My wife and I are getting a little older, so naturally we are beginning to think about where the cash flow will come from when we truly retire. We realize we won’t be able to live on Social Security benefits alone, and even though we have paid into the system our entire lives in the hopes that come retirement age we’ll get something back, I’m not very optimistic about our prospects.
Reading the financial press, I recently noticed that of the 139 million workers in the Bureau of Labor Statistics household survey of workers, 47 percent don’t make enough to file and pay federal taxes beyond any collected social security tax. This means that out of a population of 310 million Americans, only 74 million (about 24 percent) pay federal taxes on April 15th.
After doing some more digging, I discovered that the number of people receiving free handouts from Uncle Sam greatly exceeds the number of people giving to him. With so many big government programs (Cash for Clunkers, the $8,000 tax credit, HUD housing assistance, subsidized student loans and earned income credits, to name just a few) millions of people have received federal treats and tax deduction goodies to feast on at our expense. With five million more people collecting unemployment and another six million living in their homes not paying their mortgage on the verge of foreclosure, my wife and I and the remaining 24 percent of taxpayers, will be footing the hefty bill for the losses at Fannie Mae, Freddie Mac, and the FHA.
Besides the big programs above, there are the truly massive and all encompassing mind-boggling programs I haven’t even mentioned. Take Food Stamps, for example. About 40 million people collect them. Next up is Social Security. America has more people on Social Security than most countries have people! As of March 2010, the total number of beneficiaries, including SSI disability, topped 58 million Americans. Medicare has 47 million people enrolled, and Medicaid has 59 million. Meanwhile, Congress just passed a new health care law designed to cover another 32 million Americans. And to top it off, 20 million children get subsidized school lunches. (The last time my wife and I got a free lunch it was a sales pitch at an investment seminar!) All of these programs are looking to Uncle Sam to pick up the tab.
the us has more people on social security than other countrys have people.. more than say... china... its a nother country.. my point alone emphasizes just how out of touch and irrelivant his connections are.. while he has a point, future obligations are most likely not going to be paid out despite paying into the system.. this guy is a goof. Knowlege is power. quit bitching. do something about.. cant do something about then accept the fact ur going to suffer.. dont wanna suffer get a rope.
ReplyDelete“my wife and I and the remaining 24 percent of taxpayers, will be footing the hefty bill for the losses at Fannie Mae, Freddie Mac, and the FHA.”
ReplyDeleteWe create this wealth and pay for everything!
Of course we had been getting a share of the profits during the good times as people paid their mortgages and so on,but the cheek of these bludgers ,now the majority of the people want to maintain their living standards at our expense even when the rate of return on invested capital has fallen .
Just bexause they are to lazy to find a job and work.
It is clear that the 24% of taxpayers who profit from the system and from our capital gains and are criminaly forced to pay taxes are really the creators of all the existing wealth in america through our own hard work.
The socialists and liberals want our standard of living to fall too so we too share the misery.
Bunch of bludgers overpopulating america and Commies demanding a free lunch on food stamps too!
Bring back the Workhouses for these "Olivers" who are always whining "please Sir can I have some more"
Get america on a proper economic footing and big government and its food stamps costs off our back.
Could one reason be that only 24% of the people pay taxes is that most of the accumulated wealth in the country is concentrated in the hands of the top 10% and the other 14% taxpayers also get some profit/usury returns from this wealth invested as capital ?
ReplyDeleteIf you have no capital invested only debts to pay it is hard to pay high taxes on that income!
EA I am still waiting for the FBI
ReplyDeleteNEVER FORGET!
ReplyDeletehttp://pencildicksvstheworld.blogspot.com/2010/05/just-remember-israeli-mossad-and-911.html
Tax bills at lowest level since 1950.
ReplyDeleteWell duh. No income.
In defence of EA here though, were it a standard economic model, there would have been all the above by now!
ReplyDeleteThings are far from normal now. It's anyone's guess what will happen now they have pumped so much money into the system.
Thanks a lot 1:29 for attempting to answer the questions. You are right it is anyone's guess. What pisses me off is the statement at the begging of this blog:
ReplyDelete"This blog will help you come to terms as to what is really happening in the financial world"
This blog is not about informing, it is about misleading and feeding fear, gloom and doom to collect money and make more money with publicity and selling material for survival and all this while the EA tells US Dollar is worth shit and he keeps running after the Dollar.
One last question, How can an EA who knows nothing about economics and who copies materials form others help you come to terms as to what is really happening in the financial world????????????????
Okay. Time out.
ReplyDeleteEA provides a very nice service for... FREE.
You don't have to come to this website. Articles are posted for information and interpretation. Not all authors hit a home run. So what. You're suppose to use your faculties to discern reality from fantasy. However, this is very hard to do, given who's running the world and the various machinations at their disposal.
One thing's sure, though. Higher interest rates are next. I mean, who wants to buy bonds in this economic environment? When yields finally go up, so will car loans, mortgages, personal lines and business lines. The result will be more layoffs and higher prices, i.e. inflation. It's coming. Be patient. You world will be filled with disasters before long.
Meanwhile, their the Gulf of Mexico. Enjoy. Okay?
(I'm not EA.)
101 is a goverment shill
ReplyDeletewho gets paid
when not surfeing the net looking at porn
does america a favor and posts on here
the one bs line hes been told over and over
if we new the date they collapsed the dollar
dummy why would anyone tell you
also
great website not like the main street media bs
there are no jobs
no jobs no jobs
also the gulf is obamas katrina useless
america is a joke
also why didnt they extend uenployement
1 million screwed
also inflation is already here again
but i digress
you can lead an idiot to water
but why bother
I did a little research on these numbers as well.
