Power of Story
Send a Tweet        
- Advertisement -
Exclusive to OpEdNews:
OpEdNews Op Eds

Leaders and Liars; One of the Same:

By       Message Mike Folkerth     Permalink
      (Page 1 of 2 pages)
Related Topic(s): ; ; ; ; ; ; ; ; ; ; (more...) , Add Tags  (less...) Add to My Group(s)

View Ratings | Rate It


- Advertisement -

Good Morning Middle America, your King of Simple News is hot off the press.


U.S. NEWS: The economic news is getting worse as the days go on, with new home sales falling to a 13 year low. At the same time, oil prices are climbing, trips to the grocery are becoming more painful, and interest returns on savings and retirement accounts have hit bottom.


- Advertisement -

These are all bad indicators as to what we can expect for the remainder of the year, but not really important in the overall scheme of things. Residential housing is not, and cannot, be the basis for sustainable long term commerce; I pointed that out some 12 months prior to the beginning of the housing bust.


The real news yesterday was that Social Security and Medicare are in trouble. I know, I know, you already knew that. But current estimates as to just how much trouble have skyrocketed. Dallas Federal Reserve President Richard Fisher gave a scalding speech yesterday regarding the magnitude of the financial trouble that the twin programs represent.

- Advertisement -


Mr. Fisher told news reporters that he didn’t, “really believe that you got it, and so I will give you some numbers.” Those numbers given for the unfunded liabilities of Social Security and Medicare alone, now stand at $99.2 Trillion; if we paid them today!

I remind you that a trillion seconds represents 32,000,000 years.



Medicare will begin taking in less money than it pays out…this year of 2008. The prescription drug liability alone, that was passed on November 25, 2003, has already incurred greater liability than the entirety of Social Security.

- Advertisement -


Mr. Fisher went on to speak to a point very near and dear to my heart; inflation.


Next Page  1  |  2


- Advertisement -

View Ratings | Rate It

Mike Folkerth is the author of "The Biggest Lie Ever Believed" and is not your run-of-the-mill author of finance and economics. The former real estate broker, developer, private real estate fund manager, auctioneer, Alaskan bush pilot, (more...)

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Will Our Economy EVER Recover?

Fox News on Georgian Invasion; Not Exactly What They Wanted:

U.S. Auto Industry is in Recession:

Paradigm Shift; Change Your Life:

Housing Predictions:

Choosing Sides; Who Would You Pick?