Debt held by the public will continue to rise but intragovernmental debt can only get as large as the trust funds it borrows from. As these funds, especially SS and Medicare, become insolvent that automatic borrowing will come to a screeching halt.
I'll let someone else give you another economics lesson, we have already discussed this many times before.......
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I realize you have an agenda you want to push but posting the same or very similar arguments is quite lame, you gave no supporting information, no argument, just an idea..... and one that looks at the issue in a very narrow unrealistic perspective as if the details of social security can't be changed to fix it. I know you have this dream of everyone having no safety nets and living for themselves..... and there are countries like that, with lower taxes but why is it people don't want to live there? could it be the economic and societal problems that exist without such safety nets?
Debt held by the public will continue to rise but intragovernmental debt can only get as large as the trust funds it borrows from. As these funds, especially SS and Medicare, become insolvent that automatic borrowing will come to a screeching halt.
Not just an idea but a reality when one understands economics. The government can't borrow what's not there.
The ratio of SS covered workers to retirees was 159 in 1940 and 2.9 in 2010.
and......? the system has been changed before to meet the needs, it is why we now have a surplus to last until 2037! and it can be changed again, and raising the age isn't always the answer, yes people are living longer but are they in working condition longer? can we really realistically expect every 67 year old to be fit enough to work?
and......? the system has been changed before to meet the needs, it is why we now have a surplus to last until 2037! and it can be changed again, and raising the age isn't always the answer, yes people are living longer but are they in working condition longer? can we really realistically expect every 67 year old to be fit enough to work?
And, don't forget that the surplus is really a drawer of IOUs and that we pay those IOUs (from general revenue and that 41 cents on the dollar borrowed money) as they are cashed in.
How Many Billionaires are There in America
Glad you asked...
There are approximately 360 billionaires in North America and 21 billionaires in South America. The United States has the most billionaires followed by China.
How many millionaires live in America?
There are 3,134,237 millionaires in the USA
By State: Rank State Millionaires Millionaires per 1,000 households Avg median household income
1. Alabama 72,299 24.2 $38,180
2. Alaska 12,167 31.5 $55,935
3. Arizona 105,722 30.9 $44,748
4. Arkansas 40,756 22.8 $35,591
5. California 663,394 35.7 $51,647
6. Colorado 89,896 31.8 $52,011
7. Connecticut 84,508 41.4 $57,369
8. Delaware 17,939 34.7 $50,970
9. Florida 369,912 33.6 $42,079
10. Georgia 141,701 26.9 $44,439
11. Hawaii 29,423 43.1 $57,572
12. Idaho 20,493 24.6 $44,994
13. Illinois 243,350 33.1 $47,978
14. Indiana 104,539 26.4 $43,735
15. Iowa 50,529 26.8 $45,086
16. Kansas 47,855 28.2 $43,802
17. Kentucky 62,394 22.4 $37,566
18. Louisiana 64,972 23.1 $36,814
19. Maine 22,218 24.5 $42,006
20. Maryland 132,354 39.1 $58,347
21. Massachusetts 141,186 37.1 $54,617
22. Michigan 190,871 30.6 $45,793
23. Minnesota 99,246 31 $56,084
24. Mississippi 39,270 21.5 $34,508
25. Missouri 98,279 26.7 $44,324
26. Montana 14,155 22.9 $36,200
27. Nebraska 29,862 26.8 $46,613
28. Nevada 42,888 30 $48,314
29. New Hampshire 26,498 32.8 $58,223
30. New Jersey 207,693 42.5 $59,989
31. New Mexico 30,891 25.9 $32,029
32. New York 368,388 33.6 $46,242
33. North Carolina 140,501 25.9 $41,067
34. North Dakota 10,163 23.7 $41,869
35. Ohio 203,404 27.8 $44,961
36. Oklahoma 53,939 24.2 $38,895
37. Oregon 63,943 28.7 $43,570
38. Pennsylvania 228,270 29.6 $45,814
39. Rhode Island 20,229 30.2 $48,823
40. South Carolina 68,178 25.5 $40,350
41. South Dakota 11,769 23.6 $42,525
42. Tennessee 94,419 24.4 $39,524
43. Texas 350,727 27.4 $41,959
44. Utah 36,348 30 $53,226
45. Vermont 11,390 28 $48,508
46. Virginia 159,395 34 $54,301
47. Washington 118,132 30.3 $50,885
48. West Virginia 27,302 22 $35,234
49. Wisconsin 99,976 28.1 $47,004
50. Wyoming 8,708 25.5 $45,598
Source: U.S. Census Bureau, Census Bureau Home Page, February 27, 2008
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I'll believe corporations are persons when Texas executes one.: LBJ's Ghost
Just curious, but is a millionaire classified as someone with $1 million in assets? Excluding or including their residence? Is someone with $999,999.00 not one, but with a buck more is?
