Not even ALL the Billionaires in the world's wealth can pay the US debt

[Melensdad]

The current US debt is at 14 trillion ( 14,189,804,655,496.46 to be exact as of yesterday). U.S. National Debt Clock

Saw this article today about the FORBES list of billionaries in the world.
Bill Gates Comes in at No. 2 on Forbes Rich List

We don't have any trillions BTW (yet) in the world.

Some guy in Mexico is the richest man in the world with 74 billion BTW.

What intrigued me was that the article says the combined neth worth of the entire list (1,210 of them) is worth 4.5 trillion. So even if we taxes all 100% of them at 100% (granted they are NOT all US citizens) theywould only cover 1/3 of the national debt. OUCH!

I don't even think Dave Ramsey can help us get out of this hole.

 

[tsaw]

Good point! So much for the theory the rich don't pay enough taxes.
Hmmmm - Cut spending?

 

[joec]

Got to do both, cut spending and raise more in taxes tsaw. I've never felt anyone shouldn't pay just pay their fair share. As for cutting costs raise the age for collecting SS, means test, dial in medicare costs and cut defense spending, or the big three that have our costs jacked up. The crap our current federal congress is talking about, discretionary spending is chump change compared to those. Now with that said neither democrats or republicans will touch it as they think only to the next election and keeping their jobs. Again just my opinion on it.

 

[loboloco]

Got to do both, cut spending and raise more in taxes tsaw. I've never felt anyone shouldn't pay just pay their fair share. As for cutting costs raise the age for collecting SS, means test, dial in medicare costs and cut defense spending, or the big three that have our costs jacked up. The crap our current federal congress is talking about, discretionary spending is chump change compared to those. Now with that said neither democrats or republicans will touch it as they think only to the next election and keeping their jobs. Again just my opinion on it.

Better idea, joe. Let's switch solely to consumption tax, do away with any social benefits program other than a bare minimum of unemployment actually paid for and restrict the government to acting within clear constitutional mandates. I agree with you that the politicians won't touch the real problems.

 

[joec]

Better idea, joe. Let's switch solely to consumption tax, do away with any social benefits program other than a bare minimum of unemployment actually paid for and restrict the government to acting within clear constitutional mandates. I agree with you that the politicians won't touch the real problems.

Ok lobo and what about those of us that paid in to SS with the promise it would be there at retirement age. As for bare minimum that is all SS is now unless you feel you could live on $1800 or less per year. Keep in mind that many if not the majority don't have 401K or any other retirement benifits at all.

Now as for a consumption tax I have no problem with it, hell we pay a consumption tax in state sales tax. As for clear constitutional mandates you expect the current group of representatives to do it when they won't even do what is needed since it they would be out of office next election.

 

[REDDOGTWO]

Ok lobo and what about those of us that paid in to SS with the promise it would be there at retirement age. As for bare minimum that is all SS is now unless you feel you could live on $1800 or less per year. Keep in mind that many if not the majority don't have 401K or any other retirement benifits at all.

Now as for a consumption tax I have no problem with it, hell we pay a consumption tax in state sales tax. As for clear constitutional mandates you expect the current group of representatives to do it when they won't even do what is needed since it they would be out of office next election.

First of all most people get more than $1800 per year in social security benefits, if that is all that you get it is your own fault for not making more money during the working years.

Second, social security was not meant to be a retirement plan, it was meant to be a supplement to other retirement funds. If someone does not put any money away for retirement and plans on living only on social security they deserve to work until the day that they die.

 

[joec]

First of all most people get more than $1800 per year in social security benefits, if that is all that you get it is your own fault for not making more money during the working years.

Second, social security was not meant to be a retirement plan, it was meant to be a supplement to other retirement funds. If someone does not put any money away for retirement and plans on living only on social security they deserve to work until the day that they die.

That was a typeo it is meant to say $1800 per month not a year that is if you go till 66 and less if earlier. Of course women get less as long as their husband is alive then they lose theirs and get his. I do realize it is meant to be a supplement however the facts are most don't have retirement plans set aside.

 

[Doc]

social security is going to run out sometime, and like joe said there are millions who have paid in and never got a penny in return. I am one of those. I'm within 10 years of applying for and maybe getting some SS benefits, but I would much prefer to have them say those who are now getting it keep getting it for as long as they live, those of us who are not getting it will not pay another dime into it but will never recieve SS benefits. Tough call but it's going to happen sooner or later, I'd rather see it happen now. Anyone without a 401k or some type of retirement plan would then know to plan accordingly for their future. As it is some have a false sense of security that hurts them more than helps them as they truly cannot count on SS being there when they do retire.

 

[Melensdad]

But just to clear things up, the initial post in this thread has NOTHING TO DO with Social Security.

The thread is about our current national debt. Debt that we already incurred. Not a future fiscal calamity.

 

[Doc]

Part of that perceived debt includes the payouts for SS and Medicare doesn't it? If not then never-mind.