Uh Oh....

*The price of oil is $98 a barrel and rising!!

*Home foreclosure rates have doubled since last year and are only expected to get worse as interest rates continue to rise on adjustable-rate mortgages.

*The stock market has been steadily dropping for a few weeks now.

*The dollar is at a record low against the euro and at the lowest exchange rate in over 50 years against the pound and the Canadian dollar.

*Medicare already pays out more than it takes in and Social Security will begin to in 2017 – that’s less than 10 years from now!! Actually funding Social Security would require a 16% increase in payroll taxes (from you and I) and a 13% cut in benefits. And funding Medicare would require a 122% payroll tax hike and a 51% reduction in spending- just for hospital care.

*Although my generation pays into the system, we won’t be getting any benefits from it. Social Security will be bankrupt about 10 years before we are even eligible for benefits and Medicare’s hospital insurance fund will be bankrupt just 12 years from now.

*In 1945, there were 42 people paying into Social Security for every retiree, today there are only 3. By 2030, every single American working couple will have their own retiree to support!!

*The national debt just hit $9 trillion yesterday and continues to increase $1.44 billion a day!! This means that the federal government owes $29, 947.44 for every single American citizen!!



Now, I don’t know a whole lot about finances, but even my simple mind can see that we have a big problem on our hands.