40 millionaires in US Senate
By Jeremy Johnson
7 July 2003
At least 40 of the 100 US senators are millionaires, some many times over, according to financial disclosure filings submitted last month. Republicans on the list outnumbered Democrats by a narrow margin of 22 to 18. However, Democratic senators hold the top five spots on the list and eight of the top ten, according to an analysis of the forms by CNN.
These latest financial disclosures underscore the widening gap between the average American and those who claim to represent them in government. Even those congressmen who report a relatively modest net worth are pulling down a salary of $154,700, with leadership positions paying $171,900 annually.
The median wealth of a U.S. Senator in 2009 was $2.38 million.
Insider trading is perfectly legal for members of the U.S. Congress -- and they refuse to pass a law that would change that.
This year, for the first time, everyone in The Forbes 400 has at least $1 billion. The collective net worth of the nation?s wealthiest climbed $120 billion, to $1.25 trillion.
Surging real estate, oil and other asset prices paved the way for 28 new members. Developer John P. Manning used political savvy to build a $1.1 billion fortune in part by brokering low-income housing projects. Chesapeake Energy (nyse: CHK - news - people ) founders Aubrey McClendon and Tom L. Ward are two of the oil fortunes added to the list.
Pouring 40 million caffeinated drinks a week landed Starbucks (nasdaq: SBUX - news - people ) honcho Howard Schultz on our list of America?s 400 richest. Manny Mashouf placed his skimpy women?s wear on TV shows like Party of Five and Ally McBeal; today he has a $1.5 billion fortune in Bebe clothing stores.
Also gracing our list for the first time are Lehman Brothers (nyse: LEH - news - people ) Chief Richard Fuld ($1 billion), hedge fund manager David E. Shaw ($1 billion), mutual fund guru Jonathan Lovelace Jr. ($1.1 billion), Houston Rockets owner Leslie Alexander ($1.2 billion), leveraged buyout tycoon Leon Black ($2 billion), Google (nasdaq: GOOG - news - people ) veteran Omid Kordestani ($1.9 billion), Colony Capital?s Thomas Barrack ($1 billion), New York City real estate moguls Stephen Ross ($2.5 billion) and Tamir Sapir ($2 billion), and the husband-and-wife computer chip team of Weili Dai ($1 billion) and Sehat Sutardja ($1 billion).
Black Entertainment Television founder Robert Johnson, who rebuilt his fortune with investments in real estate and restaurants, is among the 14 returnees to this year?s list. Netscape pioneer James Clark is another retread; he reinvested his tech proceeds into Miami condos and construction outfit Hyperion Development Group following the burst of the tech bubble six years ago. Also returning is Little Caesar?s founder Michael Ilitch ($1.5 billion), car dealership owner Robert Friedkin ($1.2 billion), investors J. Christopher Flowers ($1.2 billion) and Alfred P. West ($1.2 billion), and banking and real estate maven Paul M. Milstein ($3.5 billion).
Once again the biggest gainer is casino mogul Sheldon Adelson, with a net worth up $9 billion. Adelson?s Las Vegas Sands (nyse: LVS - news - people ) stock is up 125% since its public offering in December 2004. He has made almost $1 million an hour since the 2004 Forbes 400 list was published.
Another big gainer is Warren Buffett, who added $6 billion. That wealth, and the rest of what he has accumulated as a value investor, will be given away, mostly to the Bill & Melinda Gates Foundation.
Eight members of last year?s list died, including investor Preston Tisch, Grey Goose vodka creator Sidney Frank, and James and Margaret Cargill, two cousins who inherited a stake in the world?s largest commodities company from William W. Cargill.
Thirty-four people couldn?t keep up or gave their money away. They include leveraged buyout tycoon Theodore Forstmann, poultryman Donald Tyson, real estate investors John Arrillaga and Richard Peery, and fashionista Richard Hayne. Husband-and-wife banking team Herbert and Marion Sandler dropped from our rankings after giving away more than $1 billion combined to charity.
Reported by: Emily Douglas, Elyse Graham and Duncan Greenberg with Christopher Helman and Adam Kemezis.
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I'll believe corporations are persons when Texas executes one.: LBJ's Ghost
Just curious, but is a millionaire classified as someone with $1 million in assets? Excluding or including their residence? Is someone with $999,999.00 not one, but with a buck more is?
I read homes are not included. A reporter pissed off McCain asking "what constitutes "rich"" He grudgingly answered, "7 million".
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__________________
I'll believe corporations are persons when Texas executes one.: LBJ's Ghost
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