nutcase that.

#33 | Posted by matsop at 2013-03-01 01:54 PM | Reply | Flag:

Chris,
The blame lies on the low information voters who believe big govy promises and keep the real scumbags in office.

#34 | Posted by Huguenot at 2013-03-01 01:55 PM | Reply | Flag:

There's got to be an element of greed in there though as well. Greedy low information voters.

#35 | Posted by Huguenot at 2013-03-01 01:57 PM | Reply | Flag:

We wouldn't have this immense budget shortfall if the Bush/Cheney Administration and their merry band of Neocons hadn't lied us into the Iraq war responsible for costing our country trillions $$$$ and from which it will take decades to recover. And all of you rightwingers -- some of the biggest complainers about money going to pay for Social Security/Medicare -- KNOW that's the honest truth.

#36 | Posted by CalifChris at 2013-03-01 01:59 PM | Reply | Flag:

#36 | POSTED BY CALIFCHRIS

You got any figures on that?

#37 | Posted by paneocon at 2013-03-01 02:00 PM | Reply | Flag:

And all of you rightwingers -- some of the biggest complainers about money going to pay for Social Security/Medicare -- KNOW that's the honest truth.

#36 | Posted by CalifChris at 2013-03-01 01:59 PMFlag: (Choose)
FunnyNewsworthyOffensiveAbusiv
e

I thought we solved this ages ago: Wars are fought with all those quarters we just happen to find in parking lots.

#38 | Posted by Zed at 2013-03-01 02:01 PM | Reply | Flag:

#36 | POSTED BY CALIFCHRIS

You got any figures on that?

#37 | Posted by paneocon at 2013-03-01 02:00 PM

New estimate of U.S. war costs - 4 trillion

And in the comments at the end of the article are more links to different articles also substantiating the costs. And considering Bush borrowed money from China to fund his war, I can only imagine what the cost was just in interest alone.

#39 | Posted by CalifChris at 2013-03-01 02:08 PM | Reply | Flag:

The thing is this, the Republicans wanted to fight the war on the credit card because they wanted to run up debt so that now they could act concerned about the debt and demand we cut SS, Medicare and Medicaid. It was their plan when they passed those big tax cuts. It's always their plan. Eventually they hope to privatize SS and then take all the money through fees like they did with 401Ks, another terrible deal for the middle class.

#40 | Posted by danni at 2013-03-01 02:23 PM | Reply | Flag:

You guys do realize that the assumption this number is based on is that all beneficiaries actually collect all dollars contributed plus some.

Do you really think that would happen?

People do die you know.

This is a pied piper piece.

#41 | Posted by Prolix247 at 2013-03-01 02:36 PM | Reply | Flag:

#39 | POSTED BY CALIFCHRIS

OK so we have that over the last decade. A little complicated as it doesn't address the 2001/2009 Bush years but for reasons of comparison lets say 3 trillion for Bush? As for borrowing from China that is somewhat of a misnomer. The difference between what out government brings in and what we spend (Deficit) becomes (debt) when we raise funds by selling Treasury securities to many sources including the Chinese.

These were paid for by wartime Supplemental.
en.wikipedia.org

This show that the deficit was down to 160 billion in 2007 and by the end of the Bush presidency had rising to 458.55 billion.

YEAR / GDP-US $ billion / Federal Deficit- fed $ billion
2001 10286.2 /-128.23a
2002 10642.3 /157.75 a
2003 11142.2 /377.59 a
2004 11853.3 /412.73 a
2005 12623.0 /318.35 a
2006 13377.2 /248.18 a
2007 14028.7 /160.71 a
2008 14369.1 /458.55 a
2009 13939.0 /1412.69a

Legend:
a - actual reported
b - budgeted estimate in US fy13 budget
www.usgovernmentspending.com

My point being is that the war was always being paid for and not specifically charged on some credit card of China.

