Bankruptcy

[cigdaze]

America bankrupt?...

I stumbled upon some very interesting reading here. Anyone ever hear of the Peter G. Peterson Foundation? Me neither.
http://www.pgpf.org/

Here's an excerpt from their latest report from Dec. 15:


America Will Soon Owe More Than Its Citizens Are Worth

Financial Statements Show Approximately $56.4 Trillion in Federal Obligations
Prior to Recent Bailouts, Market Declines, Compared to $56.5 Trillion in Household Net Worth

FOR IMMEDIATE RELEASE / DEC. 15, 2008
Contact: Elizabeth Wilner / Myra Sung
212-542-9200 / ewilner@pgpf.org

NEW YORK (Dec. 15, 2008) - The sum of America's liabilities and other financial commitments now exceeds the collective net worth of its citizens, the Peter G. Peterson Foundation has calculated using the latest official data. Growth in the government's unfunded promises for social insurance programs such as Medicare, combined with a drop in Americans' net worth due in part by lower home equity values, is causing this unprecedented milestone.

The Foundation's calculations are based primarily on the new consolidated federal financial statements as of September 30, 2008 which do not reflect the additional toll taken by more recent market declines, bailout packages, and record October and November deficits. The financial statements show approximately $56.4 trillion in debts, liabilities, and unfunded promises for Medicare and Social Security versus the Federal Reserve's estimate a total household net worth of $56.5 trillion, both as of September 30, 2008.

"Given more recent developments, it's clear that America now owes more than its citizens are worth," said Foundation President and CEO David M. Walker. "Passing this shocking milestone highlights the need for President-elect Obama and the next Congress not only to turn the economy around and boost consumer confidence, but to put a process in place that will lead to tough choices getting made to strengthen the government's financial condition once the economy begins growing again."

Since its launch in July 2008, the Peter G. Peterson Foundation has invested nearly $11 million in grants to raise awareness of, and seek solutions to the fiscal challenges posed by the rising costs of health care and retirement and near-zero household savings rate. Among the latest are grants to Emory University and the Institute of Medicine to examine health care costs and outcomes; grants to promote pubic awareness and discussion of growing obligations for Social Security and Medicare; and a grant to fund development of a set of key outcome-based indicators that will help the government and the public assess where we stand and how we compare to other industrialized nations on a range of economic and other issues.

---------------------------

From Today's Washington Post:


The government's spending commitments exploded by 25 percent in 2008, putting taxpayers more than $1 trillion in the hole even before the astronomical costs of the economic bailout were taken into account, according to an annual report released Monday by the White House.

[cigdaze]

Scary stuff...The numbers of those contributing is getting increasingly disproportionate with regards to those consuming. I feel this imbalance won't fix itself anytime soon, it will only be exacerbated by the growing number of retirees, and a diminished rate of 'quality' new-generation replacements - meaning every time I look around it would appear that the lowest-of-the-low are reproducing at alarming rates, while the most capable of folks seem to be withholding. (Just look at what you find while watching typical daytime TV).

[clayinaustin]

meaning every time I look around it would appear that the lowest-of-the-low are reproducing at alarming rates, while the most capable of folks seem to be withholding. (Just look at what you find while watching typical daytime TV).

I think they already made a movie about this.

Ever see Idiocracy (http://www.imdb.com/title/tt0387808/)? :eek:

Private Joe Bauers, the definition of "average American", is selected by the Pentagon to be the guinea pig for a top-secret hibernation program. Forgotten, he awakes 500 years in the future. He discovers a society so incredibly dumbed-down that he's easily the most intelligent person alive.

As the 21st century began, human evolution was at a turning point. Natural selection, the process by which the strongest, the smartest, the fastest, reproduced in greater numbers than the rest, a process which had once favored the noblest traits of man, now began to favor different traits. Most science fiction of the day predicted a future that was more civilized and more intelligent. But as time went on, things seemed to be heading in the opposite direction. A dumbing down. How did this happen? Evolution does not necessarily reward intelligence. With no natural predators to thin the herd, it began to simply reward those who reproduced the most, and left the intelligent to become an endangered species.

The years passed, mankind became stupider at a frightening rate. Some had high hopes the genetic engineering would correct this trend in evolution, but sadly the greatest minds and resources where focused on conquering hair loss and prolonging erections.

[cigdaze]

Yep, seen it. Sadly, it's not as fictitious as intended, but rather a foreshadowing of our social progression.
(It even went as far as predicting this year's election results :D )

[insanity]

Funny movie, but scary how real of a depiction it actually is.

From the creator of Beavis and Butthead no less iirc? :D

[Cash Bar]

Like my Dad always said, remember how stupid the AVERAGE American is, then realize that half of the people are more stupid than that.

[MarylandMark]

Like my Dad always said, remember how stupid the AVERAGE American is, then realize that half of the people are more stupid than that.

Amen. POTW