What Will Rogers Was Talking About:

The Will Rogers piece below is really quite remarkably relevant. Bthun points out a PBS piece that states that the Social Security surplus is... quite possibly already gone.

This "end of surplus" isn't even calculated according to the honest accounting methods that we were discussing before. What they mean is that the money is gone even with the bogus accounting methods the government uses.

The British are facing the same situation. (H/t Southern Appeal.)

The British Bank of England, (as Dad29 points out, tried to issues bonds this week and couldn't. There were not adequate buyers nor adequate funds for the issue.

The British Member of Parliament states that every child in England is now born owing 30,000 pounds. Would you like to know the figure for yourself? Those numbers are from a report put out by one of our members of Congress.

"You can't break a man if he don't borrow."

"When's the best time to pay off a debt if it's not when you're doing well?"

" other words, if we didn't owe anything, our taxes would be about one third of what they are today."

"We scrimp and save all of our lives, and for what? To leave something to our children, maybe. We won't die if we can help it 'till we get out of debt for their sake. Now that's what we'll do as individuals. But boy, when it comes to collectively..."

You can break a man who doesn't borrow. You can borrow in his name, and tax him for the bill.

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