I’d like for you to consider something while we are on this subject. The U.S. has annual immigration increases, which between legal and illegal entry, amount to a conservative 1.5 million people. That means 125,000 people per month enter the country.
It also means that these immigrants need employment; post-haste. So if we have reported layoffs of 80,000 people…what are these immigrants going to do? What? You mean that wasn’t covered on the evening news?
At the same time that the U.S. economy is turning down, the first of 78,000,000 baby boomers are eligible for Social Security. In three years they will eligible for Medicare. Yet, in this year of 2008, Medicare will pay out more than it takes in.
As millions of Americans take retirement, they not only draw out of the entitlement programs, they quit paying in. Tax collection goes lower and lower to the point of insolvency.
The governments own figures say that Medicare will be insolvent by 2018 and Social Security will go bust in 2041. I don’t buy that. The whole enchilada was based on growth. A recession is the opposite of growth and that is where we find ourselves.
I believe that Medicare, if not totally overhauled (which I see no earthly way to accomplish) will turn turtle as early as 2012. When growth is replaced by contraction, the results of the race to the bottom are nothing short of astounding.
The total burden of these two programs alone, whose total unfunded debt represents a greater amount than all combined wealth in the U.S., will devastate the U.S. economy. That is why so many U.S. Corporations with the assistance of our elected officials are getting out of Dodge.
Wake up Middle America, Dodge is going to be ghost town.
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