The Economy, Obama, and the Facts No One Dares to Tell You

For some time, I’ve been ranting about how our new, high-tech, global village was going to slap Americans in the face concerning the relative value of life and labor in this sphere.

Well, given the administration-to-be, it just seems fair to break down the economic numbers and give a “Big Picture” outline the mess Clinton, Bush, and Obama didn’t/doesn’t/won’t have the stomach to warn you about. (Fair warning… These numbers are roughly based on 2005… But it really doesn’t matter – it’s the sheer magnitude that’s staggering. In any event, I’ve documented my sources, and this should offer a good snapshot as to where we are headed.)

The average American will earn about $1.2 million dollars in his (or her) life (http://en.wikipedia.org/wiki/Average_Joe… This round number can easily be corroborated with the fact that the current average American yearly income is $34.5k, and will span 40 years. Yes, that number will change, but so will the cost of staying alive. Again, this is just a snapshot.)

Alrighty then, we’ve got $1.2 million dollars in our “American Citizen Earned Savings Account”. How do we spend it? Well, currently the numbers break down as follows:

Hypothetically, our typical American today will end up spending $300,000 plus in health care over his or her lifetime. So that right there will gobble up 25% of an entire life’s earnings.

What else? Well, simple warmth and shelter will consume another 33%. And then there’s 13% for food, 4% for cloths, and 18% for transportation. (http://www.census.gov/compendia/statab/tables/08s0662.pdf).

So, just surviving will consume 93% of our life’s earnings, or about 1.1 million dollars each. Now comes the fun part – taxes. A decent guesstimate of all taxes paid is 30%. So, “Joe the Sixpack” is spending 123% of his life’s work. Keep in mind that these numbers don’t take into account the cost of children, college, or that sailboat you’ve always wanted. This overextension is why Glenn Beck and Comptroller General David Walker are having a collective kitten in the video below.

The simple fact is that we’re in deep doo dee, and our politicians (including Obama) won’t face it, or at least they won’t talk about it. By 2012, the country will be at least $60,000,000,000,000 in the hole, and only a damned fool would run for office.

Let’s see… Water? Check! MREs? Check! Cabin in woods? Check! Ammunition? Check!

Alan Speakman

8 Responses to The Economy, Obama, and the Facts No One Dares to Tell You

  1. […] only appropriate to pound the panic button right through the control panel. In one of our last rants, I included a clip of Comptroller General David Walker talking about a “Fiscal […]

  2. […] 2: By 2040, we’ll hardly be able to pay for social security/Medicare/Medicaid […]

  3. […] debt isn’t $11 trillion as the “experts” would tell you… It’s $53 trillion. That’s four times the […]

  4. […] Absolute Disaster The next crash is coming. It has to be.  Just listen to former comptroller David Walker, who says, among other things, “We face a tsunami of spending, due to the retirement of the […]

  5. […] imagine a $50 trillion stack. (That’s roughly where we are in national debt and obligations.) Some basic math shows that that grows our tower to 3,000,000 miles high. Gee look… I can […]

  6. […] Speech for the Ages… Uh Oh! Well, David Walker has been warning us.  From a fiscal point of view, we as a country are in serious trouble. Last […]

  7. […] not kidding. As a nation, we’re well and truly screwed. I’ve written about this again and again, and it’s possible that people are finally starting to sit up and take notice. […]

  8. […] discussions of the  800 -pound gorillas in the room: Social Security, Medicare, Medicaid, and state and federal pensions. […]

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