Sunday, January 11, 2009

IOUSA to the Boston Tea Party, Part 2

Just watched a program on CNN called IOUSA and a followup hour discussion. It was well done in that it wasnt the usual "Republican fault" - "Democrat fault" crap. If it shows up online or is rerun, WATCH IT....I will again because, honestly, the information so pissed me off, I am sure I missed some great info.

It explained what is going on - that its been going on a while - why its bad - what is coming and the followup was a discussion in how to fix it. It made the current financial problem understandable and also tended to scare the hell out of the watcher - AS IT SHOULD.

People should be scared. Rome fell for 3 reasons: 1 - they were over extended militarily 2 - moral decline and 3 - financial crisis....sound familiar?

The USA is DEAD LAST when you rank Trade Deficits. LAST....and last by TRILLIONS....

Japan owns most of our debt, China is second and "Oil Countries" - think Middle East - is 3rd.

The USA has the greatest trade deficit with China - like you needed anyone to tell you that... The reason that trade deficits are bad (as explained by Warren Buffet) is that eventually you send all your wealth someplace else without bringing any of someone else's wealth here... DUH....

If you add up all the "Promises" - SS, Medicare, things we have already spent and owe....we owe 53 TRILLION dollars - that looks like this :


There were several options to fix....but the consensus is that we are GROSSLY being taxed without being represented. That the President and the Congress for the last 200 years have SCREWED US TO THE WALL....

This "tax the rich" crap will fall by the wayside because the above problem is so huge, EVERYONE's tax rate will HAVE TO go up. You will have wait longer to get any Social Security from the Government. That means, FUND YOUR OWN RETIREMENT. Unless you want to work until you are 75.

There was an interesting comment by a lady who said that SS should be determined by your job. For instance, a construction worker will not be able to work as long and should get SS earlier and he will probably not live as long either in relation to a guy that just sits all day and uses his head/mouth - he can work longer without any physical probs. This was an interesting point as I had never thought of it before and tended to agree.

On a side / related note, last night we went to dinner with friends. A friend who knows I am "nuts" had 1 question: "So, what do you think is coming? Why do you prep?" Its technically 2 questions, but the same answer....

I told her - when other countries no longer buy our debt and our government continues to print money, you will have a drop in price of items to get people to buy (deflation) followed by a large increase in price of items because less items are being made and there is a TON of dollars in the system (inflation). I prep so that I will be able to ride through these, not unscathed, but not paranoid and scared. I then believe ultimately there will be tax revolts.

The same thing that started this country will put Her back on track. This time around we will be fighting Congress and the President. My prayer is that we will at least have some inside men - men like Ron Paul. We will also be fighting Islamic extremists. Do not think for a minute that the grace we have been shown these past 7 years will continue with the WEAK choices Obama has filled his Cabinet.

Our Country is teetering - you feel it - people who have their head in the sand feel it - The WORLD KNOWS IT - the "when" we will be hit again is coming soon.

However, the terrorists want it to be the final nail in the coffin - I think it will be the shot heard round the world..... We arent some prissy country that grew out of some kingdom. We are Americans. Our heritage is one that throws off oppression - rises to meet adversity and takes on difficult situations.

I wave my flag: "Come and Take It" - give it your best shot Congress, Mr. President, Cowards - Because when all is settled and done, we Americans will be here - we will be here Strong - we will be here Armed and we will be here Free.

Now, who wants Tea?


Anonymous said...

FUND YOUR OWN RETIREMENT. Unless you want to work until you are 75.

I couldnt agree more with you. As you posted yesterday on another blog, pay all your debts off quickly. I am in my 40s, my best year of earnings was a few years ago when I was deployment to Afghanistan in the tax free zone, made 60k. Young people want to much and dont want to work for it. I grew up on a farm when I was a kid. Make about 40k annually now. Own about 350 acres in New England, own a condo on the beach and am considering building a "hunting camp" (bug-out camp) on a 200 acre lot out in the middle of no where! I am debt free (owe nothing to no one).

As for retirement. I pay SS, but I know I will never see it. I did what everyone told me to do, put 15k a year into a 401k, 403b, IRA, IRA-Roth, SEP-IRA, etc. Well, lost 150k in the market in Sept/Oct 2008, although I am just down that, I actually still hold the paper. What I am buying now is (see rifles, ammo, silver and gold. I have 9 months worth of food, seeds, ammo, rifles, alot of textbooks, medical supplies and now I just need to build that "hunting camp" this year! When, not if, the SHTF I pray I will be ready.

Thanks for your blog. Your great!

Boomerator said...

Where do you get your $53 Trillion number from? National Debt Clock (at the time of this post) says $10.6 Trillion.

Your point is still the same for either number, but I am writing up a small analysis and would like to be able to cite my sources.

I drive my tractor in pearls... said...

Boom - the number came from the show and represents EVERYTHING that is expected to be paid out or repaid in the future - it represents ALL of Social Security, all the Medicare, and everything else that the Govt has promised but not funded. I bet you can find more information on the CNN website....

Send a link when you are done with your analysis!

Anon - I will be writing an artcile in regards to a bullet proof, "cheaper", you do it building project could be perfect for your hunt camp!

Boomerator said...

The short version of the video, direct from the IOUSA website.

Boomerator said...

I don't know if it is interesting to anyone else, but it helped me understand how big of a problem we have.