#42 | Posted by paneocon at 2013-03-01 02:55 PM | Reply | Flag:

...My point being is that the war was always being paid for and not specifically charged on some credit card of China.

#42 | Posted by paneocon at 2013-03-01 02:55 PM

The Iraq war wasn't "always being paid for" -- the costs far outweighed any pretense of paying down the war expenses we incurred.

And any monetary figures you've shown above as a "budget estimate" are moot because every year all expenses needed to continue to wage Bush's war in Iraq were snuck in under the guise of "supplemental security measures" - expenditures which are NOT included in the yearly federal budget.

That was the sneaky way Bush and the Neocons kept the American public from seeing the outrageous cost of their war.

"On War Costs Bush is a Master of Disguise"
.

#43 | Posted by CalifChris at 2013-03-01 03:28 PM | Reply | Flag:

the costs far outweighed any pretense of paying down the war expenses we incurred.

This is still mostly true, thus our defecit. The only real difference now is the debt used to go to pay flesh and blood soldiers who used the money to support families and now the debt goes to the Military Industrial Complex profit centers for drone production. 60,000 drones ain't exactly cheap.

#44 | Posted by kanrei at 2013-03-01 03:35 PM | Reply | Flag:

#42

Bush was responsible for the 2009 budget---not Obama. At the end of the Bush budgets, the debt was 458.55 billion, and the repercussions from his idiocy presidency affect the economy to this day. His USSC appointments will be a sickness for America for generations.

#45 | Posted by Buffalo_Bob at 2013-03-01 03:43 PM | Reply | Flag:

Bush was responsible for the 2009 budget---not Obama
#45 | POSTED BY BUFFALO_BOB
Unless your Obama and then your not responsible at all?

No that's not how it works. en.wikipedia.org

inflation adjusted to 2005

Year Federal Deficit-fed $ billion 2005
2000 -266.50 a
2001 -141.46 a
2002 171.10 a
2003 401.12 a
2004 426.44 a
2005 318.35 a
2006 240.41 a
2007 151.29 a
2008 420.03 a
2009 1287.43 a
2010 1398.02 b
2011 1113.86 b
2012 828.45 b
2013 727.32 b

Legend:
a - actual reported
b - budgeted estimate in US fy11 budget
www.usgovernmentspending.com

#46 | Posted by paneocon at 2013-03-01 04:11 PM | Reply | Flag:

Chris you seem to be some what interested in the truth so I suggest you rely more on official government documents and not what some left wing or right wing writer is spewing.

H.R. 1559 (108th): Emergency Wartime Supplemental Appropriations Act, 2003

For additional expenses during the current fiscal year, not otherwise recoverable, and unrecovered prior years' costs, including interest thereon, under the Agricultural Trade Development and Assistance Act of 1954, $369,000,000, to remain available until expended, for commodities supplied in connection with dispositions abroad under title II of said Act:

For an additional amount for ‘Salaries and Expenses, United States Marshals Service' for necessary expenses, $8,000,000, to remain available until September 30, 2004.

For an additional amount for ‘Community Oriented Policing Services', $54,750,000, to remain available until December 31, 2003, shall be for the Community Oriented Policing Services, Interoperable Communications Technology Program, for grants to States and localities to improve communications within and among law enforcement agencies:

For an additional amount for ‘Supreme Court of the United States, Salaries and Expenses' for police enhancements, $1,535,000, to remain available until September 30, 2004.

(2) $300,000,000, to remain available until September 30, 2005, shall be made available only for grants for Egypt:

For necessary expenses for ‘Customs and Border Protection' related to conducting Operation Liberty Shield and for other purposes, $333,000,000, to remain available until expended: Provided,

For necessary expenses for ‘Immigration and Customs Enforcement' related to conducting Operation Liberty Shield and for other purposes, $170,000,000, to remain available until expended: Provided
www.govtrack.us

So Chris we see that first these operations are funded meaning that money has been transferred and we see that Emergency Wartime Supplementals have a lot of stuff that has nothing to do with war.

