[FoRK] Uncle Alan: Deficit must be reduced, we need Social Security cuts

paul pt at remsset.com
Wed Feb 25 20:03:06 PST 2004


I'm absolutely not a financial expert much beyond balancing my checkbook.  But
I have the feeling we are heading towards something that will make the Great
Depression look like the early eighties.

Just a gut feeling.

The powers that be are playing with numbers too large for me to understand.
And I don't think they have much of a clue either.  Not that they are playing
with their personal money.... and they have a printing press.

Hey, so what are you paying on credit cards?  And how much interest is your
bank paying on your savings account?  On my latest statement, Frost Bank is
giving me all of 0.15% interest on my savings account.  I remember 6%
interest.  You know, once upon a time you could stuff a few grand into savings
and over 20 years it would actually grow with 6% interest.  .15%?  WTF?  After
the IRS claims its share, why bother?  Might as well just save the cash as
coin and bury it in the back yard.

I hope to have the land paid off (25 acres) before the crash.   It's not much
land, but it is enough for family to live on and off of, hopefully enough to
eat better than what my dad says about when he was a kid before WW2.  Lord
knows we got enough raccoons to eat.

Hell, I hate to sound like a survivalist...  but.

paul
_____________________________________
   http://remsset.com

   Q: Where does Virgin wool come from?
   A: Ugly Sheep.






-----Original Message-----
From: jbone at place.org
Sent: Wednesday, February 25, 2004 11:47 AM

There.  Somebody said it.

--

http://money.cnn.com/2004/02/25/news/economy/greenspan/index.htm?cnn=yes

Greenspan warns against deficits
Moves that would cut Social Security benefits among recommendations
made by Fed chief.
February 25, 2004: 12:37 PM EST

NEW YORK (CNN/Money) - Fed Chairman Alan Greenspan warned Congress
Wednesday to take quick action to fix the nation's swollen budget
deficit -- including measures that could cut some future Social
Security payments -- to avoid even bigger problems for the nation's
economy down the road.


<snip>




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