Sunday, February 08, 2009

Social Security - Rolling Over...

Re(1): Monthly Treasury Statement FY2008
Re(2): Monthly Treasury Statement FY2009

I hate to break this to everybody, but BusHitler was right regarding Social Security. He campaigned on changing it in 2000 and 2004. He stated that FY2009 would be the year Social Secuirity revenue would be exceeded by Social Security expenditures.

That moron hit it on the mark.

Last fiscal year Social Security revenue/expenses were about even:
  • Revenue: 658,045
  • Expenditures: 657,799

This years projection, not so good:
  • Revenue: 682,373
  • Expenditures: 699,976

Folks, this is the first year that the government doesn't get to incorporate a Social Security surplus into its revenue stream to buy 'Bridges to Nowhere'!!!

Obviously, with unemployment being 7.6% rather than 4.6% the revenue from payroll taxes will reduce - but that was NOT incorporated into the projections!!! So it will be worse!!!

And, now President Obama wants to spend more money - with comments that it is the spending that counts, not judicious spending. Just spending.

Finally, BusHitler was right. The long term benefits of compounding interest investment requires a long term. He figured eight years. Then prayed four years would be enough. Bubbas, we gave him nothing (and, noting todays stock market collapse if you just watched your investments rather than moved them, nothing might have been for the best!!!).

Now, President Obama is six inches into the hole - a hole he probably knew nothing about. He was talking about Hope and Change. The time for small, incremental change is over!!! I Hope he can come up with a new financial Change that is not a killer!!!

Folks, we punched ourselved in the face.

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