The $53 trillion asteroid
Oh boy, am I on a roll today. Blog post #3. I have become more and more fascinated with the big picture lately, rather than focusing on the minutia and picking apart individual companies' balance sheets (not that that isn't important), I have been trying to figure out where the trends are and where the economy is headed. I'm in the middle of an interesting book on the U.S. dollar right now, Biography of the Dollar by Craig Karmin, and I'm actively looking for something on Social Security and Medicare.
The fact that the government forces Americans to save for their retirement in the first place and then it actually has the audacity to just steal money from the fund whenever it wants to to pay for random stuff has always blown my mind. Not to mention the fact that I'm paying tons of money into this forced savings fund and I would be shocked if it even exists by the time that I am ready to retire. Why doesn't the government just call it what it really is, another tax? Anyhow, I came across a Glenn Beck article on the subject this morning that's worth checking out.
Does anyone have any good reading material on Social Security and Medicare? I am looking forward to reading Roger Lowenstein's next book called "While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted San Diego, and Loom as the Next Financial Crisis." He did a good job with "When Genius Failed" the story about the implosion of Long-Term Capital Management (an eerily familiar story to what's going on today)...by the way how in the He-two-sticks did John Meriwether convince enough people to give him money again that he could start another hedge fund?!?!?! Lowenstein also wrote a good book on Buffett. His new book doesn't come out until early May. Are there any good books on this subject out there right now?
The $53 trillion asteroid: