Bubble Bubba Isn’t Doing Fine Anymore

Let’s take a look at how the average consumer is doing. I’ll call this typical consumer “Bubba” because I just read an article that claimed “Bubba’s doing better today than at any time since before the Korean War.” It disgusted me because I found it to be such a disingenuous set of lies wrapped in half-truths, all contrived to pacify the trickle-down peasants as that philosophy continues to short-change the middle class with its fake promise.

First of all, who cares about how Bubba was doing before the Korean War? That’s going back an awful long time to find a day the present could beat. It’s before my days, and I’m a grampa now. If you have to look back that far to find a time when Bubba wasn’t doing as “well” as he is today, you’re chasing a false narrative because working-class Bubba wasn’t even alive back then. Those pre-Korean-war Bubbas retired long ago, and frankly they are much better off today in retirement than today’s working Bubba.

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Social Security Soon Will Slide Into Insolvency

By Robert Weisman – Re-Blogged From The Boston Globe

Some time next year, as the ranks of retirees swell, the Social Security system in the United States will pass an ominous tipping point and start the slide into insolvency.

For the first time in nearly four decades, the government program that provides retirement checks to older Americans will pay out more in benefits in 2020 than it takes in. That will force the program to dip into a rainy day fund that will be depleted in about 15 years.

And if the political dysfunction in Washington continues and lawmakers don’t fix the system, benefit cuts are in store for current and future retirees, most of whom haven’t socked away enough money in their personal retirement accounts.

Senator Bernie Sanders, Independent of Vermont, wants to expand Social Security, even as the program will pass an omnious tipping point.
Senator Bernie Sanders, Independent of Vermont, wants to expand Social Security, even as the program will pass an omnious tipping point.(Mark Wilson/Getty Images/File)

How US Government Debt May Impact Social Security

By Peter Reagan -Re-Blogged From Newsmax

Fiscal year 2018 wasn’t a good one for U.S. government net-worth. While that may hardly be surprising, it’s possible we’re reaching a “tipping point.”

From an official report released by the U.S. Treasury, Sovereign Man pulled out a few key highlights:

  • In fiscal year 2018, the government’s total net loss was $1.16 TRILLION.
  • … they spent over $4.5 trillion.
  • … nearly HALF went to Social Security and Medicare.
  • … spent a record $523 billion just on interest payments on the national debt!

 

How US Government Debt May Impact Social Security
(Pixelrobot/Dreamstime)

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Public Pensions Could Become Retirement Crisis for Everyone

By Peter Reagan – Re-Blogged From Newsmax

It’s become fairly common knowledge that public pensions are on the verge of either radical overhaul or extinction.

Worldwide, pensions are set to reach a shortfall of $400 trillion. This is a larger amount than 20 of the world’s largest economies, according to Sovereign Man.

It was even reported that Congress is planning for pension fund failure in the U.S. Not to mention, Philadelphia has considered tapping public utility payments to cover their shortfall.

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National Debt Is An ‘Economic Threat’ To The US

By Mac Slavo – Re-Blogged From Freedom Outpost

In an incredibly obvious statement, National Security Advisor John Bolton has declared the high level of national debt an “economic threat” to the United States. Unless you have been living under a rock for the past ten years, you know that statement is not only true but obvious.

Bolton claimed that the national debt is a big problem and tackling it requires significant cuts to the government’s discretionary spending, while most other economic experts say entitlement spending is the biggest concern. According to Bloomberg, Bolton was quoted as saying: “It is a fact that when your national debt gets to the level ours is, that it constitutes an economic threat to the society. And that kind of threat ultimately has a national security consequence for it.”

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Universal Basic Income For Everyone!

By Gary Christenson – Re-Blogged From Silver Phoenix

Several countries and cities studied and tested a universal basic income (UBI). At first glance it looks like giveaway nonsense:

  1. Who pays for the giveaways?
  2. Does the UBI discourage work and self-improvement?
  3. How much price inflation does it create?
  4. How much additional unpayable debt will be created by the UBI?
  5. The UBI should be how large? If $1,000 per month per person is good, is $10,000 per month better? Which bureaucrat defines the size of the benefit?
  6. Does it apply to everyone? Adults only? Means tested? Only those who voted and paid taxes? Only those in good standing with the “thought police?”

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States Rush to Rein In Prescription Costs, and Drug Companies Fight Back

By Robert Pear – Re-Blogged From NY Times

States around the country are clamping down on pharmaceutical companies, forcing them to disclose and justify price increases, but the drug manufacturers are fighting back, challenging the state laws as a violation of their constitutional rights.

Even more states are, for the first time, trying to regulate middlemen who play a crucial role by managing drug benefits for employers and insurers, while taking payments from drug companies in return for giving preferential treatment to their drugs.

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Twenty-four states have passed 37 bills this year to curb rising prescription drug costs, according to Trish Riley, the executive director of the National Academy for State Health Policy.CreditJulio

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