Thank you for the simple explanation, i appreciate it. The decrease in trust is something worth noting. I know you have been working in stocks and you know these things, but does FIAT currency have anything to do with where we are in the modern world in terms of just endless digits on a computer? Would a return to gold-backed currency be ever considered in the far future if United States ever goes to Venezuela-level inflation?
Trumps gonna win.
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Think of the US currency as the Titanic and our increasing debt to a hole in the side of the boat. These boats have pumps that can handle small leaks, so 1% inflation per year can be handled with the pumps. Also the compartments are separate so even if we do get a leak we can seal off the compartment and keep the whole ship from sinking. However, if the hole is too big you will see us rapidly take on water at that point the ship is sinking, lets say 20% inflation per year, no one will be buying out bonds then. What people don't take into account is that as bad as the US economy is what is your alternative. Imagine, if you can, having a presidential election with two equally bad choices, you have to vote for one of them. That is where the US bonds are now. The only reason we can still sell them is that there is no better alternative. That is not good news, it is bad news. If the Titanic is sinking you hope that a ship nearby can rescue those overboard, but if all the other ships are sinking too then there is no ship than can come to your rescue.
However, even though Brazil and South Africa and Russia are also in really bad shape economically, when the US dollar sinks gold will skyrocket (relative to US dollars) and will act as a temporary currency until we get the mark of the beast.
However, even though Brazil and South Africa and Russia are also in really bad shape economically, when the US dollar sinks gold will skyrocket (relative to US dollars) and will act as a temporary currency until we get the mark of the beast.
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It will fluctuate but generally 75-80% of the US debt is held by Americans. Institutions as well as pensions plans, individuals, mutual funds and other means. The majority of it is owed to us Americans. Interesting is MMT or modern money theory economics while I don't really agree with a lot they say. One thing I do find they are correct on is that they say government misfortune is individual fortune. Or government debt does equal wealth and savings for Americans.
Usually Americans take a hit for not being amongst the biggest savers when it comes to first world nations. I don't find that is true I find that we are the biggest betters on ourselves and our savings is in us and our government and our way of life. While it is not reported with the public debt us debt is also held by inter governmental agencies. Such as social security holds US debt. So a lot of our savings has been pushed forward on the table and the bet is on the red, white, and blue.
If our debt reaches critical mass really the only two viable actions we will have is to cut government spending namely entitlements or to fire up the printer. I believe before it got to critical mass we would call in our markers. Global debt now exceeds 300 trillion dollars. A good portion of that is owed in dollars so they would have to negotiate with us because without dollars they would not be able to pay it back. Strong dollar theory does recognize if we keep the money supply low and the dollar strong it will crush other world economies. So I would find that before we had to to do any real internal cuts we would make this just not a us problem but the whole worlds problem.
Usually Americans take a hit for not being amongst the biggest savers when it comes to first world nations. I don't find that is true I find that we are the biggest betters on ourselves and our savings is in us and our government and our way of life. While it is not reported with the public debt us debt is also held by inter governmental agencies. Such as social security holds US debt. So a lot of our savings has been pushed forward on the table and the bet is on the red, white, and blue.
If our debt reaches critical mass really the only two viable actions we will have is to cut government spending namely entitlements or to fire up the printer. I believe before it got to critical mass we would call in our markers. Global debt now exceeds 300 trillion dollars. A good portion of that is owed in dollars so they would have to negotiate with us because without dollars they would not be able to pay it back. Strong dollar theory does recognize if we keep the money supply low and the dollar strong it will crush other world economies. So I would find that before we had to to do any real internal cuts we would make this just not a us problem but the whole worlds problem.
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Social Security is an entitlement bro. Along with Medicare, Medicaid, welfare and unemployment. We have contributory and non contributory programs. I will just post a link and copy a little of it as far as what are entitlement programs.
"Entitlement Programs of the federal government include Medicaid, Medicare, Social Security, Unemployment Insurance, and welfare programs. Entitlement programs are rights granted to citizens and certain non-citizens by federal law. The programs are either contributory or non-contributory. Non-contributory means the program benefits are available to participants regardless of whether they have contributed to the program."
https://federalsafetynet.com/entitlement-programs/
"Entitlement Programs of the federal government include Medicaid, Medicare, Social Security, Unemployment Insurance, and welfare programs. Entitlement programs are rights granted to citizens and certain non-citizens by federal law. The programs are either contributory or non-contributory. Non-contributory means the program benefits are available to participants regardless of whether they have contributed to the program."
https://federalsafetynet.com/entitlement-programs/
No, created by FDR as a social safety net, never intended to be to sole source of retirement income, it was later the slow, untruthful, unstoppable, creep to make people believe it is an "entitlement" has affected many.
best wishes
best wishes
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It is an entitlement.
Because I am entitled to ALL of the money they forcibly took from me over 40 years, PLUS interest!!!!
And while it is true, that the first Medicare recipients did not contribute to the program through forced taxation, virtually everyone that has worked since the early 1970s has!
Give me every penny PLUS interest forcibly taken from me from that as well.
Because I am entitled to ALL of the money they forcibly took from me over 40 years, PLUS interest!!!!
And while it is true, that the first Medicare recipients did not contribute to the program through forced taxation, virtually everyone that has worked since the early 1970s has!
Give me every penny PLUS interest forcibly taken from me from that as well.
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Yes hence why SS is a entitlement. Entitlement is a legal definition and position. Would not be practical but if someone wanted to they could argue that freedom of speech is an entitlement because it meets the legal definition and position. So SS and the other programs I posted are in fact entitlements because they meet the position legally. Which the GAO and other government offices hence refer to them as entitlements.
