Come on yunguns, kick it up so ole SJ has his Soc Sec in 2019

[SouthernJet]

Glenn Beck: The $53 trillion asteroid

By Glenn Beck

CNN

Editor's note: "Glenn Beck" is on Headline News nightly at 7 and 9 p.m. ET.

Glenn Beck: The economic asteroid will first hit America when the Medicare trust fund becomes insolvent in 2019.

NEW YORK (CNN) -- Let's say a giant asteroid was headed toward Earth right now and experts say it has a good chance of ending civilization as we know it. Let's also say that we've known about this asteroid for years but even as it gets closer and closer our leaders do nothing.

"Don't worry," they tell us, "The next administration will figure something out."

With the future of our country at stake, would Americans really sit back and tolerate that kind of inaction? Of course not -- we'd be sharpening our pitchforks and demanding answers.

Well there may not be a space asteroid heading toward us, but there is an economic one -- and the threat to our future is just as severe.

You might think that I'm talking about the recession (sorry: potential recession) or credit crisis, but I'm thinking bigger. Much, much bigger.

Let me give you three numbers that will put this economic asteroid into perspective: $200 billion, $14.1 trillion, and $53 trillion.

<LI _extended="true">$200 billion is the approximate total amount of write-downs announced so far as a result of the current credit crisis.

<LI _extended="true">$14.1 trillion is the size of the entire U.S. economy

<LI _extended="true">And $53 trillion is (drum roll please) the approximate size of this country's bill for the Social Security and Medicare promises we've made.

While no one will ever mistake me for Alan Greenspan, it seems to me that the third number is quite a bit larger than the other two. It also seems very few people care.

According to the latest Social Security and Medicare Trustees report (and I use that term loosely since it has the word "trust" in it) released earlier this week, the economic asteroid will first make impact in the year 2019 when the Medicaid trust fund becomes insolvent.

Only an immediate 122 percent increase in Medicare taxes and a 26 percent increase in Social Security taxes can prevent (or more likely, delay) its impact.

Realizing that Americans have become pretty much numb to these kinds of ridiculous sounding proposals, U.S. Treasury Secretary Henry Paulson tried to up the ante this week. "Without change," he said, "Rising costs will drive government spending to unprecedented levels, consume nearly all projected federal revenues, and threaten America's future prosperity."

Now, I know we're all worried about important sounding things that none of us understand, like CDO's, SIV's, and Credit Default Swaps, but did you hear what our Treasury Secretary just said?

"Rising costs will ... consume nearly all projected federal revenues ..."

Translation: Every single tax dollar that is sent to Washington will be used to pay for just these two programs.

That means no money is left for anything else. Nothing. No Department of Defense or Homeland Security, no Department of Energy, no Department of Justice, no Environmental Protection Agency, no Internal Revenue Service. Actually, knowing our government, they'd probably keep the IRS going somehow.

Of course, none of this is exactly breaking news. Our leaders have known about this rapidly approaching asteroid for years now and they've done nothing but debate it. At the same time, I'm a realist. I understand that this stuff is "the third rail of politics," but our leaders' negligence on this issue is damn near criminal. No, correction, it is criminal.

Americans aren't afraid of the truth. In fact, we crave the truth only slightly more than we crave a leader who will actually give it to us. But part of the problem with this issue is that numbers followed by 12 zeroes aren't very relatable to the average American. Instead, try this on for size.

A million seconds is 12 days. A billion seconds is 32 years. A trillion seconds is 32,000 years. And 53 trillion seconds? 1.7 million years.

In an article that will appear in an upcoming issue of my magazine, Fusion, former Comptroller General of the United States David Walker tries a different tactic. He writes that our unfunded promises translate into "an IOU of around $455,000 per American household."

Wow. Does the size of our debt hit home now?

The America that I know doesn't sit around waiting for someone to rescue it from disaster. Besides, who do we expect to swoop in and save the day? Congress? The president? Please -- they're not only the ones who put the asteroid into space, they've also been making it bigger with irresponsible spending on everything from prescription drugs to billions in rebate checks and bailouts.

Bruce Willis and Tommy Lee Jones? They're more likely to be on Social Security than to save it.

And that leaves only us: We the People. Like every other crisis we face, it's up to us to save ourselves.