#47 | Posted by paneocon at 2013-03-01 04:23 PM | Reply | Flag:

Shame on the government believers.

#24 | Posted by Huguenot

Huggie, has the evil gummint given itself a huge bonus, filed Chapter 11, told their suppliers to stick it where the sun don't shine and told everybody else their pension money was spent on corporate jets yet? When it does, get back to us with those paeans to the private sector.

#48 | Posted by northguy3 at 2013-03-01 04:44 PM | Reply | Flag:

#48 | Posted by northguy3 at 2013-03-01 04:44 PM | Reply |

Not yet but don't hold your breath----so far, they'e confiscated your wealth through policies that are decreasing the value of your money, increasing inflation (more then reported) and decreasing your wages. Eventually when they default (and it will happen), it'll make the private sector look like saints.

#49 | Posted by matsop at 2013-03-01 04:57 PM | Reply | Flag:

told their suppliers to stick it where the sun don't shine

#48 | Posted by northguy3 at 2013-03-01 04:44 PM | Reply |

Oh, oh, how about GM and the bailout----and their suppliers didn't get stiffed and people didn't lose their jobs?----all because the big unions had to be taken care of.

#50 | Posted by matsop at 2013-03-01 04:59 PM | Reply | Flag:

told everybody else their pension money was spent on corporate jets yet?
#48 | POSTED BY NORTHGUY3

Ah, Yes. Social Security

as the evil gummint given itself a huge bonus
#48 | POSTED BY NORTHGUY3
usatoday30.usatoday.com

filed Chapter 11, told their suppliers to stick it where the sun don't shine
#48 | POSTED BY NORTHGUY3

Ask the GM Bond holders about that?
www.helium.com

#51 | Posted by paneocon at 2013-03-01 05:05 PM | Reply | Flag:

#50 | POSTED BY MATSOP

I say great minds but :-)

#52 | Posted by paneocon at 2013-03-01 05:05 PM | Reply | Flag:

I see that the article has been updated a couple of times since this morning. At first The AARP did not comment, then they issued a statement expressing their support for keeping SS 'strong' for future generations.

Also, some DR posters were ripping Drukenmiller personally because he manages a hedge fund. The article was updated to say that Drukenmiller opposes taxing carried interest at capital gains rates so that should help him garnish some standing with the liberals.

Retirees say that they have paid into a system their whole life and deserve to get their benefits. They may have paid into a system but that does not mean that they are entitled to anything. SS, Medicaid and Medicare are pay-as-you-go schemes. You do not build up any equity by paying into those schemes for any number of years. All the money that you paid in was spent by those who were receiving the benefit at that time. Basically, all retirees can point to is a social contract: I took care of the older generation when I was young - you need to take care of me.

I'll put forth that the social contract has been broken. For starters, when Boomers were paying into the SS scheme there were many more workers per retiree than today, and benefits were not as lavish as today. Boomers are asking younger people to take on much more of a burden for their retirement than what they carried supporting previous retirees.

Abortion also strikes against the social contract. Boomers fought to abort the inconvenient. I can't think of anything more inconvenient than a Babyboomer with a hand stretched out.

The social contract has been broken in a nationalistic sense too. The borders have not been protected, young people have to compete with cheap labor from the south for any blue collar jobs that haven't been shipped overseas. Babyboomers are not passing down the same country that they inherited, and it's not better!

#53 | Posted by Huguenot at 2013-03-01 08:17 PM | Reply | Flag:

.... Hey I Know...Let's Denounce the Victims!

**** So staunch Wall St_Man Stan Druckenmiller wants to B-L-A-M-E "the mushrooming costs of Social Security, Medicare and Medicaid" on America's Seniors...and NOT on the Gluttonous,Rapacious Corporations! As the Satan Battling Church Lady said "How Con-Veni-ent!