Dictionary definition:
entitlement
/ĕn-tīt′l-mənt/
noun
Entitlement
entitlement n
1 : the state or condition of being entitled
: claim [evidence of victim's to money seized "National Law Journal"]
2 : a right to benefits that is granted esp. by law or contract (as an insurance policy) NOTE: Some courts have held that entitlements are a property interest and therefore subject to procedural due process under the Fifth and Fourteenth Amendments to the U.S. Constitution when denied by federal or state governments.
3 : a government program that provides benefits to members of a group that has a statutory entitlement
;also
: the benefits distributed by such a program
https://dictionary.findlaw.com/definition/entitlement.html
Dictionary definition:
entitlement
/ĕn-tīt′l-mənt/
noun
- The act or process of entitling.
- The state of being entitled.
- A government program that guarantees and provides benefits to a particular group.
Entitlement
entitlement n
1 : the state or condition of being entitled
: claim [evidence of victim's to money seized "National Law Journal"]
2 : a right to benefits that is granted esp. by law or contract (as an insurance policy) NOTE: Some courts have held that entitlements are a property interest and therefore subject to procedural due process under the Fifth and Fourteenth Amendments to the U.S. Constitution when denied by federal or state governments.
3 : a government program that provides benefits to members of a group that has a statutory entitlement
;also
: the benefits distributed by such a program
https://dictionary.findlaw.com/definition/entitlement.html
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Trust fund. The word for the day is "Trust fund".
https://en.wikipedia.org/wiki/Social_Security_Trust_Fund
https://en.wikipedia.org/wiki/Social_Security_Trust_Fund
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Is Social Security An Entitlement?
by Devin Carroll, CFP®
Yes. I know…this is a term that can get some people really fired up. I can understand why. After all, the term entitlement has taken on a demeaning definition that insinuates getting something that you haven’t earned or maybe even deserve.
Here’s the truth…the federal government has referred to Social Security as an entitlement program for several decades. On their website you can hundreds of uses of the word. In fact, they go so far as to explicitly state “The social security benefit programs are entitlement programs.”
So why do they refer to it this way and does it have a negative connotation?
If you examine the definition of the word entitlement, you’ll see there is no mention of welfare, charity or handouts.
The Merriam Webster dictionary defines it as: “A government program providing benefits to members of a specified group.”
The Cambridge dictionary defines it as “something, often a benefit from the government, that you have the right to have.”
In then in the glossary of the United States Senate the word entitlement is defined as, “a federal program or provision of law that requires payments to any person or unit that meets the eligibility criteria.”
The fact is, the phrase “entitlement program” is simply a term for any government program guaranteeing certain benefits to a segment of the population who qualify for them under specific terms and conditions.
That’s exactly what Social Security is. You have to work for at least 10 years with a certain amount of earnings to be ENTITLED to your own benefit.
But in the highly politicized world that we live in, what words actually mean and the meaning given to words aren’t always the same.
https://www.socialsecurityintelligence.com/is-social-security-an-entitlement/
by Devin Carroll, CFP®
Yes. I know…this is a term that can get some people really fired up. I can understand why. After all, the term entitlement has taken on a demeaning definition that insinuates getting something that you haven’t earned or maybe even deserve.
Here’s the truth…the federal government has referred to Social Security as an entitlement program for several decades. On their website you can hundreds of uses of the word. In fact, they go so far as to explicitly state “The social security benefit programs are entitlement programs.”
So why do they refer to it this way and does it have a negative connotation?
If you examine the definition of the word entitlement, you’ll see there is no mention of welfare, charity or handouts.
The Merriam Webster dictionary defines it as: “A government program providing benefits to members of a specified group.”
The Cambridge dictionary defines it as “something, often a benefit from the government, that you have the right to have.”
In then in the glossary of the United States Senate the word entitlement is defined as, “a federal program or provision of law that requires payments to any person or unit that meets the eligibility criteria.”
The fact is, the phrase “entitlement program” is simply a term for any government program guaranteeing certain benefits to a segment of the population who qualify for them under specific terms and conditions.
That’s exactly what Social Security is. You have to work for at least 10 years with a certain amount of earnings to be ENTITLED to your own benefit.
But in the highly politicized world that we live in, what words actually mean and the meaning given to words aren’t always the same.
https://www.socialsecurityintelligence.com/is-social-security-an-entitlement/
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The Federal Government can lie, and say whatever it wants.
It told us 10 years ago, that marriage included homosexual unions. Myself, and untold millions of other Americans do not recognize 2 guys as husband and husband. Or Wife and Wife.
Words mean something. We should not fall into their verbiage trap.
That money was forcibly taken, because they said we were too stupid to keep it ourselves and fund our own retirement.
Even IF that were true, that money should have been put in individual accounts, with inheritance rights.
My father was a Korean War veteran, that worked HARD for over 25 yrs, and died of a heart attack at age 50. My mother, and family never received any of that money he put in.
It told us 10 years ago, that marriage included homosexual unions. Myself, and untold millions of other Americans do not recognize 2 guys as husband and husband. Or Wife and Wife.
Words mean something. We should not fall into their verbiage trap.
That money was forcibly taken, because they said we were too stupid to keep it ourselves and fund our own retirement.
Even IF that were true, that money should have been put in individual accounts, with inheritance rights.
My father was a Korean War veteran, that worked HARD for over 25 yrs, and died of a heart attack at age 50. My mother, and family never received any of that money he put in.
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