Nathan Bomey is another of those little creeps who has made a career of being toadies for the rich. The little bastard is not even out of the acne stage, but has a job as a “business reporter” for USA Today.
Bomey says we must have more austerity (always more) because of the (fake) “national debt crisis.” He says that Detroit, which cannot create money out of thin air, is the same as the federal government, which can.
I despise these little twits whose calls for austerity cause so much death and destruction.
Detroit’s historic bankruptcy should serve as a wake-up call to U.S. politicians who are ignoring a national debt crisis that could eventually threaten the livelihoods of millions of American retirees.
The national debt is about $19.1 trillion. But that number does not include the true cost of benefits that politicians have promised to future retirees. It turns out the U.S. government has promised an astounding $41.9 trillion in Social Security, Medicare and other retiree benefits over the next 75 years that it cannot pay for under current revenue projections, according to the U.S. Treasury Department’s Sept. 30, 2014, Statements of Social Insurance. Taken together, that means the true national debt is $61 trillion.
We’re doomed! The U.S. government creates and spends about $4 trillion each fiscal year. Hence, over the next 75 years (a time period chosen by Pimple-Face) the U.S. government will have to spend $300 trillion! That is five times what Sir Pimply says! Where will we ever get the money???????????
This coming Tuesday (8 March 2016) there will be a presidential primary in Michigan. Mr. Pimples wants to ask the presidential candidates…
 How will you fix Social Security: tax increases, benefit cuts, privatization or some mix of the above?
 Is it possible to balance the national budget without dramatic changes to Medicare or tax increases?
This is a litmus test for whether a politician is willing to tell the truth to the American people. Some form of tax increases, benefit cuts or a total overhaul of the American health care system is required.
No, Pimple-Brain. The litmus test is whether a politician is willing to tell the truth that the U.S. government can never become bankrupt. And no, we do not need tax increases or benefit cuts.