#54 | Posted by AntiCadillac at 2013-03-01 08:53 PM | Reply | Flag:

That isn't it at all it's more making beds and lying in them.

#55 | Posted by Huguenot at 2013-03-01 09:35 PM | Reply | Flag:

The funny part is how the left reacts to facts. Unfunded liabilities are a huge problem. There needs to be entitlement reform.

Hearing danni is priceless. Coming from a party that hasn't passes a budget in FOUR YEARS, any talk of budget compromise IS A JOKE. Compromise on making a plan? You jokers on the left can't even scrape 1% off of this years budget.

#56 | Posted by DavetheWave at 2013-03-02 08:05 AM | Reply | Flag:

BTW dufus, you can take all of that "1%" you love to refer to in anger (that's all you have, anger) and it won't fund BHO deficit.

What a loser of a President. Did you hear his talk on sequester?

#57 | Posted by DavetheWave at 2013-03-02 08:08 AM | Reply | Flag:

Soooo frustrated, sooooo few ideas, such a bind your clowns have gotten you tykes into. ¡Pobrecitos!

#58 | Posted by Doc_Sarvis at 2013-03-02 08:09 AM | Reply | Flag:

"Stan Druckenmiller, one of the best-performing hedge fund managers of the past three decades, has a warning for the youth of America: Don't let your grandparents steal your money."

He's talking about the so-called "Greatest Generation," right?

#59 | Posted by Doc_Sarvis at 2013-03-02 08:30 AM | Reply | Flag:

This show that the deficit was down to 160 billion in 2007 and by the end of the Bush presidency had rising to 458.55 billion.

Baloney. Bush never included the cost of the wars in his deficit projections.

Looking at the national debt increase from 2007 - 2008 shows an entirely different and this time true story...

12/29/2006 BUSH $8,680,224,380,086
12/28/2007 BUSH $9,229,172,659,218
12/31/2008 BUSH $10,699,804,864,612

www.skymachines.com

#60 | Posted by 726 at 2013-03-02 08:47 AM | Reply | Flag:

What a loser of a President.

Yep two time loser.

LOL!

#61 | Posted by 726 at 2013-03-02 08:49 AM | Reply | Flag:

Lets listen to the pot calling the kettle black. Finance, Insurance and Real Estate (FIRE) have captured most excess value from the productive sector of our economy and called it their own. This is accomplished through a corrupt political system which has created one set of rules for rich leaches and another for productive workers. We live in a society which is becoming more Medieval day by day. A legal, economic and social order of the worst kind. A society where human rights are not the birthright promised by our Constitution but derived strictly from wealth.

There is plenty of money for health care and Social Security. The money we spend on wars and political campaigns is a total waste of our precious resources. The richest members our society just do not want to pay their share and have developed a set of false postulates with which to wage their class war. They get disproportionate time in the mass media because they own it.

#62 | Posted by nutcase at 2013-03-02 09:49 AM | Reply | Flag:

Most of us old folks have worked and paid into social security and medicare all our lives. Then these republicans say we're stealing from grand kids.

It's not our fault their parents were to lazy to and didn't have abortions.

#63 | Posted by truthteller101 at 2013-03-02 11:09 AM | Reply | Flag:

#63 what garbage. The left refuses to save 1% off of this years spending, much less plan for multi years.

It's no secret ss is going to hit a wall. I remember hearing about this coming day of reckoning...in grade school in the 1960's. Where have you flat earth deficit spenders been, with your heads buried in sand??

#64 | Posted by DavetheWave at 2013-03-02 11:35 AM | Reply | Flag:

It's called actuarial accounting, ever heard of it Dr left? Care to discuss facts?

#65 | Posted by DavetheWave at 2013-03-02 11:36 AM | Reply | Flag:

What you heard talked about in the sixties we fixed in the 80's that why SS has a 2.5 trillion dollar surplus which was created to fund the Boomers' retirements.