But how?

Be honest, no matter what side of the political aisle you're on, it's obvious that our financial deficit is dwarfed only by the deficit of trust we have in our leaders.

I'm willing to do the right thing for our future, I'm willing to sacrifice, but not when I believe that our leaders will do nothing but make the asteroid even larger.

[RSJ]

The problem is social security is being used for purposes that it was never meant to be used for. Get rid of all of those things except retired folks and set up different programs for the other things and cut others all together. This would solve the whole problem.

[afosomf]

Glenn Beck: The $53 trillion asteroid

By Glenn Beck

CNN

Editor's note: "Glenn Beck" is on Headline News nightly at 7 and 9 p.m. ET.

Glenn Beck: The economic asteroid will first hit America when the Medicare trust fund becomes insolvent in 2019.

NEW YORK (CNN) -- Let's say a giant asteroid was headed toward Earth right now and experts say it has a good chance of ending civilization as we know it. Let's also say that we've known about this asteroid for years but even as it gets closer and closer our leaders do nothing.

"Don't worry," they tell us, "The next administration will figure something out."

With the future of our country at stake, would Americans really sit back and tolerate that kind of inaction? Of course not -- we'd be sharpening our pitchforks and demanding answers.

Well there may not be a space asteroid heading toward us, but there is an economic one -- and the threat to our future is just as severe.

You might think that I'm talking about the recession (sorry: potential recession) or credit crisis, but I'm thinking bigger. Much, much bigger.

Let me give you three numbers that will put this economic asteroid into perspective: $200 billion, $14.1 trillion, and $53 trillion.

<LI _extended="true">$200 billion is the approximate total amount of write-downs announced so far as a result of the current credit crisis.

<LI _extended="true">$14.1 trillion is the size of the entire U.S. economy

<LI _extended="true">And $53 trillion is (drum roll please) the approximate size of this country's bill for the Social Security and Medicare promises we've made.

While no one will ever mistake me for Alan Greenspan, it seems to me that the third number is quite a bit larger than the other two. It also seems very few people care.

According to the latest Social Security and Medicare Trustees report (and I use that term loosely since it has the word "trust" in it) released earlier this week, the economic asteroid will first make impact in the year 2019 when the Medicaid trust fund becomes insolvent.

Only an immediate 122 percent increase in Medicare taxes and a 26 percent increase in Social Security taxes can prevent (or more likely, delay) its impact.

Realizing that Americans have become pretty much numb to these kinds of ridiculous sounding proposals, U.S. Treasury Secretary Henry Paulson tried to up the ante this week. "Without change," he said, "Rising costs will drive government spending to unprecedented levels, consume nearly all projected federal revenues, and threaten America's future prosperity."

Now, I know we're all worried about important sounding things that none of us understand, like CDO's, SIV's, and Credit Default Swaps, but did you hear what our Treasury Secretary just said?

"Rising costs will ... consume nearly all projected federal revenues ..."

Translation: Every single tax dollar that is sent to Washington will be used to pay for just these two programs.

That means no money is left for anything else. Nothing. No Department of Defense or Homeland Security, no Department of Energy, no Department of Justice, no Environmental Protection Agency, no Internal Revenue Service. Actually, knowing our government, they'd probably keep the IRS going somehow.

Of course, none of this is exactly breaking news. Our leaders have known about this rapidly approaching asteroid for years now and they've done nothing but debate it. At the same time, I'm a realist. I understand that this stuff is "the third rail of politics," but our leaders' negligence on this issue is damn near criminal. No, correction, it is criminal.

Americans aren't afraid of the truth. In fact, we crave the truth only slightly more than we crave a leader who will actually give it to us. But part of the problem with this issue is that numbers followed by 12 zeroes aren't very relatable to the average American. Instead, try this on for size.

A million seconds is 12 days. A billion seconds is 32 years. A trillion seconds is 32,000 years. And 53 trillion seconds? 1.7 million years.

In an article that will appear in an upcoming issue of my magazine, Fusion, former Comptroller General of the United States David Walker tries a different tactic. He writes that our unfunded promises translate into "an IOU of around $455,000 per American household."

Wow. Does the size of our debt hit home now?

