Expat Community > Ecuador

Amicus
Joined 2010
Posts: 48

U.S. Economy - 2

14 years ago

ILA,

Wow! You seem to have it all down. Just a couple of follow-up comments.

Please know that I was not comparing the dollar with the peso, necessarily. Just, that is losing it's status and power.

The $13 Trillion Dollar debt is the figure being used on the famous, "count down," clock. When one considers the unfunded liabilities of all local, state, and federal governments, the figure might be closer to $140 Trillion. Whether it's 13T, 67T, or 140T, the point is, it can never be repaid. We either default, or run the money machine 24/7.

Don't be so sure about Social Security. Read an article today that said, An Economist at the University of Texas by the name of James Galbriath, suggests that the Government has no other place to seek deep budget reductions without making cuts in the Entitlement Programs, including Social Security.

Starting in 1980, the Oligarchy went after our jobs and suceeded in getting millions moved overseas; then, they went after the Unions to greatly weaken the power and influence of the American Worker, and it's leadership.

Then, they went after the distribution of income, Since 1980, the income of us poor slugs has been essentially flat; and some actually declined. Meanwhile, Big Business, Big Banks, and Congress cut themselves a larger slice of the pie. Their incomes and bonuses and perks increased 10 times.

Then, they went after the accumulated wealth of the Middle and Lower Classes.
Result: The Great Wall Street Heist! (Good Bye private retirement funds like the 401K and others similar.)

The Great Recession also resulted in the layoff of another 8 million workers, which was precipitated by the Wall Street caused, financial meltdown.

Then, the Oligarchy (or Plutocracy), said, "now, we will take your homes and your cars because you aren't making the payments like you agreed to.

Reduced to rice and beans on Monday; beans and rice on Tuesday, and maybe, Mac & Cheese on Wednesday, the Power Structure is preparintg to cut local, state, and federal pensions, including social security. Have no idea what the cuts will look like, but they will likely be ugly.

I envy you folks that have already made the move to Ecuador, and assume part of the motivation for your move was Economic.

But, we canot assume that Social Security is untouchable.
It almost certainly will have to be on the table for discussion.

Excuse my French, but the following quote may piss you off, as it did me.

You do know that once the Election is over, that Obama's 18 member special ommission that was formed early last summer, is due to report on it's series of recommendations to fix our national deficit. Here is a quote that might give you some hint as to what may be coming out in the report.
You may have seen or heard the quote:

"The Social Security System is like a giant cow, that has 70,000,000 people sucking on it's tits."

.More to say, but enough for now.

Don

AGS Worldwide Movers

AGS Worldwide Movers can move you to and from anywhere in the world.
Get Quote

AGS Worldwide Movers

AGS Worldwide Movers can move you to and from anywhere in the world.
Get Quote

Living in Ecuador Guide

Expats in Ecuador share some of the pros and cons of living in Ecuador. Topics covered include where to live, the bureaucracy, the people and more.

Ecuador Forum
Join our Ecuador forum to meet other expats and talk about living in Ecuador.

Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Ecuador.

Best Places to Live in Ecuador

If you're dreaming about living in Ecuador, here are the 15 Best Places to Live in Ecuador in 2023.

Healthcare in Ecuador

Expats in Ecuador share their experiences with healthcare and overseas medical insurance in Ecuador.

Cost of Living in Ecuador

Expats offer insight into the cost of living in Ecuador.

Moving to Ecuador Guide

Expats in Ecuador offer advice to newcomers and people considering a move to Ecuador about clothing, sunscreen, renting before buying, gringo pricing, Ecuadorians politeness and much more.