#66 | Posted by danni at 2013-03-02 11:57 AM | Reply | Flag:

Means test SS and Medicare: but do it on the front end, not the back end i.e.

1) lift the cap completely on income when determining a person's SS and Medicare tax;
2) place a cap on the amount that SS would payout;
3) Medicare would use a Best Practices approach to determine what it would cover.

#67 | Posted by FedUpWithPols at 2013-03-02 12:06 PM | Reply | Flag:

1) lift the cap completely on income when determining a person's SS and Medicare tax;

Medicare already has no limit.

#68 | Posted by 726 at 2013-03-02 12:28 PM | Reply | Flag:

Oh no not another $1.5 billion to Israel,come on we're broke remember!

#69 | Posted by truthteller101 at 2013-03-02 12:58 PM | Reply | Flag:

#67

1. Has never earned income of any significance
2. Doesn't know this already exists
3. Already in the works. But suggesting Medicare start behaving like an insurance carrier....after whining about them.

#70 | Posted by eberly at 2013-03-02 12:58 PM | Reply | Flag:

Under the Affordable health care act "Obama care" insurance companies must pay out 80% of the money they take in. So it will be harder for insurance companies to deny payments to policy holders as they done in the past.

#71 | Posted by truthteller101 at 2013-03-02 01:41 PM | Reply | Flag:

"Social Security, Medicare and Medicaid, with unfunded liabilities"

They didn't swtart out that way but Wash DC screws everything up.

#72 | Posted by Sniper at 2013-03-02 02:01 PM | Reply | Flag:

The thefts were the Reagan and Bush tax cuts followed by borrowing from SS. Now they don't want to pay back SS. That's the only theft going on.

#10 | Posted by danni

Learn a little history dan. LBJ took it for his 'great society'. He made it a line item in the budget and it never went back to what it was.

#73 | Posted by Sniper at 2013-03-02 02:04 PM | Reply | Flag:

#69 Hahahaha.......

The left is so trite it's fing unbelievable.

Ben Bernake is giving 85 billion back to QE3 every month. Must be BHO sticking it to those fat cat banksters and standing up for the 99%?

#74 | Posted by DavetheWave at 2013-03-02 03:24 PM | Reply | Flag:

#71 Obamcare won't "bend down the cost curve" it will inflate it. And the left who refused compromise or input, will point fingers blaming escalating costs on R's. Take all credit for HC, share no responsibility!!!

You wrote the bill, saying "You can't drive". The D's own HC. All those people losing their HC and working hours can thank the D's.

#75 | Posted by DavetheWave at 2013-03-02 03:27 PM | Reply | Flag:

WRONG! Those of Druckenmiller's ilk and their unfettered greed and their innate ability to control our politicians to only their benefit, have stolen America from both the youth and seniors. But they are doing fine.

At the root of it all were our wars and an economy that was shipped to Asia, not because working Americans supported it. It was off-shored because Wall St and the hedge fund thieves and CEOs bought off our politicians to make the travesty of "free trade" happen. They also were behind the illegal (and otherwise) immigration that has changed the face of America in more ways than only jobs with minimum wages.

#76 | Posted by Robson at 2013-03-02 03:58 PM | Reply | Flag:

"Learn a little history dan. LBJ took it for his 'great society'."

Baloney, like Bush he took it for his war. His war made Bush's look small.

#77 | Posted by danni at 2013-03-02 04:08 PM | Reply | Flag:

Unfunded liabilities, it's actuarial planning the left refuses to discuss. Just look at #66. Not a single thought about tomorrow. Just living in the past, head stuck in JC behind, full of hate.

You predicted danni that obama was going to close out his first term as a fiscal hawk. WHAT HAPPENED? Why can't he pass a budget????