The America that I know doesn't sit around waiting for someone to rescue it from disaster. Besides, who do we expect to swoop in and save the day? Congress? The president? Please -- they're not only the ones who put the asteroid into space, they've also been making it bigger with irresponsible spending on everything from prescription drugs to billions in rebate checks and bailouts.

Bruce Willis and Tommy Lee Jones? They're more likely to be on Social Security than to save it.

And that leaves only us: We the People. Like every other crisis we face, it's up to us to save ourselves.

But how?

Be honest, no matter what side of the political aisle you're on, it's obvious that our financial deficit is dwarfed only by the deficit of trust we have in our leaders.

I'm willing to do the right thing for our future, I'm willing to sacrifice, but not when I believe that our leaders will do nothing but make the asteroid even larger.

Hellooo you do have JGB to take care of ya

You should donate your portion to someone in need... like me;)

[Bugeater]

I long ago resigned myself to the fact I'll never see any of the money I've paid in, I just look at it as additional income tax. I am definitely not interested in paying more to keep the system solvent.

[CrazyCarl40]

The problem is social security is being used for purposes that it was never meant to be used for. Get rid of all of those things except retired folks and set up different programs for the other things and cut others all together. This would solve the whole problem.

I think one of the biggest problems is that our technology is pretty advanced to the point where people living well in to ages of 80, 90, and more, and all of those people they figured to have kicked the bucket by now are alive and kicking and picking up prostitutes.

[RSJ]

I think one of the biggest problems is that our technology is pretty advanced to the point where people living well in to ages of 80, 90, and more, and all of those people they figured to have kicked the bucket by now are alive and kicking and picking up prostitutes.

That is a good point too. When I do tax returns early in the season I see a lot of abuses of the system. Parents collecting on behlaf of their kids who supposedly have ADHD and other situations you wouldn't even believe. That is not what the system was meant for. I also agree that people are living longer and that is also part of the problem. To fix it though we first must get everyone off of it that is not retired or of retirement age.

[Jet Moses]

I think one of the biggest problems is that our technology is pretty advanced to the point where people living well in to ages of 80, 90, and more, and all of those people they figured to have kicked the bucket by now are alive and kicking and picking up prostitutes.

And as long as they vote, no politician will deny them any entitlements. Only a dictator can save us. I'm anticipating a dictatorship one year before 2019 as a matter of fact. Believe me, it will happen.

[RSJ]

And as long as they vote, no politician will deny them any entitlements. Only a dictator can save us. I'm anticipating a dictatorship one year before 2019 as a matter of fact. Believe me, it will happen.

It has already happened. We are more socialist in a lot of ways than Russia was in the 80's.

[joewilly]

good article but for the record I cannot stomach glenn beck. not because of his political views cause i agree with many of them.

It's his annoying, condascending ,know it all voice that is way too quick to talk over & interupt his guests coupled with the fact that I wanna go home & get the news & nothing but the news.

gimme chuck roberts stating the news without injecting his own opinion for 30 minutes and let me get on with my life each evening.

don't force becks opinion down my throat or or wolf "mr momotone" blitzer talking about nothing but this long drawn election process which is a total waste of everyones time

[Mavrik]

good article but for the record I cannot stomach glenn beck. not because of his political views cause i agree with many of them.

It's his annoying, condascending ,know it all voice that is way too quick to talk over & interupt his guests coupled with the fact that I wanna go home & get the news & nothing but the news.

gimme chuck roberts stating the news without injecting his own opinion for 30 minutes and let me get on with my life each evening.

don't force becks opinion down my throat or or wolf "mr momotone" blitzer talking about nothing but this long drawn election process which is a total waste of everyones time

I once heard Beck state that Iran was going to nuke Israel on a certain date last year and we could bank on it. Of course, it never happened.

Take whatever he says with a grain of salt.

[joewilly]

I once heard Beck state that Iran was going to nuke Israel on a certain date last year and we could bank on it. Of course, it never happened.

Take whatever he says with a grain of salt.

I know i'm gettin cynical in my old age but even Lou Dobbs annoys the crap outta me these days.

there's another dikkhead on now to who is waaay too opinionated as well.

new cnn mo: don't just report the news.... force yer opinion on the poor viewer who just tuned in to get news