ReplyDeleteI did not have sex with that woman; ms.lewinsky
And I did not racial profile my research
Anyone care to guess what percentage of these top 3 "entitlements" are:
Black - Oh sorry African American
Hispanics - Oh sorry Latino Americans
Indians - Oh sorry Native Americans
Other - oh sorry Minority Americans
83 Fucking percent
We have created the ultimate welfare state to the world
Come on over - the party is just getting started
You have to remember the gov has been collecting it's fair share of taxes over the course of many years on millions of millions of people from when they start work to when they retire so they should have all the money they need to take care of the people.. It is not the peoples fault the gov dipped it's hands into the cookie jar way too often and spent it on other things. Also they give their rich friends tax breaks is that the little peoples fault? Should the little people feel guilty when they collect what they deserve? No way! Nor did the little people screw up things with the economy all the gov's rich friends did.. The gov started unjust wars, and did 9/11.. Are we supposed to feel bad we need help when the gov screwed all this up? No way! Let's get real folks none of this is the common guys fault. We just tried to make a living and the tycoons played games to enrich themselves then the media tried to make it look like it was the fiscally irresponsible middle class what utter non sense..
ReplyDeleteI sure hope your right about them interest rates 2:24 I need them, smirks, and soon.
ReplyDeleteIf uncle Ben ever gets off the crapper,
however the market bunny's and bond babies are doing everything to hold him at 0% for their sake
1:01 "He keeps telling you the US dollar is worthless yet he asks for donations in US dollar" EA can convert to PM. Should he request gold coins instead?
ReplyDeleteRead the Blog title, The COMING depression. Reading comprehension is key.
The Feds are throwing counterfeit money at the problem. How long do you think that will last? No one knows for sure when the house of cards will fall. If you think they can keep propping up real estate and the stock market forever you are living in the land of Oz.
Where is the Stock Market Collapse?
ReplyDelete1000 points down in under 60 seconds on Monday due to a 'Fat Finger'
Where is the collapse of the US dollar?
In the works if you ask China, Russia, and many other large holders of Treasuries.
Where are the Collapse of Cal and other states?
I didn't realize you where a Cal employed state worker on a fat pension. There is no collapse of California. You will get that fat pension you were promised. Promise.
Where is hyperinflation?
In your grocery store where everything is up
and will be higher in the future.
Where is Gold price at $6,000?
Not there yet. Gold is $1219 with a hi of 1225.
Might see gold $1500 by end of June with today's EU wobbliness factored in.
The flight to safety of PM's is starting to become a real problem for the PTB.
Where is the collapse of commercial real estate?
You mean Stuyvesant town in manhattan for instance?
Where is the collapse of derivatives?
Slow train wreck.
What happened to economic collapse due to swine flu?
As it worked out, it was an economic boon to Merck/Pfitzer/ etc. Vaccines are good business.
What happened to economic collapse due to oil spill?
Isn't it a little early to pushing this one? How UnAmerican are you to be asking shit like this?
What happened to the second wave of mortgage default?
It's in full swing.
Where is Martial Law?
It's hiding behind the next green light.
What happened to the web bot predictions?
They got distorted by the gravity field of Dolly Partons breasts.
Where is the credit card collapse?
In full swing.
7:59 good reply and if people do not like EA's work then maybe they should go somewhere else. After all it is EA'a website blog and can post whatever EA wants. Thank you EA for your work!!!
ReplyDeleteThe 24% is an awful high number. Is this what America has finally come too? Good article.
ReplyDeleteThe person who's trying to blame minorities for the USA money problems is a racist! The number one item should be corporate welfare. followed by middle and upper class welfare you know all those tax breaks you get for housing, IRA's, Education, Medical, etc.. Plus spending trillions of dollars on wars, and weapons.
ReplyDeleteOkay so I don't pay Federal taxes because I'm on Social Security. But I sure as shit pay plenty of state taxes, sales taxes, property and school taxes....
ReplyDeleteAre there too many illegals taking jobs and using social services? Yes. Is residential and commercial real estate still tanking? Yes. Are we all in debt? Yes. Are there no decent jobs? Yes. Is there corporate welfare? You bet!
And I agree with the others: if you don't like this site, go elsewhere. I find 7.59 pretty entertaining.
Dear 10:00
ReplyDeleteif what I stated ( that is by the bye 100% accurate ) is Racist - then so be it.
furthermore; "corporate welfare" i mean ;cmon -
think about what you printed for a minute.
with the exception of the cost of stupid assed
wars that seem to have no end - the rest of what you say - is just wrong, wrong wrong.
you; obviously bought into barry's scheme of " let's redistribute the wealth"
I have news for you sister ---
they will redistribute my wealth when they pry my cold, hard fingers from around the grip of my
1911 made in the USA Colt .45 !
I was to Japan last year; they must be racists of the highest degree ! I only saw a 3 " non japanese in a week !
the nerve of these bastards ! can't we impose some sort of racial quotas on them !
let's get our unions involved ! they'll fix that 'Lil ole problem straightaway !
actually; ya all know what we really need in amerika ? A really good presence of mongolians-
yeah ! I think I'll start that movement; I will start by sueing the USA for not properly representing the mongolian race in this country !
Yes ! this will work - I have a slogan !
Money of Mongolians !
759 last night in las vegas they were training for martial law, at least 20 ambulances and 50 police locked down entire neighborhood and were driving fast in fleets all over the place, 100% martial law training happening in las vegas
ReplyDeletemay 24 Prepare People