"The first thing we do, let’s kill all the ECONOMISTS."
Social inSecurity Is Now $60 TRILLION Upside Down And The Rest of The Federal Ponzi Scheme Is Over $200 Trillion Upside Down. We'll Either End IT or IT Will End Us
"The first thing we do, let’s kill all the
lawyersECONOMISTS." - Shakespeare
I have been meaning to write on the subject of the Debt Star and it’s planet destroying potential for quite a while and was waiting for a time when ‘Muricans were talking about the subject.
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With eggs at near $10 a dozen and the Demoncrats telling grandma that Kevin McCarthy’s gonna take her out for a stroll so he can push her off a cliff, the time has come.
Let’s start with a passage from a 2021 report in The Hill Newspaper from BC’s professor Laurence Kotlikoff and The Goodman Institute’s John Goodman.
The Social Security Trustees just released their annual report on the system’s finances. The news is awful. Most people know that the system’s future benefit promises are greater than its future payroll tax (FICA) revenues. But how big is the difference — its fiscal gap, also called its unfunded liability?
The answer – a terrifying $59.8 trillion – is buried deep in Appendix table VIF1. That’s over 2.5 times the size of the U.S. economy. Even more disturbing is the change since last year’s report. The system’s debt grew by $6.8 trillion. In other words, Social Security ran a deficit equal to 30 percent of GDP. This is more than twice last year’s $3.1 trillion official deficit. But unlike the change in official debt, Social Security’s deficits are carefully kept off the books — for political, not economic reasons. Consequently, not a single media outlet we know of has reported these numbers.
The cause of Social Security’s massive increase in red ink? It’s not policy. Nothing’s changed there. Instead, it’s less favorable long-run economic and demographic projections… Go back to the 2011 Social Security Trustees Report and you’ll find in table IVB6 that the system needed a 3.6 permanent percentage point tax hike to keep paying benefits through time. Hence, by this measure, Social Security’s highly troubled finances have deteriorated by an additional 28 percent in just 10 years.
I have been quoting Kotlikoff’s brutally honest assessments of the criminal state of Mordor’s fiscal affairs since his 2011 report that ‘Muricah had racked $211 TRILLION in unfunded liabilities. Please, “beam me up Scotty” before its too late.
Most developed countries appear to be running unsustainable fiscal policies. In the U.S., federal liabilities (official debt plus the present value of projected non-interest expenditures) exceed federal assets (the present value of projected taxes) by $211 trillion or 14 times GDP. Closing this fiscal gap requires an immediate and permanent 64 percent hike in all federal taxes.
Since then, Kotlikoff calculates that number to be $222 TRILLION.
$222 TRILLION. While you try and wrap your brain around the Dollargeist that you just saw steal all the remaining life out of the ‘Murican dream, this will help you put what a measly 1 TRILLION dollars would like like in real life is there was such a thing.
Take that 248 miles high figure and multiply it times 230 (trillions), the number Kotlikoff’s numbers, updated for the additional 5 years of Obama, 2 years of Trump and theCoronaDoom™ debt of Trump & Regime Leader Herr Biden and you get 145,130 miles. That’s almost 2/3 of the way to the moon at perigee (low point of its earth orbit).
Sane people would be asking the question right about now “who is responsible for this!?” Well at the top of that food chain is Satan of course but he mainly acts through minions, not omnes per solus. That subset of human would be what are called today: economists. I won’t bore you with a collection of proofs and quotes for the following charge but I will make it: economics is NOT a science, therefore economists are better dressed and better paid soothsayers i.e. quacks. Behind every “model” and every “projection” the political class uses to justify their criminal spending and borrowing schemes, there are these creatures, economists; who until “doctors” unseated them via the CoronaDoom™, sat at the pinnacle of the expertocracy.
I will quote one “professional” take on economists that I found while researching this post. His name is Joris Luyendijk.
And yet on Monday the glorification of economics as a scientific field on a par with physics, chemistry and medicine will continue.
The problem is not so much that there is a Nobel prize in economics, but that there are no equivalent prizes in psychology, sociology, anthropology. Economics, this seems to say, is not a social science but an exact one, like physics or chemistry – a distinction that not only encourages hubris among economists but also changes the way we think about the economy.
A Nobel prize in economics implies that the human world operates much like the physical world: that it can be described and understood in neutral terms, and that it lends itself to modelling, like chemical reactions or the movement of the stars. It creates the impression that economists are not in the business of constructing inherently imperfect theories, but of discovering timeless truths. GDP, inflation and even growth figures are not objective temperature measurements of the economy, no matter how many economists, commentators and politicians like to pretend they are. Much of economics is politics disguised as technocracy – acknowledging this might help open up the space for political debate and change that has been so lacking in the past seven years. [this was written in 2015]
It is not worth debating that nearly every western government has based its fiscal policies on the “advice” of economists who they either directly employ or indirectly as “consultants”. It is also not worth debating that the results of this advice, briefly and incompletely shown above, have been catastrophic. There is also no point in debating the irresponsibility of we parents and grandparents in allowing this to continue. At the heart of this scheme is the ubiquitous embrace of usury, hell, its a multi-trillion dollar industry now, practiced everywhere from the Church to big everything and now thoroughly in control of nearly all governments. This is then sloppily packaged as necessary component parts of our precious “liberal democracies”.
Unfortunately nothing short of Divine intervention or a calamitous natural disaster is going to put an end to this before the entire scheme collapses into insolvency, the numbers are just too gargantuan for incrementalist reform. The best we can do is to continue withdrawing from their schemes wherever possible and this includes being the tax collectors & payers for this dying ponzi scheme.
Pray. Hope and don’t worry.
"The first thing we do, let’s kill all the
Our Lady of America, ora pro nobis!
Ha! "The dismal 'science'". Economics, like psychiatry, is pretend-science. That critique is excellent - it's all politics, indeed.