#78 | Posted by DavetheWave at 2013-03-02 05:21 PM | Reply | Flag:

Does davethewave not understand how $16 trillion was given to crooked bankers with a few computer keystrokes? What sort of "unfunded liability" does that entail? Why are some given free money and sacred contracts with others broken arbitrarily? Divine right maybe? The manufacture of free money is controlled by private Banking interests. It belongs to the people and an honest Government accountable to them. But that is not what is going on is it? Instead crooked bankers are stealing from everyone without ever adding a penny to the counries net worth.

#79 | Posted by nutcase at 2013-03-02 06:52 PM | Reply | Flag:

IF a PIG can retire after 12 years on the farse... and collect for 30 years.

Then its clear, retirees are stealing and politicians are helping them do it. Think you have a right to SSI? Entitlement? More like thief.

#80 | Posted by reitze at 2013-03-02 08:04 PM | Reply | Flag:

Yes I agree nut, which makes a joke of Dannis occupy wall street support doesn't it? Or of any Obama support, seeing how vocally she dumped on fat cat banksters. She is mute now about QE3 isn't she?

#81 | Posted by DavetheWave at 2013-03-02 08:16 PM | Reply | Flag:

TELL THEM TO GET JOBS IN THE MEDICAL INDUSTRY AND EARN THE MONEY BACK! #thatshowaneconomyworks #cycleofmoney.

#82 | Posted by TwoCents at 2013-03-03 12:50 AM | Reply | Flag:

playing one generation against another is just a shell game for the self-anointed "masters of the universe" on wall street.

#83 | Posted by Zarathustra at 2013-03-03 02:25 AM | Reply | Flag:

So danni all these comments, not one single suggestion for entitlement reform. You can't even pass a budget, much less look forward.

You are a low information debater without any ability to look beyond talking points du jour.

Where is the budget? BET YOU WON'T ANSWER.

#84 | Posted by DavetheWave at 2013-03-03 08:48 AM | Reply | Flag:

#79 Nut.......... You have never heard me stick up for QE3. That is the work of BHO tim geitner ben bernake etc....all Democrats. How and why would you throw that at me??

Something is seriously wrong if we need that still, 5 years after the melt down.

#85 | Posted by DavetheWave at 2013-03-03 08:51 AM | Reply | Flag:

Davey,

I get that, but the endless drivel laying everything at Obama's feet is a bit absurd. This is a planned bi-partisan demolition. As much as I hate BushII, at least his words and deeds coincided. Greenspan, Geithner and Bernanke are lifelong Rethuglicans. Geithner switched to Ihile under Obama's service. He is an incredibly bad apple. Rubin & Summers are even worse Demowussies. The bailout continues, as always as secretly as possible. No one has broken that secrecy except Bernie Sanders and he may have only exposed the tip of an iceberg. It was not a complete audit yet it exposed $16 trillion in shinanigans, all secret weekend transactions.

I'm glad you at least understand that, but don't understand why you have any ill will towards OWS. That movement clearly brought attention to the problem nationally as nothing else has.

There is no reason to increase the homeless population when there is so much waste in Defense and other Corporate welfare. Progressive taxation will not solve offshoring but it is still a step in the right direction instead of this starve the beast mentality. Cutting health care costs in half would help the country as well. I'm not so naive that I think Obamacare accomplished that. His words and deeds are miles apart.

Anyway I'm off to the ski slopes for the rest of the day.

#86 | Posted by nutcase at 2013-03-03 10:37 AM | Reply | Flag:

None of the righties read the article. Too funny.

#87 | Posted by BruceBanner at 2013-03-03 03:05 PM | Reply | Flag:

playing one generation against another is just a shell game for the self-anointed "masters of the universe" on wall street.

#83 | Posted by Zarathustra at 2013-03-03 02:25 AM |

They are experts at it with the MSM in their back pocket. Our society at large are experts at being the gullible victim of this too, thanks to an MSM that keeps them entertained but uninformed.

#88 | Posted by Robson at 2013-03-03 03:22 PM | Reply | Flag: