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2019-06-12 16:01 by Karl Denninger
in Federal Government , 229 references Ignore this thread
But It's The Fed.... (BS!)
[Comments enabled]

When in the course of human events....

 

$793 billion have been received for Social Security and Medicare; Treasury "counts" unemployment (FUTA) and "other retirement" in their "receipts", but in fact FUTA is an insurance contract, basically (it pays for the 13 weeks of unemployment you get if you lose your job) and the rest is minuscule.  That FUTA tax, however, is not -- it amounts to nearly $37 billion, which isn't exactly chump change.

Again, FICA is 12.4% up to $132,900 in wages.  Medicare is 2.9% on the first $200,000, and then 2.35% above that.  There is no cap on Medicare earnings.

Social Security thus far this year has taken in $605 billion while Medicare has taken in $184 billion.

Medicare and Medicaid thus far this year, however, have spent $1,072 billion and there is four months left to go in the current fiscal year!  That is, they're spending 583% what they're taking in through taxes.  Looking at Medicare alone it's close to $800 billion or more than 400% of tax receipts.  That top graph from the MTS is ridiculously dishonest in terms of how it breaks down spending; here's the detail section in question below which documents spending on Medicare hospital ($228.6 billion) and non-hospital ($317.7 billion) components, or $546 billion between them along with another $238.6 billion transferred out, all of which is actual money spent.

 

And by the way while the drug issue is real fixing it alone will do nothing as thus far this year it's only $63 billion out of the more than $1,071 billion -- or six percent of the total.  The 900lb Gorilla in the room is the felonious monopolist practices (declared illegal under 15 USC Chapter 1) found throughout the medical system; picking on six percent of the issue will do nothing.

So far this fiscal year over $354 billion has been spent on interest, or approximately double what is taken in for Medicare tax.

Social Security, on the other hand, has spent $730 billion.  This is a 21% operational deficit.

You can fix a 21% operational deficit; while nobody would like a 20% tax increase on Social Security (it would go to 7.44%) it probably won't bankrupt you.

There is no possible way to take a more than 500% tax increase to cover the medical scam.

Those politicians and pundits who talk about entitlements as the source, lumping in Social Security with Medicare and Medicaid, need to be indicted for fraud.  Their continued and intentional lying about both what has been going on and attempting to play "Scare Granny" through said lies needs to be met with severe consequences; indeed, we should consider a legal structure under which they can be hanged for that crap.

The facts are that the State and Federal AGs, Congress and our President are responsible for all of this.  There is exactly one way to stop it, and if it is not stopped then within the next few years the federal budget will detonate, destroying the economy, the markets and cutting off the ability of the government to fund itself along with all of those "promised benefits", especially health care.

It is a serious felony to conspire to fix prices or restrain trade.  So says 15 USC Chapter 1.  Both State and Federal Governments have refused to act on this; we face the destruction of our nation's finances if we do not stop it NOW.

THE MEDICAL SCAM MUST BE STOPPED IN ITS TRACKS BY ANY MEANS NECESSARY; PEACEFULLY AND LAWFULLY ONE WOULD HOPE, BUT SINCE THE ALTERNATIVE IS THAT THE ENTIRE NATION WILL BE DESTROYED THEN THE THREAT IS EXACTLY IDENTICAL TO, AND MERITS EQUALLY TOUGH CHOICES AND ACTIONS, AS AN ACTUAL INVASION BY A FOREIGN SUPERPOWER.

TIME'S UP; WE WILL NOT GET TO 2024 BEFORE THIS BLOWS IN OUR FACES.

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